Shares of the top four US airlines dropped on Monday after billionaire investor Warren Buffett said Berkshire Hathaway offloaded its entire stake in the carriers last month, adding to the sense of crisis around the industry.
US airlines posted considerable losses in the first quarter, and are on track for a dismal second quarter, as travel restrictions and government-mandated lockdowns across the world have brought demand to a virtual standstill.
“The world has changed” for the aviation industry, Buffett said at Berkshire Hathaway’s annual meeting on Saturday.
