Warren Buffett’s US company – Berkshire Hathaway intends to invest more than $ 570 million in Snowflake, a cloud technology company.
It was reported after Snowflake announced a price range for its future initial public offering. The company wants to get the estimate of $ 23.7 billion, writes the Financial Times.
Snowflake said that during the listing Berkshire Hathaway and Marc Benioff’s Salesforce Ventures will directly buy of $ 250 million worth of shares from Snowflake. Furthermore, Buffett’s company will buy another block of shared worth more than $ 320 million from one of the investors of Snowflake.
Buffett has long been known for avoiding of investing in the technology sector due to considering its vulnerability to sudden jumps in the stock market. In 2011, he still made a big bet on IBM company, which was later overtaken by competitors in the field of cloud technology. Its shares are about 30% cheaper than at the time when Berkshire Hathaway invested in it. Later Buffett sold shares of IBM and instead invested in Apple.
Snowflake expects that its shares will be able to sell in the IPO from $ 75 to $ 85 per share. The company plans to raise $ 3.24 billion.
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