• Berkshire Hathaway, the conglomerate led by Warren Buffett, has sold its entire stakes in four major U.S. airlines: American, Delta, Southwest, and United. The move comes as the COVID-19 pandemic has devastated the airline industry, with travel demand plummeting and airlines struggling to survive.

• Buffett acknowledged during Berkshire's annual shareholder meeting that the company had made a mistake in investing in the airline industry, which he had previously described as a "death trap" for investors. The decision to sell the airline stakes reflects Berkshire's shift away from the sector as the pandemic continues to weigh heavily on the industry.

• The sale of the airline holdings is part of Berkshire's broader strategy of preserving cash and liquidity during the economic uncertainty caused by the COVID-19 crisis. Buffett has emphasized the importance of maintaining a strong financial position to weather the storm and take advantage of potential investment opportunities that may arise in the future.