8 May 2012

Buffett not buying Facebook IPO

12:04 pm on 8 May 2012

Billionaire Warren Buffett says he won't be investing in Facebook when it lists on the Nasdaq in the next two weeks, despite the hype over the initial public offering.

Facebook has set the share price for its IPO at about $US35, valuing the company at up to $US96 billion.

Mr Buffett, the chairman and chief executive of Berkshire Hathaway, says he has a policy of not buying new issues.

He says he wouldn't buy shares in Google or Apple either because he doesn't know what they would be worth in five or 10 years.