Warren Buffett (90), founder and major shareholder in investment fund Berkshire Hathaway, has fully disposed of his stake in Delta Air Lines, Southwest Airlines, American Airlines and United Airlines. According to the American, the future of the industry is not predictable enough.

At his annual shareholder meeting, which was streamed live this year, Buffett said the airline industry has fundamentally changed as a result of the corona virus. Buffet indicates that airline executives have done a good job of raising money to weather the crisis.

"The world has changed for airlines and I wish them the best," said Buffett on Saturday. Buffet has lost a lot on its investment in the airlines and takes the blame for this.

Berkshire owned 11 percent of Delta Air Lines, 10 percent of American Airlines, approximately 10 percent of Southwest Airlines and 9 percent of United Airlines. Berkshire sold the interests in April for 6.5 billion US dollars (5.86 billion euros). According to Bloomberg news agency, the value of his stake was nearly $ 10 billion at the end of 2019.

The aviation industry revelation was one of the most important during the annual update.

Buffett said he didn't know how consumers' travel habits will change after the pandemic disappears, but any reduction in travel would saddle airlines with higher-than-necessary fixed costs. The question is also whether aircraft builders such as Boeing will build new aircraft for the time being.

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* Origin: AVIATION ECHO HQ (2:292/854)