Berkshire Hathaway Inc sold its entire stakes in the four largest U.S. airlines in April, Chairman Warren Buffett said Saturday at the company’s annual meeting, saying “the world has changed” for the aviation industry.
The conglomerate had held sizeable positions in the airlines, including an 11 per cent stake in Delta Air Lines, 10 per cent of American Airlines Co, 10 per cent of Southwest Airlines Co and 9 per cent of United Airlines at the end of 2019, according to its annual report and company filings.
The conglomerate was one of the largest individual holders in the four airlines and in 2016 disclosed it had begun investing in the four carriers after avoiding the sector for years.
Airline stocks have been hard hit by the near collapse U.S. travel demand amid the coronavirus pandemic.
U.S. airlines are cutting hundreds of thousands of flights, parking thousands of planes as U.S.