Legendary investor and one of the world’s richest individuals Warren Buffett, has officially announced his retirement as CEO of Berkshire Hathaway at the age of 94, marking the end of an extraordinary era in American business.
At Berkshire’s annual shareholders’ meeting in Omaha, Buffett confirmed that Vice Chairman Greg Abel will assume the role of CEO by the end of 2025. The move brings to a close Buffett’s remarkable 54-year leadership of the conglomerate he transformed into a $700 billion powerhouse.
Despite broader market volatility, Buffett’s net worth surged by $16.4 billion earlier in 2025, bringing his estimated fortune to $169 billion. However, Monday’s official announcement of his retirement sparked a sharp sell-off in Berkshire shares, wiping out $8.1 billion from his net worth in a single day.
Berkshire Hathaway’s Class B stock dropped 5.12% to close at $512.15, while the more exclusive Class A shares largely held by Buffett fell by 5%, from $809,000 to $769,000. The decline erased over $30 billion in market capitalization, marking one of the steepest single-day losses in the company’s recent history.
The timing of the sell-off also coincided with disappointing first-quarter results. Berkshire reported operating earnings of $6,694.59 per Class A share falling about 5% below analyst expectations, according to FactSet.
Buffett’s financial legacy is nothing short of historic. Since taking control of Berkshire in 1965, he has delivered a compounded annual growth rate of 19.8% in per-share market value, vastly outperforming the broader market over nearly six decades. Under his stewardship, Berkshire expanded from a struggling textile manufacturer into a diverse empire with holdings in insurance, energy, railroads, and retail. The company’s subsidiaries include Geico, Clayton Homes, and Dairy Queen, alongside significant equity positions in corporate giants such as Coca-Cola, American Express, and Apple.
Buffett, who famously bought his first stock at age 11 and filed his first tax return at 13, owns about 37.4% of Berkshire’s Class A shares, representing roughly 99.5% of his total net worth. Even after Monday’s losses, he remains ahead by $18.5 billion for the year, thanks to strong gains earlier in 2025.
The transition marks a pivotal moment for Berkshire Hathaway, with investors closely watching how Greg Abel will steer the company through its next chapter. Abel, who currently oversees Berkshire’s non-insurance operations, has long been considered Buffett’s successor.
While the Oracle of Omaha may be stepping away from day-to-day leadership, his influence on the world of investing and the billions in shareholder value he helped create will endure for generations.
