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American billionaire Warren Buffett sold all shares of airlines due to coronavirus

Source : 112 Ukraine

He admitted that he made mistake when investing in airlines, and lost money on this
14:58, 3 May 2020

Warren Buffett
Reuters

Berkshire Hathaway holding sold all its shares in the four largest US airlines. The head of the holding, Warren Buffett, said this at the annual meeting of shareholders, Bloomberg writes.

These are shares of American Airlines, Southwest Airlines, Delta Air Lines, United Airlines Holdings. In the first two, the holding owned 10% each, in Delta Air Lines and United Airlines Holdings - 11 and 9% respectively. At the same time, in early April, Buffett's share in Delta Air Lines and Southwest Airlines fell by 18 and 4%, respectively.

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Buffett noted that as a result of the economic crisis, the business has changed significantly due to the coronavirus pandemic.

"The world has changed for airlines, and I wish them all the best," he said.

The head of the holding admitted that he made a mistake when investing in airlines, and lost money on this. He also told shareholders that the Berkshire Hathaway holding had taken a series of actions in connection with the pandemic and assured that he was still interested in making a major acquisition, which has not happened since 2016. At the same time, Buffett will not provide support to companies, as he did during the economic crisis in 2008.

Note that on the eve of the Berkshire Hathaway holding, it reported a loss of $ 49.7 billion in the first quarter of 2020. Shares of the financial conglomerate itself fell in price by 19%.

As we reported before, Bloomberg Billionaires Index has been released officially. The list includes 500 positions, with the world's richest and most powerful people in it.

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