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Warren Buffett to retire in 2025. 'I think it's time.'
Warren Buffett, the renowned American billionaire, financier, and iconic investor, declared his retirement at the end of this year and his resignation from the leadership of Berkshire Hathaway. The 94-year-old also appointed his successor.
Buffett, who turned Berkshire Hathaway from a failing textile company into a $1.16 trillion investment powerhouse, is recognized as the most accomplished investor in this domain, according to the BBC.
Berkshire Hathaway owns over 60 enterprises, including the insurance company Geico, battery producer Duracell, and the restaurant chain Dairy Queen. It also holds significant shares in Apple, Coca-Cola, Bank of America, and American Express, among others.
Warren Buffett photosince/ShutterstockBuffett is renowned not only for his exceptional skills and instincts as an investor but also for his initiative, alongside Microsoft co-founder Bill Gates, to advocate for higher taxes on billionaires.
In 2006, he revealed that he would donate 83 percent of his wealth to the Bill and Melinda Gates Foundation. Forbes magazine estimates that his fortune amounts to $165.3 billion. Last month, Bloomberg positioned Buffett fourth on its list of the wealthiest individuals globally, with a net worth of $154 billion.
Transitioning Leadership
Buffett, often referred to as the „Oracle of Omaha” (Berkshire Hathaway is based in Omaha, Nebraska), announced during his company’s annual meeting that he would pass the leadership to Vice Chairman Greg Abel. The billionaire selected Abel as his successor four years ago but did not indicate at that time that he was planning to retire.
„I believe it’s time for Greg to assume the role of CEO at the end of the year,” Buffett, 94, stated.
Greg Abel Daniel Acker/Bloomberg via Getty ImagesDuring the meeting, Buffett mentioned that he does not intend to sell any shares of Berkshire. He plans to donate them, as explained by the BBC.
„Numerous individuals, myself included, have drawn inspiration from his wisdom”
“There has never been anyone like Warren, and countless individuals, including myself, have been inspired by his insight,” Apple CEO Tim Cook expressed on X following Buffett’s announcement. “It was one of the greatest honors of my life to know him. There is no doubt that Warren is leaving Berkshire in capable hands with Greg,” he added.
x.com
Warren Buffett began earning money at the tender age of six, purchased his first stocks at eleven, and filed his first tax return at thirteen, as noted by the BBC, which also points out that he has resided in the same unpretentious home in Omaha for over 65 years, despite being one of the wealthiest individuals globally.
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