Pro-Bitcoin Broadcaster Pokes Fun at Warren Buffett Over Airline Stocks

Max Keiser, a broadcast host and famous Bitcoin enthusiast, has again promoted the top cryptocurrency and is taking a knock at the traditional financial space. In a recent tweet, he aimed billionaire and legendary investor Warren Buffett over the latter’s recent fortunes in the market.

Buffett Admits to a Mistake

Earlier today, Keiser explained on Twitter that users of popular crypto and stock investment platform Robinhood had stolen Buffett’s money by taking advantage of his losses in the airline sector. Furthermore, he suggested that they had invested this money into Bitcoin.

Robinhood App users stole Warren Buffett’s money (his recent, huge airline losses), by buying up airline stocks during the crash – and creating wealth for poor Gen Z kids.

— Max Keiser (@realmaxkeiser) June 8, 2020

The tweet was a reference to Buffett selling his stake in several airline stocks after the coronavirus pandemic brought the global aviation industry to a halt. At the time, Forbes reported that his Berkshire Hathaway conglomerate had cashed out of all its airline holdings as the company reported a $50 billion loss in the first quarter of the year. 

Before the sale, Berkshire owned 8 to 11 percent of the top four airline carriers in the United States – American Airlines, Southwest Airlines, Delta, and United Airlines. The firm’s cash pile had also grown to $137 billion, suggesting that Buffett could soon be in the market for a big-money acquisition. However, it wouldn’t be for the aviation sector.

Regardless of that, airline stocks were able to find a home somewhere else. On June 1, Business Insider published a list of the ten most popular stocks on Robinhood for May, with Delta and American Airlines making the top five.

A Bad Time to Pull Out of Airlines

It would appear that the traders’ decision to purchase the stocks has paid off so far. The airline industry is beginning to open once more, as countries and states gradually ease restrictions and go back to work.

Shares of American Airlines have grown from $10 on May 28 to $18.59 at press time. Delta Airlines has also surged from $25.21 to $34.16 in the same period. Considering this, Keiser immediately took to Twitter to take a jab at Buffett. He said: 

“Robinhood App users stole Warren Buffett’s money (his recent, huge airline losses), by buying up airline stocks during the crash – and creating wealth for poor Gen Z kids.”

Buffett’s decision to sell his airline stocks has come under fire from many. Last Friday, U.S. President Donald Trump called his decision to sell a mistake, explaining that it was one of those times where even the smartest people get things wrong.

Of course, the billionaire could end up purchasing the stocks again, since the company has a significant amount of cash lying around. However, he risks doing so at a premium since airline stocks are one of the hottest on the market right now.

As for Keiser, it’s quite easy to see why he would poke fun at Buffett. The billionaire notoriously called Bitcoin “rat poison squared” years back, and that didn’t sit too well for many Bitcoin enthusiasts – including the broadcaster.

Buffett is most likely not going to respond to Keiser, but Keiser does appear to have gotten the last laugh on this one.