Uber turned down $3B investment offer from Buffett

Billionaire Warren Buffett had proposed to invest $3 billion in Uber Technologies earlier this year, but the talks failed following disagreements over the deal’s terms, Bloomberg reported Wednesday, citing unidentified people familiar with the matter.

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

Uber chief executive officer Dara Khosrowshahi proposed decreasing the size of the deal to $2 billion, giving Buffett a smaller share of the company. The deal fell apart after the two sides could not agree on terms, Bloomberg reported, citing a source.

Buffett told CNBC that “some of the reported details are not correct” but confirmed that Berkshire did have talks with Uber.

Khosrowshahi also confirmed in an interview with CNBC that Uber did have discussions with Buffett, but added that he didn’t think “the reporting was entirely accurate.”

Asked about whether the talks could resume, Khosrowshahi said it was “always possible” and he would welcome any kind of dialogue with Buffett.

A representative for Buffett did not immediately respond to a request for comment. An Uber spokesman declined to comment.