Warren Buffett, the 94-year-old billionaire and CEO of Berkshire Hathaway, announced his retirement plans set for the end of 2025, surprising shareholders with this unexpected decision. With a net worth exceeding $168 billion, Buffett has been a pivotal figure in the investment world for over six decades. He recommended Vice Chairman Greg Abel as his successor, a move previously unanticipated as Abel was thought to take over only after Buffett's passing. Abel, managing all noninsurance businesses of Berkshire, expressed his gratitude and commitment to continue Buffett's legacy without selling any shares. Buffett's announcement was met with a prolonged standing ovation, while he simultaneously issued a warning about the adverse global effects of President Donald Trump’s tariffs, emphasizing the importance of balanced trade relations among countries.

Warren Buffett, a prominent figure in finance with a net worth of over $168 billion, announced his plans to retire by the end of 2025, an announcement that shocked shareholders who were unaware of his intentions.

Buffett has been at the helm of Berkshire Hathaway for over sixty years and is renowned as the most influential investor globally, with his decision marking the end of an era in the investment community.

He proposed Greg Abel, the current Vice Chairman who manages Berkshire's noninsurance businesses, as his successor, deviating from the previously held assumption that Abel would only take over upon Buffett's death.

Greg Abel expressed his honor at the opportunity to lead Berkshire Hathaway and assured stakeholders of his commitment to maintaining the company's legacy by not selling any shares, instead planning to eventually give them away.

Buffett's announcement was received with a standing ovation from thousands of investors, demonstrating the profound respect and admiration he has garnered throughout his career.

In addition to his retirement plans, Buffett voiced his concerns about the negative global impact of President Donald Trump’s tariffs, arguing that trade should be balanced and not used as a weapon, as it can lead to economic conflicts.

Buffett's comments on international trade reflect his broader economic perspective, emphasizing the potential risks associated with current trade policies and advocating for more harmonious international economic relations.

Warren Buffett is retiring.

The 94-year-old billionaire, who currently commands a net worth of over $168 billion according to Forbes, announced he plans to retire at the end of 2025, shocking shareholders on Sunday (May 4).

The Berkshire Hathaway CEO announced he will be stepping down from his position after a six decade run, making him the most influential investor in the world, via AP.

He said he will recommend hat Vice Chairman Greg Abel replace him, per the report.

“I think the time has arrived where Greg should become the chief executive officer of the company at year end,” he said.

Greg already manages all of Berkshire’s noninsurance businesses, but it was previously assumed he would not take over until Warren‘s passing, as he insisted he had no plans to retire.

He said the only board members who knew this was coming were his two children, Howard and Susie Buffett.

“I just want to say I couldn’t be more humbled and honored to be part of Berkshire as we go forward,” Greg said in a statement.

“I have no intention — zero — of selling one share of Berkshire Hathaway. I will give it away eventually,” Warren said. “The decision to keep every share is an economic decision because I think the prospects of Berkshire will be better under Greg’s management than mine.”

Thousands of investors in the arena gave him a prolonged standing ovation after his announcement.

Earlier in the weekend, Warren warned of dire global consequences from President Donald Trump’s tariffs, saying “trade should not be a weapon” but “there’s no question that trade can be an act of war.”

“It’s a big mistake in my view when you have 7.5 billion people who don’t like you very well, and you have 300 million who are crowing about how they have done,” he said.

He said it is best for trade to be balanced between countries, but he doesn’t think Trump is going about it the right way with the tariffs.

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