Both airlines have said they plan to file for payroll grants under the federal coronavirus aid package, which will help pay workers. Under the terms of the grants, airlines will be prohibited from buying back stocks or paying dividends to shareholders.
So why did he dump Delta? Isnt it unusual that he sold off shares that he had bought just a few weeks ago, especially when he made it clear during an interview not too long ago that he “wont be selling airline stocks?”
Warren Buffett's Berkshire Hathaway sold about $30 million worth of Bank of New York Mellon stock this week.
The billionaire investor's company flogged close to 860,000 BNY Mellon shares for about $35 each, according to a SEC filing published on Friday.
The move follows Berkshire's sale of nearly $390 million worth of shares in Delta Air Lines and Southwest Airlines last week.
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