Covid-19 crisis: Buffett’s Berkshire posts nearly $50b loss

Covid-19 crisis: Buffett’s Berkshire posts nearly $50b loss

Buffett's Berkshire posts nearly $50 billion loss as coronavirus causes pain. Warren Buffett's Berkshire Hathaway Inc is being hit hard by the coronavirus pandemic, posting a record quarterly net loss of nearly $50 billion on Saturday and saying performance is suffering in several major operating businesses.. Berkshire said most of its more than 90 businesses are facing "relatively minor to severe" negative effects from Covid-19, the illness caused by the novel coronavirus and now punishing the global economy, with revenue slowing considerably in April even at businesses deemed "essential.. Berkshire said it bought only a net $1.8 billion of stocks in the first quarter.. Shanahan said Berkshire is "as well positioned as it can be," reflecting its diverse businesses and substantial liquidity and access to capital.. Berkshire released results before its annual meeting, where Buffett said Berkshire in April sold its "entire positions" in the four largest US airlines: American, Delta, Southwest and United.. Buffett said Berkshire "made a mistake" investing approximately $7 billion to $8 billion in the sector, which was changed "in a very major way" as the pandemic shut down most air travel, through no fault of the airlines.. Berkshire stock underperformsBerkshire's first-quarter net loss was $49.75