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Billionaire investor Warren Buffett has announced that his Berkshire Hathaway company has sold all of its shares in the four largest airlines in the United States, the BBC reported.
At an annual shareholders meeting, Buffett said “the world has changed” due to the coronavirus. In his opinion, it is currently not correct to invest in the aviation industry.
Buffett made the comment hours after Berkshire Hathaway reported a record net loss of $ 50 billion in the first quarter.
The conglomerate had an 11 percent stake in Delta Air Lines, a 10 percent stake in American Airlines, 10 percent in Southwest Airlines, and 9 percent in United Airlines.
The company started investing in all four airlines in 2016 after avoiding the aviation industry for years.
The US aviation industry. USA It faces a collapse as a result of the coronavirus pandemic, and its companies have already laid off hundreds of thousands of employees and landed many planes.
Buffett said he was considering investing in multiple airlines before the pandemic hit the sector.
In a Delta statement, they said they were familiar with the sale and that they had “tremendous respect for Buffett and the Berkshire team.”
The airline added that it remained “confident” in its stability.
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