Uber CEO Dara Khosrowshahi wants investment from Warren Buffett

Warren Buffett's attempt to take a stake in Uber while it was on the rocks may have been too late to squeeze favourable

Warren Buffett's attempt to take a stake in Uber while it was on the rocks may have been too late to squeeze favourable

High-profile USA investor Warren Buffett's plan to invest more than USD3 billion in Uber Technologies Inc fell apart earlier this year following disagreements over the terms and size of the deal, Bloomberg reported Wednesday.

Buffett himself confirmed to CNBC that earlier this year he was discussing the investment with the Uber CEO Dara Kosroushahi, who was in the process of rebranding the company.

Khosrowshahi said that securing a Buffett investment remains a personal goal, but while talks may one day resume, Uber's "enormous growth trajectory" bearing "considerable risk" may not align with Berkshire's strategy.

Buffet later confirmed that his company Berkshire Hathaway had indeed held talks with Uber. "Some of the reported details are not correct, but it's true that Berkshire had discussions with Uber".

The proposed deal, first reported by Bloomberg and The Wall Street Journal, citing unnamed sources, had echoes of Buffett's $5 billion bet on Goldman Sachs during the depths of the 2008 financial crisis.

Buffett's Berkshire Hathaway Inc would have provided a convertible loan to Uber that would have protected Buffett's investment should the Silicon Valley ride-hailing company hit financial crisis, the report said.

Sears closing 72 stores
After the three Sears stores close, the retailer will still have eight stores in the Dallas-Fort Worth market. Sears Holdings identified 100 stores that are no longer profitable and chose to close 72 of them.

But the deal's ultimate failure isn't necessarily significant for Uber.

Uber did not immediately return CNBC's requests for comment.

Uber Chief Executive Officer Dara Khosrowshahi proposed decreasing the size of the deal to $2 billion, giving Buffett a smaller share of the company.

In the end, the deal fell through as the two sides could not agree on terms, according to the report.

"I don't think we necessarily fit in with the typical Warren Buffett investment", he said. The company announced that several investors will seek to buy $400 million to $600 million of Uber stock at a $62 billion valuation.

"What we talk about in terms of social value investing is really more about how different partners come together to collaborate", Buffett told Liz Claman during a FOX Business interview on Thursday.

Recommended News

  • Assassin’s Creed Odyssey leaks: is this the sequel to Origins?

    Assassin’s Creed Odyssey leaks: is this the sequel to Origins?

    Nearly every mainline game in the franchise has been prematurely revealed through merchandise, gameplay images or the like. Kotaku's report has additional details about Assassin's Creed Odyssey .
    Trump's grossest tweet ever, praises himself on the great Memorial Day

    Trump's grossest tweet ever, praises himself on the great Memorial Day

    President Donald Trump speaks at Arlington National Cemetery on Memorial Day . Meanwhile, the president's family members focused on remembrance.
    Syria's Assad vows to retake areas held by US-backed Kurds

    Syria's Assad vows to retake areas held by US-backed Kurds

    Because the majority of them are Syrians , supposedly they like their country, they don't like to be puppets to any foreigners. The Minister of foreign Affairs of Russia Sergey Lavrov addressed the participants of the forum "Primakov's reading".
  • Some Starbucks stores to close Tuesday for diversity training

    Some Starbucks stores to close Tuesday for diversity training

    But this is also a company that was ranked No. 132 on the 2017 Fortune 500 list and took in $22.4 billion in revenue a year ago . But he said the training failed to address how to end instances like what happened in Philadelphia from occurring in the future.
    Italy's Populist Parties Win Approval to Form Government

    Italy's Populist Parties Win Approval to Form Government

    They have also proposed plans to cut taxes, scrap a previously agreed pension plan, and institute a "universal basic income". A view shows a the Quirinale Palace, official residence of the Italian President, in central Rome on May 30, 2018.
    Ex-Napoli star Luca Fusi advises Chelsea: Be patient with Sarri

    Ex-Napoli star Luca Fusi advises Chelsea: Be patient with Sarri

    Metro says that decision "will be made in the next week" with Chelsea expected to part company with their Italian manager. According to Sky Italy , Chelsea had reached a deal "in principle" with him to succeed Antonio Conte .
  • Peru captain Paolo Guerrero cleared to play at Russia World Cup 2018

    Peru captain Paolo Guerrero cleared to play at Russia World Cup 2018

    Switzerland's supreme court says it has granted an interim order to freeze Guerrero's 14-month ban for a positive doping test. The interim ruling puts the ban imposed by CAS on hold until full consideration of the case at a later date in federal court.
    Malaysia tries crowdfunding to plug ballooning debts

    Malaysia tries crowdfunding to plug ballooning debts

    Mahathir, who was responding to a question about the ICJ challenge, said Malaysia had "already built structures" on Middle Rock. The Prime Minister said that the government had to talk to Singapore about it and the compensation that needed to be paid.
    Trump wants to ban German cars from America

    Trump wants to ban German cars from America

    Although he is for free trade, but not at any price: "I love free trade, but it must be a smart trade, so I call him fair". Shares of Daimler , Porsche and Volkswagen were all trading off around 1% on the news.
  • Warriors confirm Iguodala to miss NBA Finals opener

    Warriors confirm Iguodala to miss NBA Finals opener

    Curry, Durant, Thompson and Draymond Green all missed time this season, as did key reserve Patrick McCaw. So when James eventually writes the book of his life, he said he's going to give the Warriors a nod.
    Here's What Trump's New Steel And Aluminum Tariffs Mean For Canadians

    Here's What Trump's New Steel And Aluminum Tariffs Mean For Canadians

    On Thursday morning, the United States government said that it's about to impose tariffs on Canadian steel and aluminum imports . Talks with Canada and Mexico over the North American Free Trade Agreement had been "taking longer than we had hoped", he said.
    Petrol price cut by 7 paise, diesel by 5 paise

    Petrol price cut by 7 paise, diesel by 5 paise

    The straight fuel price hike has caused inconvenience and disappointment among the general public for the last 16th days. One user posted a picture of the long gone 5 paise coin, saying "My savings today after filling 5 litres of petrol".

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.