Business
Warren Buffett cashes in as Snowflake makes stunning Wall Street debut – Sydney Morning Herald
The legendary investor backs another winner as eight-year-old software company sees shares double on its Wall Street debut.
Prior to the IPO, Buffett’s Berkshire Hathaway and Salesforce Ventures had each agreed with Snowflake to purchase $US250 million worth of stock at $US105 a share.
“This is just one day. Things will normalise and shake out and become more settled as time moves on,” Snowflake chief executive Frank Slootman said in an interview.
Among US-listed companies with a market capitalisation of at least $US10 billion, only three companies are now more expensive than Snowflake’s 2020 revenue multiple. It l…
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