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During April, the magnate’s corporation sold shares valued at $ 6.5 billion, and most are from four major US airlines.
US billionaire Warren Buffett said investing funds from airlines, which are now in deep crisis due to the coronavirus pandemic and travel restrictions, was a mistake, Bloomberg reports.
“The world changed for airlines and I wish them all the best,” the investor said in a podcast broadcast live on Saturday for his Berkshire Hathaway corporation’s annual meeting, acknowledging that his company also lost money during the covid-19 crisis. . “That was my mistake,” he added.
In 2016, Berkshire Hathaway accumulated stakes in the four largest US airlines: American Airlines Group Inc., Delta Air, Southwest Airlines and United Airlines Holding Inc. By the end of 2019, its shares in these companies totaled almost 10,000. millions of dollars.
Now it emerged that during April the Buffett corporation sold shares valued at $ 6.5 billion, and most are from the four US airlines. In this way, the company completely abandoned its interests in companies in that sector, according to the billionaire.
“The airline business, I may be wrong and I hope I am, I think it has changed in a very important way,” said the investor. “The future is much less clear to me“he added.
This Saturday it was also learned that the Berkshire Hathaway conglomerate recorded a record net loss of nearly $ 50 billion in the first quarter of the year due to the impact of the coronavirus pandemic.
