60 million loss per day: Delta shares lose: Buffett’s Berkshire significantly reduces Delta Air Lines stake | message

—CEO Ed Bastian prepared employees for tough times in a memo on Friday (local time): Delta is currently losing more than $ 60 million (EUR 55.5 million) every day, but the situation is likely to get worse.

“I wish I could predict that it would end soon,” said Bastian. “But the reality is that we simply don’t know how long it will take for the virus to be contained and customers to be ready to fly again.” On Saturday, Delta had around 38,000 passengers, usually around 600,000 at this time of year.

The previously applied for US government aid is nowhere near enough to keep the company afloat, warned Delta boss Bastian. Without drastic austerity measures and additional funding, the money would run out in June. The aerospace industry is one of the hardest hit by the corona pandemic.

As if the situation wasn’t critical enough, star investor Warren Buffett’s Berkshire Hathaway also announced that it had reduced its stake in Delta by 18 percent this week.

Delta stock last traded 0.76 percent to $ 22.31 in a strong NYSE overall market. The price had dropped by 51 percent in the past month.

/ hbr / DP / fba

ATLANTA (dpa-AFX)