Berkshire CEO Abel bets $2.8B on Delta $DAL, reversing Buffett's 2020 full airline exit

First major airline bet since Buffett's 2020 full exit

Berkshire Hathaway ($BRK.B) CEO Greg Abel has invested approximately $2.8 billion in Delta Air Lines ($DAL), according to disclosures reported May 15. This is the largest single new position Abel has taken since succeeding Warren Buffett in May 2025 and represents a direct reversal of Berkshire's stance on airlines.

In 2020, during the early months of the COVID-19 pandemic, Warren Buffett liquidated Berkshire's entire positions in Delta, American Airlines ($AAL), United Airlines ($UAL), and Southwest Airlines ($LUV), citing structural risk in the airline industry. Abel's $2.8 billion bet on Delta explicitly bets against that judgment.

Two billionaires, opposite bets on the same day

David Tepper's Appaloosa Management disclosed on the same day that it had sold its entire positions in Delta, American, and United, citing soaring fuel costs as a headwind to airline profitability. Appaloosa simultaneously increased stakes in Amazon ($AMZN) and Uber ($UBER).

The divergence between two major institutional investors on the same asset class on the same day highlights contrasting views on whether higher fuel costs are a temporary commodity-cycle headwind or a structural earnings drag. Berkshire has not issued a public comment on the investment rationale.

What Abel's move signals about Berkshire's direction

Abel has also reportedly added to positions in Amazon and Uber, suggesting a portfolio tilt toward consumer, logistics, and AI-infrastructure exposure. The next key disclosure is Berkshire's Q2 2026 13F filing, expected in mid-August, which will reveal the full scope of portfolio changes under Abel's leadership.