Billionaire investor Warren Buffett said his company Berkshire Hathaway had sold all its shares in airline companies. Buffett’s statement is a threat to the US airline industry. The industry is on the verge of devastation due to the covid-19 (new coronavirus) epidemic. Buffett is the chairman of Berkshire Hathaway. His statements are monitored by investors from all over the world and they use this to make their future investment decisions. The company reported a loss of $ 50 billion in the January-March quarter.
Buffett said that the world has changed for aviation companies
At the annual general meeting of shareholders of Berkshire Hathaway in Omaha, US, Buffett said the world had changed for aviation companies, and I don’t know how it has changed. The shareholders’ meeting was held through video conferencing this year. Buffett said that it is expected that airlines will quickly adapt themselves to changing circumstances. It seems that my thinking about this business was wrong.
Berkshire Hathaway had over $ 4 billion in shares of aviation companies in December
Berkshire Hathaway had over $ 4 billion in shares of United Airlines, American Airlines, Southwest Airlines and Delta Airlines in December 2019. This year, shares of these companies have registered a steep decline. United Airlines shares fell 69.7 percent, American Airlines shares fell 62.9 percent, Southwest Airlines declined 45.8 percent and Delta Airlines 58.7 percent.
Coronavirus Situation In USA
USA has a total of 1,160,996 Coronavirus Cases, out of which Deaths are 67,448 and 173,725 people recovered