Billionaire Warren Buffett offered to invest $3 billion in Uber Technologies Inc earlier this year, but the talks failed due to disagreements over the deal's terms and conditions, Bloomberg reported on Wednesday.
Uber Chief Executive Officer Dara Khosrowshahi proposed decreasing the size of the deal to $2 billion, giving Buffett a smaller share of the company.Buffetts initial offer was well above $3 billion, but the deal fell after the two sides could not agree on terms.
Buffett and Khosrowshahi confirmed to CNBC that they did have discussions. Khosrowshahi also mentioned that in future he would welcome any kind of talks with Buffett. Regarding the deal, none from Uber or Buffett's representative commented anything about their meeting.
Ubers cash position remains strong. At the end of the first quarter, Uber had $6.3 billion in cash, along with a $1.5 billion term loan that will be recorded in the second quarter. But the Berkshire discussions show the companys continued appetite for capital.
Buffett has become a top shareholder of Apple Inc. He also feels disappointed for not investing in Alphabet Inc's Google and Amazon.com Inc before they became a giant industry.
Khosrowshahi since his appointment and after joining in September has been trying to improve the image of Uber.
In the last few decades, Buffett has invested billions of Berkshire dollars to financially support companies and invested in Goldman Sachs Group Inc, General Electric Co and Bank of America Corp during the global financial crisis.