Warren Buffett, 94, announced he will step down as CEO of Berkshire Hathaway by the end of 2025. The declaration was made during the company’s annual shareholders’ meeting in Omaha. Buffett said the board will soon formalize the decision, naming Greg Abel as his successor. Though Buffett had previously identified Abel as next in line back in 2021, the timing of the announcement surprised many attendees.
Board Informed During Annual Meet
Buffett stated that only two of the 11 board members — his children, Howie and Susie — were aware of his decision before the meeting. He confirmed that the full board would discuss the transition in an upcoming session.
Net Worth Hits $169 Billion
Buffett’s decision comes as his net worth reaches an all-time high. Bloomberg Billionaires Index lists his fortune at $169 billion, with Forbes estimating $168.2 billion as of May 3, 2025. He gained $16.4 billion this year alone, outperforming peers like Elon Musk, Jeff Bezos, and Mark Zuckerberg, all of whom saw sharp declines in their wealth.
Prudent Investment Approach Pays Off
Buffett’s cautious investment strategy has proven effective amid market volatility. He sold stakes in tech and banking at profitable levels, increased cash reserves, and focused on high-yield U.S. Treasuries. This conservative approach strengthened Berkshire’s financial standing.
A Legacy of Patience and Discipline
Buffett’s investment style remains grounded in long-term thinking. His February letter to shareholders emphasized the lack of compelling opportunities, yet highlighted a strong cash reserve of $334 billion by end-2024. Known for his quote, “Be fearful when others are greedy,” Buffett continues to champion patience in investing.
Managing a $267 Billion Portfolio
As of late 2024, Buffett oversaw a stock portfolio worth $267 billion. His investments include leading companies such as Apple, Coca-Cola, American Express, Bank of America, Chevron, Amazon, and Japanese trading houses like Itochu and Mitsubishi.
Humble Lifestyle Despite Immense Wealth
Buffett continues to live modestly in his longtime Omaha home, purchased in 1958 for $31,500 and now valued at about $1.4 million. He also owns a vacation home in Laguna Beach. Most of his fortune is pledged to philanthropy, especially to the Bill & Melinda Gates Foundation.
End of an Era, Start of a New Chapter
Buffett’s resignation concludes a 54-year leadership era at Berkshire Hathaway. From a boy inspired by “One Thousand Ways to Make $1000” to a global investing icon, his journey now hands the reins to Greg Abel. The company’s strategy and fundamentals are expected to continue under Buffett’s enduring philosophy.
