Warren Buffett's Berkshire Hathaway is set to invest more than $550 million in Snowflake when it goes public, according to the cloud-data group'sThe billionaire investor's company will buy about 3.1 million Class A shares in a private placement, and purchase another 4 million shares from former Snowflake CEO Robert Muglia.
Buffett's company has also agreed to buy another 4 million Class A shares from former Snowflake CEO Robert Muglia in a secondary transaction, paying the IPO price for each share. That could cost it $303 million to $344 million based on the expected price range.
If both purchases go through, Berkshire might spend upwards of $550 million for more than 7 million shares, representing about 26% of the 28 million Class A shares that Snowflake plans to offer. That stake could fall to around 22% if the underwriters of the IPO sell their allotted shares and fully exercise their option to buy an additional 4.2 million Class A shares.
Salesforce has also agreed to purchase $250 million of Snowflake stock through its strategic venture arm, Salesforce Ventures, the filing shows.
so when does Snowflake actually go public? Thx
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