Billionaire Warren Buffett sells all his U.S airline shares

Billionaire investor Warren Buffett says his company Berkshire Hathaway has sold all of its shares in the four largest US airlines.

Speaking at the annual shareholders’ meeting, Buffett said “the world has changed” because of the coronavirus. He then said he had been wrong to invest in the airline industry.

Buffett’s comments came just hours after Berkshire Hathaway announced a record $US50 billion (FJ$111 billion) net first quarter loss, Reuters news agency reports.

The conglomerate had an 11 per cent stake in Delta Air Lines, 10 per cent of American Airlines, 10 per cent of Southwest Airlines, and 9 per cent of United Airlines, according to its annual report and company filings.

The firm began investing in the four airlines in 2016, after avoiding the aviation industry for years.