I will not buy Facebook shares, says Warren Buffett "People get excited about companies that have done that well," the 81-year-old investor told CNBC. Facebook said this week that it expects to be valued at up to $96bn when it floats later this month. That valuation for a company that made $205m of profits in the first quarter has prompted some to warn that investors are risking getting carried away with internet hype just as they did in the late 1990s. However, Mr Buffett said: "It is not a bubble... this is not what we were seeing in late 1999 all the way into 2001. We aren't in any bubble phase of anything. The world's third-richest man has historically steered clear of technology companies, saying that he will only invest in companies he can understand. He broke with that tradition last year when he acquired $10bn of IBM shares.