Warren Buffett (L), CEO of Berkshire Hathaway, and Vice Chairman Charlie Munger attend the 2019 annual shareholders meeting in Omaha, Nebraska, May 3, 2019.
Johannes Eisele | AFP | Getty Images
More than a year ago Warren Buffett looked into investing in ride-sharing company Uber, which is going public this year at a valuation above $80 billion.
But the legendary value investor passed.
“We looked at it 18 months ago or so…it was private,” Buffett told a group of reporters ahead of Berkshire Hathaway‘s annual meeting at the CHI Health Center in Omaha, Nebraska.
When pressed further, Buffett said “I wouldn’t comment on any new issue.”
Monitors display Uber Technologies Inc. signage in front of Morgan Stanley headquarters in the Times Square area of New York, U.S., on Friday, April 26, 2019.
Michael Nagle | Bloomberg | Getty Images
Uber is set to go public this month and its underwriters have set a price range of $44 to $50 a share, valuing the company at $83.8 billion on the high end of that range. Uber last raised money in the private market at a $76 billion valuation.
Some investors, including many who follow Buffett’s value philosophy, believe the stock is going public at level which is already overvalued. NYU Stern professor Aswath Damodaran said the company is likely worth only $60 billion.