Berkshire Hathaway Inc has sold its entire stakes in the four largest U.S. airlines, Chairman Warren Buffett said Saturday at the company's annual meeting.
Airline stocks have been hard hit by the near collapse U.S. travel demand amid the coronavirus pandemic.
Buffett said Berkshire had invested around $7 billion or $8 billion amassing stakes in the four airlines including American Airlines Group Inc . “We did not take out anything like $7 or $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.”“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.
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