There’s never been someone like Warren, and countless people, myself included, have been inspired by his wisdom. It’s been one of the great privileges of my life to know him. And there’s no question that Warren is leaving Berkshire in great hands with Greg. pic.twitter.com/7p5zXtq5hP
— Tim Cook (@tim_cook) May 3, 2025
Warren Buffett, the legendary investor and CEO of Berkshire Hathaway, announced his retirement at the company’s annual shareholder meeting in Omaha, Nebraska. The 94-year-old billionaire revealed that he would step down as CEO at the end of the year, with Greg Abel, currently vice chairman of non-insurance operations, set to succeed him. Buffett’s journey to becoming one of the world’s richest people began early.
He bought his first stock at age 11 and made significant investments by 15.
Odd jobs to top job! Meet Warren Buffett's successor Greg Abel, who once cleaned discarded bottles, worked as laborerhttps://t.co/kGNq4DpcuS
— ET NOW (@ETNOWlive) May 4, 2025
After graduating from the University of Nebraska and earning a master’s degree from Columbia Business School, Buffett launched his investment company, Buffett Partnership, in 1956. In 1965, Buffett took control of Berkshire Hathaway, transforming it into a vast conglomerate with an impressive portfolio that includes stakes in Coca-Cola, See’s Candies, and ABC Television Network.
By 2025, the company’s market capitalization had reached $1.1 trillion.
#BerkshireAGM l We love ‘forever companies’ like Apple, Coca-Cola, and American Express: Warren Buffett pic.twitter.com/BBKEruFsq6
— ET NOW (@ETNOWlive) May 4, 2025
Buffett’s monumental legacy at Berkshire
During the annual meeting, Buffett voiced his opinion on tariffs, calling America’s trade wars a “big mistake.” He emphasized the economic prowess of the United States, stating, “The United States won.
I mean, we have become an incredibly important country, starting from nothing 250 years ago.”
Anyone doubting Canada’s ability to compete & win, take note that the world’s most successful investor – Warren Buffett – just named a Canadian to take the reins. 🇨🇦https://t.co/jhze7iD4m8
— Erin O'Toole (@erinotoole) May 3, 2025
Berkshire’s quarterly report indicated that tariffs could negatively impact its growth, with operating earnings falling by 14% for the first quarter and the insurance underwriting business seeing a nearly 50% decline from the previous year. The event drew notable attendees such as former Democratic presidential nominee Hillary Clinton, Apple CEO Tim Cook, and former Microsoft CEO Bill Gates. Buffett’s comments came amid rising concerns about the markets and the economy, especially related to President Donald Trump’s tariffs and their global economic impact.
Greg Abel, Buffett’s designated successor, has been with Berkshire Hathaway since 2000 and has served as vice chairman of non-insurance companies since 2018. The 62-year-old native of Edmonton, Alberta, is an accountant by training and joined Berkshire when Buffett bought a controlling stake in MidAmerican Energy, where Abel was president. As Abel steps into the role of CEO, the business world will be watching closely to see how he steers the $1.1 trillion conglomerate that Warren Buffett built into a global powerhouse.
Buffett, who will remain as chairman until his death, leaves behind a monumental legacy at Berkshire Hathaway, marking the end of an era for the company and its investors.