Buffett Said to Have Offered Uber $3 Billion But Talks Died

Uber CEO Dara Khosrowshahi proposed decreasing the size of the deal to US$2 billion

CHARLES PLATIAU AP Uber CEO Dara Khosrowshahi proposed decreasing the size of the deal to US$2 billion

In the oast decade, Mr Buffett has invested billions of Berkshire dollars to support companies seeking a pick-me-up, including investments in Goldman Sachs Group, General Electric and Bank of America during or in the aftermath of the global financial crisis.

A successful investment by Buffett could have given Uber a much-needed publicity boost, as companies such as Apple Inc. AAPL, +0.12% and Teva Pharmeceuticals TEVA, +0.51% have recently received stock boosts after Buffett's increased stakes were revealed, reports Market Watch.

Billionaire Warren Buffet was reportedly interested in investing over $3 billion in the ride hailing giant Uber earlier this year.

Uber and Berkshire Hathaway disagreed on the terms and size of the deal, according to the report, so Uber tried to talk Buffett into a smaller stake.

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A representative for Buffett did not immediately respond to a request for comment.

Under the proposed agreement, Berkshire Hathaway would have provided a convertible loan to Uber that would have protected Buffett's investment should Uber hit financial straits, while providing significant upside if Uber continued to grow in value, said the people, who spoke under condition of anonymity because the discussions were private.

Mr Buffett told CNBC that "some of the reported details are not correct" but confirmed that Berkshire had talks with Uber.

Transportation has been a popular sector for Buffett as he decides what to do with Berkshire's estimated $160 billion cash pile that is ripe for acquiring new companies.

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Uber remains incredibly popular for ride-sharers around the world, but needs direct investments from outside sources thanks to the tremendous losses the ride-sharing company has been posting lately, year on year. Many of these have carried favorable terms for Berkshire, giving it a reputation as a lender of last resort to companies in need.

Warren Buffett speaking with reporters.

That includes the recent crash of an Uber self-driving vehicle in Arizona during testing, which killed a pedestrian as she was crossing the street at night.

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