Billionaire investor Warren Buffett has announced he will retire as CEO of Berkshire Hathaway by the end of the year, bringing to a close a storied 54-year leadership of one of the world’s most successful conglomerates.
Speaking at Berkshire’s annual shareholders’ meeting in Omaha, the 94-year-old confirmed that Vice Chairman Greg Abel will succeed him as chief executive. The announcement marks a long-anticipated transition for the $700 billion firm.
Buffett, whose net worth stands at approximately $169 billion, also faced a sharp personal financial hit on Monday. A 5.7% drop in Berkshire Hathaway’s stock price wiped $8.1 billion off his fortune, according to the Bloomberg Billionaires Index.
The company’s Class B shares fell to $512.15, while Class A shares—heavily held by Buffett—slid 5% to $769,000, leading to a $30 billion loss in market capitalization.
The decline followed weaker-than-expected first-quarter earnings, with Berkshire reporting $6,694.59 in operating earnings per Class A share—around 5% below analyst expectations.
Despite the setback, Buffett’s legacy remains firmly intact. Since taking control of Berkshire in 1965, he has delivered an average annual return of nearly 20%, far outpacing the broader market. The firm owns stakes in major companies such as Coca-Cola, Apple, and American Express, as well as wholly owning businesses like Geico and Dairy Queen.
Buffett owns roughly 37.4% of Berkshire’s Class A shares, which account for nearly all his wealth. Despite the recent losses, he remains nearly $18.5 billion ahead year-to-date due to earlier market gains.
