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The conglomerate had an 11% stake in Delta Air Lines and about 9% in United Airlines and Southwest Airlines.
Berkshire Hathaway sold all its stakes in the four largest airlines in the United States, said Saturday the president of the holding, Warren Buffett, at the company’s annual meeting.
The conglomerate had considerable positions in the airlines, including an 11% stake in Delta Air Lines and about 9% in United Airlines and Southwest Airlines at the end of 2019, according to its annual report.
Airline stocks have been hit hard by the slump in U.S. travel demand amid the coronavirus pandemic.
Buffett said Berkshire had invested about $ 7 billion or $ 8 billion accumulating stakes in all four airlines, including American Airlines.
“We didn’t get anything like $ 7 billion or $ 8 billion and that It was my mistake, “Buffett said at the company’s annual live broadcast.” I was the one who made the decision. “
“It is a hard blow that their demand is essentially depleted … It is basically that we cut air travel in this country,” Buffett added.
Earlier, Berkshire Hathaway reported record net losses of $ 50 billion in the first quarter, despite an increase in operating profit, as stocks fell due to the Covid-19 effect.
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