Positions included a 11% stakes in Delta Airlines, 10% of American Airlines, 10% of Southwest Airlines, and 9% of United Airlines and totaled between $7-8 billion..
Berkshire was one of the largest shareholders in each of the four airlines.
The announcement was made on Saturday after Berkshire Hathaway reported first-quarter earnings. The move was part of a larger move to shore up the conglomerate’s cash stockpile.
Due to the coronavirus pandemic, travel demand in the United States have fallen by about 95%.
Buffet said, “We made that decision in terms of the airline business. We took money out of the business basically even at a substantial loss. We will not fund a company we think is going to chew up money in the future.”