Financial analysts were eagerly anticipating the annual shareholders meeting of Berkshire Hathaway on Saturday, May 3, curious to hear what Warren Buffett would say about President Donald Trump’s tariff war. But Buffett, 94, surprised everyone with a different announcement: nothing less than his retirement.
“Tomorrow we have a Berkshire board meeting, and we have eleven directors. Two of the directors, my children Howie and Susie, know what I’m going to talk about. For the rest, it will be news. But I believe the time has come for Greg to become the company’s CEO by the end of this year,” said Buffett.
On Sunday, May 4, The Wall Street Journal featured the magnate’s photo on its front page with the headline: “There Will Never Be Another Warren Buffett.”
Buffett led Berkshire Hathaway for 60 years, during which time he became an icon—or an “oracle”—of investing. He will be succeeded as CEO by Greg Abel, 63, the current Chief Executive Officer of Berkshire Hathaway Energy.
Buffett emphasized that he will not sell a single share of his company, which in 2024 reached a market capitalization of approximately $1.2 trillion. He also stated that he will remain available as an advisor.
Trade Policy Should Not Be a Weapon
During the company’s shareholder meeting in Omaha, Nebraska, Buffett defended global trade and expressed criticism of the protectionist policies of current U.S. President Donald Trump: “We should engage in world trade along with other countries, and we should do what we do best—and do it well,” said the billionaire.
“I don’t think it’s a good idea to design a world where a few countries say, ‘Ha, ha, ha! We won!’ and the rest feel envy,” Buffett added. “Trade should not be a weapon.”
Berkshire Swimming in a Sea of Liquidity
Buffett is stepping down from the helm of the company as its stock hits all-time highs. The last snapshot of the company before the unexpected announcement shows a strong accumulation of liquidity.
As of its March 31 balance sheet, Berkshire held significant positions in cash and short-term Treasury bonds.
According to Bloomberg, Buffett’s personal fortune is estimated at around $170 billion.
