Warren Buffett advised Mark Zuckerberg, won't buy Facebook shares

Summary:Facebook co-founder and CEO Mark Zuckerberg recently asked Berkshire Hathaway CEO Warren Buffett for advice. Although the two men talked for hours, Buffett doesn't plan to invest in Facebook.

Facebook co-founder and CEO Mark Zuckerberg didn't just seek advice from the late Apple co-founder and former CEO Steve Jobs. Most recently, he's been getting guidance from investor Warren Buffett on how best to take the social networking giant public. That being said, Buffett has stated he isn't interested in buying Facebook stock.

Buffett says he and Zuckerberg talked for hours, according to a message from CNBC's Becky Quick on Twitter:

Buffett just told me he spoke to Mark Zuckerberg for hours about taking Facebook public. Offered advice. #BuffettWatch #BRK2012

That's not all. At the Berkshire Hathaway annual shareholder meeting today, Buffett says he won't be buying Facebook shares. Well, for now anyway. There's nothing stopping Buffett from changing his mind eventually.

The Berkshire Hathaway CEO was specifically referring to investing in Facebook's initial public offering (IPO), but he did note that what's happening in Menlo Park the is "extraordinary." Buffett told CNBC that "people get excited about companies that have done that well," but didn't elaborate further. He did however deny talks of an Internet IPO bubble.

"It is not a bubble ... this is not what we were seeing in late 1999 all the way into 2001," Buffett was quoted as saying. We aren’t in any bubble phase of anything."

Rumor has it Facebook will launch its actual roadshow Monday and go public in less than two weeks. Shares are expected to be priced on May 17, with trading beginning on May 18.

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Topics: Legal, Banking, Social Enterprise

About

Emil is a freelance journalist writing for CNET and ZDNet. Over the years, he has covered the tech industry for multiple publications, including Ars Technica, Neowin, and TechSpot.

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