United Airlines’ (United) biggest shareholder Warren Buffett, also Chairman and CEO of Berkshire Hathaway, has lost up to $90 million on Tuesday, April 11, 2017, as the company’s stock dropped after the passenger removal video went viral.
According to Fortune, the company’s (United Continental Holding) stock fell as much as 4%, knocking off more than $1 billion in market value.
After the stock’s lowest point on Tuesday, Buffett, however, saw a recovery of those losses when United’s stock bounced back in the afternoon due to encouraging signs of travel demands within the airlines industry. Fortune also noted that when the market closed, United’s stocks dropped by more than 1%.
Meanwhile, while United’s stocks fell, Buffett still gained advantage from other three big US airlines in which he owns shares. American Airlines saw an increase of 4% on the same day. Delta Air Lines also gained 1% for the day and Southwest Airlines increased 1.6%.
In February 2017, Berkshire Hathaway invested nearly $10 billion into American, Delta, United, and Southwest Airlines. Warren Buffett’s investment in America’s big four airlines compiles from $2.1 billion in American, $2.2 billion in United, $2.4 billion in Southwest, and $3 billion in Delta. Buffett owns more than 9% of United or equivalent to 28.9 million shares.