Warren Buffett's Berkshire Hathaway sold $390 million worth of Delta and Southwest shares this week
Warren Buffett's Berkshire Hathaway sold nearly $390 million worth of shares in Delta Air Lines and Southwest Airlines this week, new SEC filings show.
The billionaire investor's company cut its stake in Delta by nearly one-fifth and its Southwest holdings by just over 4%. Berkshire's stock portfolio took an estimated $5 billion hit on its airline holdings in the first quarter as the novel coronavirus hammered demand and led to travel restrictions.Warren Buffett's Berkshire Hathaway sold nearly $390 million worth of shares in Delta Air Lines and Southwest Airlines this week, reducing its exposure to an industry being hammered by the coronavirus pandemic.
The famed investor's conglomerate slashed its roughly 11% stake in Delta by nearly one-fifth, from 71.9 million shares to 58.9 million,Berkshire also sold about 2.3 million shares in Southwest, reducing its stake in the airline by just over 4%,It netted about $314 million from the Delta share sales, plus another $74 million from the Southwest disposals, for a total of about $389 million.
on its investments in the four major US airlines last quarter as they plunged by an average of 52% in the period.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Warren Buffett's Berkshire Hathaway sells part of Delta, Southwest airline stakesWarren Buffett's Berkshire Hathaway said on Friday it sold about 18% of its stake in Delta Air Lines and 4% of its holdings in Southwest Airlines this week, as the coronavirus pandemic drives the airline industry into perhaps its biggest crisis ever.
Read more »
Netanyahu shared fake TV clip, claimed Iran is hiding COVID-19 deaths: Axios - Business InsiderIsrael's prime minister reportedly shared a fake video from the Hallmark series 'Pandemic' and claimed it as evidence that Iran was covering up its coronavirus deaths
Read more »
US weekly jobless claims hit record 6.6 million as coronavirus spreads - Business Insider'It's remarkable. These are unprecedented numbers,' said Bank of America economist Joseph Song. 'But we're also facing an unprecedented pandemic.'
Read more »
Dow climbs as US unemployment filings hit 6.6 million, doubling previous record - Business InsiderThe 6.6 million Americans who filed for unemployment last week was double the previous record... set just last week.
Read more »
Luckin Coffee fabricated $310 million in sales: investigation - Business InsiderStarbucks rival Luckin Coffee faked nearly half of its roughly $732 million in sales, according to an internal investigation that found the Chinese coffee giant's COO fabricated orders
Read more »