Warren Buffett, the esteemed 94-year-old investor known as the Oracle of Omaha, has made the momentous decision to retire from his position as chief executive of Berkshire Hathaway effective at the close of this year. During Berkshire’s annual shareholders meeting held in Omaha, Nebraska, Buffett expressed his confidence in his chosen successor, Greg Abel, stating, “I think the time has arrived where Greg should become the chief executive of the company at year end.” This announcement brought a standing ovation from the crowd of approximately 40,000 attendees—a response that Buffett humorously noted could be interpreted in two ways.

Buffett, who has transformed Berkshire Hathaway from a struggling textile company into a powerhouse valued at $1.16 trillion, revealed that only his children, Howard and Susie, were privy to his decision prior to the meeting. Abel, who was seated beside Buffett on stage, appeared surprised by the news. Buffett had previously appointed Abel as his successor four years ago but had not hinted at his intention to retire at that time.

Assuring the crowd, Buffett declared his plans to retain ownership of his Berkshire shares, stating, “I have no intention, zero, of selling one share of Berkshire Hathaway. It will get given away.” The audience cheered in response. Prominent figures in business, including Apple CEO Tim Cook, recognized Buffett’s remarkable impact and legacy, emphasizing the inspiration drawn from his acumen.

Berkshire Hathaway, a conglomerate boasting over 60 subsidiaries such as Geico, Duracell, and Dairy Queen, also holds significant investments in major corporations including Apple and Coca-Cola. Notably, Buffett, who is listed as the world’s fourth-wealthiest individual with an estimated net worth of $154 billion, has long maintained a modest lifestyle, living in the same home in Omaha for over 65 years.

The announcement of Buffett’s retirement took place alongside his candid critiques regarding the approach to international trade, where he advocated for a collaborative rather than combative stance, emphasizing the benefits of trade for both the U.S. and the world.

As one chapter closes with Buffett's retirement, the business community eagerly anticipates the trajectory of Berkshire Hathaway under Abel’s leadership.