Buffett made a mistake by investing in the airline

Warren Buffett, one of the world's richest men, said his company, Berkshire Hathaway, had sold all its shares in the four largest US airlines. Buffett also said he had made a mistake in investing in the airline.

Speaking at a virtualized annual meeting with shareholders on Saturday, Buffett said the world had 'changed' because of the coronavirus.

Berkshire Hathaway has lost a record  5 trillion in the first three months of this year. The company released this information yesterday. After a while, Buffett made that comment. This information was given in a report on BBC online.

Berkshire Hathaway had an 11 percent stake in Delta Airlines, 10 percent in American Airlines, 10 percent in Southwest Airlines, and 9 percent in United Airlines, according to the annual report and company files.
Although the company has been avoiding the aviation industry for years, it started investing in four airlines in 2016.

"We have made this decision in terms of the aviation business," Buffett said at the meeting. We basically got the money out of this business even after a substantial loss. But we will not fund any organization ... where we understand that it will only waste our money in the future. '

Buffett also said he was thinking of investing in more airlines before the epidemic hit. He said it was a push to reduce demand. Due to the coronavirus, air traffic in the country is now completely closed.
The US travel industry has collapsed in the wake of the coronavirus epidemic. Airlines have canceled millions of flights. Many have dropped out of business.
Category and Tags
More stories by
20 Reasons to Consider Cautiously Before Investing in Japan

While there are many investment opportunities in Japan, it's vital to weigh the risks and potential downsides. Here are 20 factors that may make some investors hesitant to make an investment in Japan and from my 7 years of experience living in Japan

First Time in the UK, a Special Sculpture Honors Hijab-Wearing Women

In Birmingham, England, the first sculpture honoring women who cover their heads will be unveiled. A piece of art by Luke Perry with the working title "The Strength of the Hijab" stands five meters (16 feet) tall and weighs roughly a ton.The designer

Muhammad Yunus: A Compelling Contender for the 2023 Bangladesh Presidential Election

Bangladesh is in need of a president who can manage complicated issues while promoting a sustainable economy and social advancement as the country gears up for its presidential election in 2023. In this situation, Muhammad Yunus' candidacy stands out

Pathao receives authorization to offer payment services

The subsidiary is permitted by the license to provide payment services in Bangladesh under the trade name "Pathao Pay."The announcement that Pathao Pay would be granted a PSP license...

Apple will begin disbursing $500 million in the iPhone Slowdown Lawsuit.

The reimbursement for iPhone users who filed a class action lawsuit against Apple, claiming the company purposefully slowed down its older models to encourage customers to switch to the newest model, will now be made. As SiliconValley.com revealed la

Follow Business Habit on Facebook, Twitter