Here are the billionaire airline founders, CEOs and major investors who have been hit the hardest as the coronavirus pandemic has wiped out airline stocks:
The most all-in bettor on airlines by far, and proportionally the biggest institutional loser from the selloff: Boston hedge fund PAR Capital Management. Led by former airline analyst Paul A. Reeder III, if its positions haven’t changed since year-end disclosures, 40.5% of its $3 billion in assets would be in U.S. airlines. Its exposure to the battered travel sector runs deeper, with reported positions in the online travel sites Expedia, TripAdvisor and Trivago, and Hertz and Avis rental cars.
The wealthiest chieftain of a public U.S. airline, Allegiant founder Maurice Gallagher, has seen his stake in the ultra-low-cost carrier slide to $286 million after a 38.6% decline in its shares., the billionaire founder of Indian discount airline IndiGo, has had his fortune cut to $2.3 billion as shares of his holding company InterGlobe Aviation have fallen 28.3% over the past month.
A 34.3% slide in Ryanair shares on the London Stock Exchange cut the value of CEO Michael O’Leary’s stake to $531 million as of Thursday’s close. With American Airline shares dropping 55.3%, the biggest decline among U.S. airlines, CEO William Parker’s holdings have fallen in value to $33.9 million. With many analysts expecting a v-shaped recovery in passenger numbers when the coronavirus pandemic ends, as occurred after the 2003 SARS epidemic, investors might be tempted to bottom fish. That’s what Buffett’s Berkshire Hathaway did in late February, picking up another 976,000 shares in the most profitable airline in the business, Delta.
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