Billionaire investor Warren Buffett to step down after 60 years of leading Berkshire Hathaway
The announcement after a five-hour question-and-answer period at the company's annual shareholders' meeting on Saturday came as a big surprise, as the 94-year-old had previously said he did not plan to retire.
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Warren Buffett has announced heâll step down as CEO of Berkshire Hathaway by the end of 2025, naming Greg Abel as his successor. Abel, a 30-year veteran of the firm, will inherit control of Berkshireâs $348 billion cash reserves and $1.16 trillion empire. The news broke during the annual shareholder meeting, sparking a standing ovation. Buffett will remain chairman and largest shareholder, ensuring ongoing influence. As Berkshire enters a new era, all eyes are on Abel to uphold Buffettâs legacy and capital strategy in a volatile global market.
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U.S President Donald Trump has shared a TikTok video claiming he intentionally crashed the stock market to push the Federal Reserve into slashing interest rates. The videoâoriginally posted by a user named âAmericaPapaBearââsuggests Trumpâs economic tactics could benifit poor Americans. It falsely claims Warren Buffett praised Trumpâs strategies as the best in 50 years. Meanwhile, J.P. Morgan has increased the chances of a recession as market volatility continues to rise.
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