NEW YORK, May 3 — Berkshire Hathaway Inc has sold its entire stakes in the four largest US airlines, Chairman Warren Buffett said Saturday at the company’s annual meeting.
The conglomerate held sizeable positions in the airlines, including an 11 per cent stake in Delta Air Lines and about 9 per cent stakes in both United Airlines and Southwest Airlines Co at the end of 2019, according to its annual report.
Airline stocks have been hard hit by the near collapse US travel demand amid the coronavirus pandemic.
Buffett said Berkshire had invested around US$7 billion or US$8 billion (RM30 or RM34.3 billion) amassing stakes in the four airlines including American Airlines Group Inc.
“We did not take out anything like US$7 or US$8 billion and that was my mistake,” Buffett said at the company’s annual meeting which was livestreamed. “I am the one who made the decision.”
The airlines did not immediately respond to requests for comment on the sales.
“It is a blow to have essentially your demand dry up.... It is basically that we shut off air travel in this country,” Buffett added. — Reuters
