Berkshire Hathaway will invest in cloud computing firm Snowflake

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As Snowflake prepares to go public with its upcoming IPO, Warren Buffett’s holding company Berkshire Hathaway has revealed its pans to invest more than $750 million in to the cloud computing firm.As first reported by The Financial Times, the firm’s updated IPO filing valued the company at $23.7bn and Berkshire Hathaway plans to buy $250m in shares directly from the company at the time of its IPO. At the same time though, Buffett’s holding company will also buy another block of shares worth more than $320m from one of Snowflake’s investors.Snowflake, which calls itself “The Cloud Data Platform”, aims to change the way that businesses approach data lakes, analytics and data warehousing. The company was started back in 2012 and it already has some big name customers that use its cloud data services including Sony, Adobe, Capital One and others.Through its IPO, Snowflake expects to raise $3.24bn by pricing shares at $75 to $85 each. The investment and blessing by Warren Buffett will likely help increase the company’s share price though.Snowflake IPOThe fact that Warren Buffett plans to invest in Snowflake is quite surprising as he rarely invests in the enterprise technology market. The last time he did so was …

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