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Warren Buffett has announced that he will retire at the end of the year as Chief Executive of Berkshire Hathaway.
The experienced investor, known as Omaha’s oracle, told the annual meeting of his company that he would hand over the reins to vice-chairman Greg Abel.
“I think the time came in which Greg should be the chief executive of the company at the end of the year,” said Buffett, 94.
Mr Buffett, who built Berkshire Hathaway from a failing textile maker in an investment juggernaut worth $ 1.16TN (£ 870 billion), is perhaps the most successful investor in the world.
After applause the audience of around 40,000, he joked: “The enthusiasm shown by that reaction could be interpreted in two ways.”
The billionaire told Saturday’s business meeting in Omaha, Nebraska, that the only people who had known about his decision were two children, Howard and Susie Buffett.
Mr. Abel, sitting next to Mr Buffett on stage, apparently was not aware of the announcement.
Mr. Abbel selected Mr. Buffett four years ago as his successor as his successor, but gave the moment he would retire.
During the meeting, Mr Buffett added that he is not going to sell one of his Berkshire shares.
“I don’t intend to sell a share of Berkshire Hathaway. It will be given away,” he said, welcoming the crowd.
Apple CEO Tim Cook was one of the various managers who published statements that praised the business legacy of Mr Buffett.
“There has never been anyone like Warren, and countless people, including myself, are inspired by his wisdom,” wrote Mr. Cook on X/Twitter.
“It has been one of the great privileges of my life to know him. And there is no doubt that Warren Berkshire leaves in big hands with Greg.”
In 2023, Mr Buffett published a rare letter in which he acknowledged that, although he did not feel like resigning, he “played in extra innings”.
Berkshire Hathaway owns more than 60 companies, including insurer Geico, battery maker Duracell and restaurant chain Dairy Queen.
It also has great interests in Apple, Coca Cola, Bank of America and American Express, among others.
Mr Buffett, who has given up billions to a good cause, was arranged last month by Bloomberg as the world’s fourth-rich person, with a net value of $ 154 billion.
He earned his first money as a six -year -old, bought his first shares on 11 and submitted his first tax return to 13.
Although it is one of the richest people in the world, Mr Buffett has been living in the same modest house in Omaha for more than 65 years.
The announcement came when Mr. Buffet spoke against the rates of President Donald Trump and told investors that the US should not use “trade as a weapon”.
“In my opinion it is a big mistake if you have 7.5 billion people that you don’t really like, and you have 300 million those crows about how they did it,” he said earlier at the meeting.
“We have to be looking to act 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.
