Warren Buffett Dumped All His Airline Stocks

To the tune of $4B amid pandemic fallout
By Polly Davis Doig,  Newser Staff
Posted May 3, 2020 7:11 AM CDT
Warren Buffett Dumped All His Airline Stocks
In this May 5, 2019, file photo Warren Buffett, chairman and CEO of Berkshire Hathaway, speaks following the annual Berkshire Hathaway shareholders meeting in Omaha, Neb.   (AP Photo/Nati Harnik, File)

More bad news for the airline industry: The Oracle of Omaha has jumped ship. Warren Buffett says that his Berkshire Hathaway has unloaded its airline stocks—to the tune of about $4 billion, reports CNBC. "The world has changed for the airlines," Buffett said during a much scaled-down very of Berkshire Hathaway's annual meeting on Saturday. "I think there are certain industries, and unfortunately, I think that the airline industry, among others, that are really hurt by a forced shutdown by events that are far beyond our control." That said, he's not exactly hedging his bets: Berkshire dumped every last stock it held, which averaged about a 10% stake in each American, Delta, Southwest, and United. "When we sell something, very often it’s going to be our entire stake: We don’t trim positions." (Read more Warren Buffett stories.)

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