Warren Buffett, 94 years old, withdrawing as CEO of Berkshire Hathaway

Warren Buffett has announced that he will retire as Berkshire Hathaway CEO at the end of the year.

The veteran investor, known as Oracle of Omaha, told his company’s annual meeting that he would hand over the reins to Deputy Chairman Greg Abel.

“I think the moment of Greg should become the CEO of the company at the end of the year,” says Buffett, 94.

Buffett, who built Berkshire Hathaway from an unsuccessful textile manufacturer in an investment jungle worth 1.16TN (£ 870 billion) is probably the most successful investor in the world.

After applauding from the audience of about 40,000, he jokes: “The enthusiasm shown by this answer can be interpreted in two ways.”

The billionaire said at the Saturday meeting the company in Omaha, Nebraska, that the only people who knew about his decision were his two children, Howard and Susie Buffett.

D -Abel, sitting next to the Buffett on stage, was obviously caught without knowing from the message.

Buffette selected d -n -Abel as his successor four years ago, but at that time he did not indicate that he would retire.

During the meeting, Buffett added that he did not plan to sell any of his stock in Berkshire.

“I do not intend, zero, to sell a part of Berkshire Hathaway. It will give away,” he said as the crowd cheered.

Apple CEO Tim Cook was among several business leaders who made statements, praising the business heritage of G -N -Buffett.

“There has never been anyone like Warren and countless people, including myself, have been inspired by his wisdom,” writes Cook in X/Twitter.

“It was one of the great privileges in my life to know him. And there is no doubt that Warren was leaving Berkshire in big hands with Greg.”

In 2023, Buffett issued a rare letter that admitted that while he did not want to withdraw, he “played in additional submission”.

Berkshire Hathaway owns more than 60 companies, including Geico insurer, Duracell and Dairy Queen battery manufacturer.

In addition, there are big bets in Apple, Coca Cola, Bank of America and American Express.

Mr. Buffett, who has given billions of charity, was ranked by Bloomberg last month as the fourth richest person in the world, with a net value of $ 154 billion.

He won his first money as a six -year -old, bought his first shares to 11 and filed his first tax return to 13.

Although one of the most rich people in the world, Buffett has lived in the same modest house in Omaha more than 65 years.

The announcement came when G -N -Buffett spoke against President Donald Trump’s tariffs, telling investors that the US should not use “trade as a weapon.”

“In my opinion, this is a big mistake when you have 7.5 billion people who don’t like you very well, and you have 300 million who care about how they did,” he said earlier at the meeting.

“We have to seek to trade with the rest of the world. We have to do what we do best and they have to do what they do best,” he added.