(Reuters) – Billionaire investor Warren Buffett had proposed to invest $3 billion in Uber Technologies Inc [UBER.UL] earlier this year, but the talks failed following disagreements over the terms and size of the deal, Bloomberg reported on Wednesday, citing people familiar with the matter.

FILE PHOTO – Investor Warren Buffet arrives for the premiere of the film “Wall Street: Money Never Sleeps” in New York, U.S. on September 20, 2010. REUTERS/Lucas Jackson/File Photo

Buffett’s Berkshire Hathaway (BRKa.N) would have provided a convertible loan to Uber that would have protected Buffett’s investment should the ride-hailing company hit 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 after the two sides couldn’t agree on terms, Bloomberg reported, citing a source.

In March, Uber increased its self-arranged term loan B to $1.5 billion, a bridge loan designed largely to fund steep cash burn until its planned 2019 IPO.

At the end of March, Uber had about $6.3 billion in cash, thanks in part to a $1.25 billion direct investment by SoftBank Group Corp (9984.T) and others.

Both Uber and a representative for Buffett did not immediately respond to a request for comment.

Reporting by Shubham Kalia in Bengaluru; Editing by Anil D’Silva and Maju Samuel

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