Warren Buffett, an American billionaire, financier and legendary investor, announced his retirement at the end of this year and resignation from the management of Berkshire Hathaway. The 94-year-old also pointed out his successor.
Buffett, which transformed Berkshire Hathaway from the declining textile manufacturer into an investment tycoon worth $ 1.16 trillion, is an investor who was the greatest success in this field – writes the BBC.
Berkshire Hathaway owns over 60 companies, including insurer Geico, a manufacturer of Duracell battery and Dairy Queen restaurant chain. It also has a large share, among others, in Apple, Coca-Cola, Bank of America and American Express.
Warren BuffettPhotosince/Shutterstock
Buffett became famous not only for the extraordinary talent and sense as an investor, but also from the campaign he took with the founder of Microsoft Bill Gates to increase taxes for billionaires.
In 2006 he announced that 83 percent His assets will be transferred to the Charity Foundation Bill and Melinda Gates. According to Forbes magazine, this property is worth $ 165.3 billion. In turn, Bloomberg classified Buffetta last month in the fourth position on the list of the richest people in the world, with a net property worth $ 154 billion.
Handing over
Buffett, known as “Oraci from Omaha” (in Omaha, in the state of Nebraska, is the headquarters of Berkshire Hathaway), announced at the annual meeting of his company that he would pass the reins to Vice President Greg Abl. The billionaire personally chose Abel as his successor four years ago, but he did not give any signals that he would go to pension.
– I think it's time for Greg to take the position of the company's general director at the end of the year- said 94-year-old Buffett.
Greg AbelDaniel Acker/Bloomberg via Getty Images
During the meeting, Buffett added that he did not plan to sell any Berkshire shares. He intends to give them out – explains the BBC.
“Countless people, including me, was inspired by his wisdom”
“There has never been someone like Warren, and countless people, including me, were inspired by his wisdom,” wrote on X Tim Cook, president of Apple, at the news of Buffett's departure. “It was one of the greatest privileges of my life, get to know him. And there is no doubt that Warren leaves Berkshire in good hands with Greg,” he added.
Warren Buffett earned his first money at the age of six, he bought the first shares at the age of 11, and he submitted his first tax return at the age of 13 – explains the BBC, adding that he lives in the same modest house in Omaha for over 65 years, despite being one of the richest people in the world.
Source of the main photo: Photosince/Shutterstock