Berkshire Hathaway sells its stake in US airlines
Buffett believes the path to recovery for the airline industry will be a long one
Stocks impacted: Berkshire Hathaway Inc. (BRK.A), American Airlines (AAL.O), Delta Air Lines (DAL.N), Southwest Airlines Co (LUV.N), United Airlines (UAL.O)
Warren Buffett said on Sunday that Berkshire Hathaway Inc. has sold its stakes in the four largest U.S. airline companies last month. Berkshire held an 11 percent stake in Delta Air Lines, 10 percent of American Airlines and Southwest Airlines, and 9 percent of United Airlines, and had invested around $7 billion or $8 billion in the four companies. Buffett said that the coronavirus has changed his thesis on the industry, and the path to recovery for the airline industry will be a long one. In the first quarter, American Airlines posted its first quarterly loss since 2013, while United Airlines reported a loss of $1.7 billion. Shares of the four air companies fell on the announcement.
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