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Warren Buffett sells all of his shares in Delta, American, Southwest and United Airlines
Billionaire investor Warren Buffett says his company Berkshire Hathaway has sold all of its shares in the four largest US airlines. Speaking at the annual shareholders' meeting, Mr Buffett said "the world has changed" because of the coronavirus.
Published: 03/05/2020

Mr Buffett's comments came just hours after Berkshire Hathaway announced a record $50bn net first quarter loss, Reuters news agency reports. The conglomerate had an 11% stake in Delta Air Lines, 10% of American Airlines, 10% of Southwest Airlines, and 9% of United Airlines. He added that he had been wrong to invest in the airline industry. The firm began investing in the four airlines in 2016, after avoiding the aviation industry for years.

Mr Buffett told the online meeting: "We made that decision in terms of the airline business. We took money out of the business basically even at a substantial loss. We will not fund a company that... where we think that it is going to chew up money in the future."

Mr Buffett said he had been considering investing in additional airlines before the pandemic hit. "It is a blow to have, essentially, your demand dry up," he said. "It is basically that we shut off air travel in this country."

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