Warren Buffett, 94, is reluctant to the CEO of Berkshire Hathaway

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

The veteran investor, known as Oracle of omaha, told his annual meeting that he will deliver control to Vice President Greg Abel.

“I think the time has reached the place where Greg, the company’s CEO, should become at the end of the year,” said Buffett, 94.

Mr. Buffett, who built Berkshire Hathaway of the failed textile maker to an investment tyrant of $ 1.16 million (870 billion pounds), is the world’s most successful investor in the world.

After the permanent applause from the audience of about 40,000, jokingly: “The enthusiasm that this response has shown can be explained in two ways.”

The billionaire told a company on Saturday in Omaha, Nebraska, that the only people who knew about his decision are two children, Howard and Soussi Pavite.

It seems that Mr. Abel, who was sitting next to Mr. Buffett on stage, is not aware of the advertisement.

Mr. Buffett chose Mr. Abel as his successor four years ago, but he did not provide any signal at the time he retired.

During the meeting, Mr. Buffett added that he is not planning to sell any of Berkshire’s shares.

He said: “I have no intention, zero, to sell one share of Hathaway. It will be granted.”

The CEO of Apple Tim Cook was among many business leaders who made comments Yoszan Bafett to a business legacy.

“There was no person like Warren, and countless people, including me, were inspired,” said Mr. Cook on X/Twitter.

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

In 2023, Mr. Buffett issued a rare speech in which he admitted that while he had no desire to step down, he was “playing in additional roles.”

Berkshire Hathaway has more than 60 companies, including Geico Insurance Company, Doriasel batteries and Dairy Queen.

It also has large classes in Apple, Coca Cola, Bank of America and American Express, among others.

Mr. Buffett, who granted billions of dollars to charities, was classified last month by Bloomberg as the fourth most expensive person in the world, with a net value of $ 154 billion.

He obtained his first money when he was six years old, bought his first shares on 11 and submitted the first tax declaration at thirteen years of age.

Although he is one of the richest people in the world, Mr. Buffett has lived in the same modest house in Omaha for more than 65 years.

This announcement came when Mr. Bofit spoke against President Donald Trump’s tariff, and investors told that the United States should not use “trade as a weapon”.

“It is a big mistake in my opinion when you have 7.5 billion people who do not like you well, and you have 300 million people screaming how they do,” said earlier in the meeting.

“We must look to trade with the rest of the world. We must do what we do better and they should do what they do better,” he added.