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Warren Buffett speaks to the press at the 2019 annual shareholders meeting in Omaha, Nebraska on May 4. Photo: Johannes Eisele/AFP via Getty Images

Warren Buffett, CEO of Berkshire Hathaway, told shareholders on Saturday that he sold $6 billion in airline stock —the company's entire equity position in U.S. airlines.

What's happening: American Airlines and United Airlines reported first-quarter net losses of $2.2 billion and $1.7 billion on Thursday, as the industry reels from dwindling air travel caused by the coronavirus pandemic.

  • Buffett's company had bought 10% of the four largest airlines — Delta, United, American, and Southwest — he said.

What he's saying: "And it turned out I was wrong about that business because of something that was not in any way the fault of four excellent CEOs ... The airline business, and I may be wrong and I hope I'm wrong, I think it changed in a very major way and it's obviously changed in the fact that their four companies are each going to borrow perhaps average of at least 10 or 12 billion each," he said on Saturday.

Go deeper: Airlines face a long, slow climb despite federal coronavirus rescue

Go deeper

Aug 10, 2020 - World

Azar conveys Trump's "strong" support for Taiwan during historic visit

Secretary of Health and Human Services Alex Azar speaks as Taiwan's President Tsai Ing-wen looks on during his visit to the Presidential Office in Taipei on Monday. Photo: Pei Chen/Pool/AFP via Getty Images

Health and Human Services Secretary Alex Azar praised Taiwan during a visit Monday for being a "vital partner, a democratic success story, and a force for good in the world."

Why it matters: The highest-level visit by a U.S. cabinet official to Taiwan since 1979 shows the increasing importance of the island state, which China considers to be part of its territory. It comes at a time of heightened tension between the Trump administration and the Chinese government.

Updated Oct 7, 2020 - Health

World coronavirus updates

Expand chart
Data: The Center for Systems Science and Engineering at Johns Hopkins; Map: Axios Visuals

New Zealand now has active no coronavirus cases in the community after the final six people linked to the Auckland cluster recovered, the country's Health Ministry confirmed in an email Wednesday.

The big picture: The country's second outbreak won't officially be declared closed until there have been "no new cases for two incubation periods," the ministry said. Auckland will join the rest of NZ in enjoying no domestic restrictions from late Wednesday, Prime Minister Jacinda Ardern said, declaring that NZ had "beat the virus again."

Aug 9, 2020 - Health

Ex-FDA head: U.S. will "definitely" see 200,000 to 300,000 virus deaths in 2020

Former FDA commissioner Scott Gottlieb said on CBS News' "Face the Nation" that the coronavirus death toll in the U.S. will be "definitely" somewhere between 200,000 and 300,000 by the end of 2020.

Why it matters: "Whether we're closer to 200,000 or closer to 300,000 depends on what we do now and how it evolves," Gottlieb warned on Sunday as the U.S. surpassed five million confirmed coronavirus cases.