Warren Buffett's Berkshire Hathaway lost up to $58.5 million after the United debacle

Berkshire Hathaway, the largest owner of United Continental Holdings shares, lost up to $58.5 million as the stock fell on Tuesday.

That's a lot of money for most of us, but not for Warren Buffett, Berkshire's chairman, who is worth $75 billion according to Bloomberg.

Berkshire owns 28.9 million United shares, or about 9% of all outstanding shares, according to Bloomberg. As of Monday's close, that stake was worth $2.07 billion.


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United's shares fell by up to 4% as a video filmed on Sunday showing a passenger being dragged off one of the airline's flights went viral. The airline had offered $1,000 to make room for crew members after the flight was overbooked. David Dao, 69, refused to give up his seat and was removed.

Investors shrugged the initial backlash on Monday, but caused a sell-off on Tuesday as the video spread around the world and in China, United Airline's largest source of revenue outside the US according to FactSet.

RELATED: Check out people's reactions to the United debacle:

People react to United Airlines kicking a passenger off a flight
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People react to United Airlines kicking a passenger off a flight
Pepsi: We are the most hated company right now. 😓 United Airlines: 1 sec - Hold my Pepsi. #PEPSI #unitedAIRLINES
Not so friendly skies huh @united ? Makes me sick now how you treat customers. I hope he sues hard. #unitedairlines https://t.co/D13SDvHfLq
You want passengers to give up their seats because you have piss poor planning & then beat them up? Shame on you. @united #unitedAIRLINES
Apparently @united 's inability to coordinate a flight makes violent assault against customers ok. Never flying #UnitedAirlines again
NEVER flying @united ever again! Horrific, brutal, intolerable treatment of passenger, + tone-deaf "apology" from CEO. #UnitedAirlines
Dear United Airlines: People have smart phones.
Perhaps @MerriamWebster can help #United Airlines with the definition of "volunteer"
United Airlines to United Airlines: "I see your legging-gate, and I raise you a passenger beating" #UnitedAirlines #United #flight3411
Look on the bright side, United Airlines. After this incident, you'll never have to worry about a flight being overbooked again.
You thought United Airlines was tough on folks who wear leggings. Just wait to see what they do to folks in sweat p… https://t.co/x5Nzp7gcn1
Poor planning on your part doesn't constitute an emergency on ours. Fly Southwest. Fly Delta. Hell, fly Spirit. Not #UnitedAirlines

Berkshire added to its stakes in various airlines including Southwest and Delta during the fourth quarter, according to a 13-F filing published in February.

The filings, required of large investment firms, have a time lag and so do not necessarily reflect their updated holdings. Also, it's possible that Berkshire's stake reflected in the data changed before or after the video went viral.

Before Berkshire loaded up on airlines, Buffett criticized them as money losers vulnerable to competition from low-cost carriers.Screen Shot 2017 04 11 at 2.35.29 PMMarkets Insider

NOW WATCH: People on Twitter are roasting United Airlines after a passenger was forcibly dragged off a plane

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SEE ALSO: United Airlines is taking a hit after forcibly kicking a passenger off a plane

DON'T MISS: Twitter users are tearing into United after it forcibly removed a passenger from its plane

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