American investor Warren Buffett, CEO of Berkshire Hathaway, said that the company sold all the shares it owned in 4 US airlines.
According to the investor, his company sold shares in “Delta Airlines”, “American Airlines”, “Southwest Airlines” and “United Airlines”.
Buffett, who is considered the most savvy investor, believes that it will take years for the aviation sector to recover and return to previous rates.
Buffett described investment in the aviation industry as “a mistake”, and that comes at a time when airlines and tourism companies are expected to incur billions in losses from the Corona pandemic.
According to data from the end of last year, Buffett owned stakes in the following four companies: 11% in “Delta Airlines”, 10% in “American Airlines”, 10% in “Southwest Airlines” and 9% in “United Airlines”.
The company had previously revealed losses of $ 50 billion in the first quarter of this year as a result of falling stock markets due to the Corona pandemic.