Buffett’s Berkshire sells entire stakes in U.S. airlines

Berkshire Hathaway Inc sold its entire stakes in the four largest U.S. airlines in April, according to Chairman Warren Buffett saying “the world has changed” for the aviation industry.

Buffett said  at the company’s annual meetings that the airline industry’s outlook rapidly changed.

The conglomerate had held sizeable positions in the airlines, including an 11% stake in Delta Air Lines , 10% of American Airlines Co, 10% of Southwest Airlines Co and 9% of United Airlines at the end of 2019, according to its annual report and company filings.

The conglomerate was one of the largest individual holders in the four airlines and in 2016 disclosed it had begun investing in the four carriers after avoiding the sector for years.

U.S. airlines are cutting hundreds of thousands of flights, parking thousands of planes as U.S. travel demand has fallen by about 95% and there is no clear timetable for passengers to return to flights at pre-crisis levels.