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Warren Buffett Steps Down |
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Billionaire
investor Warren Buffett stepped down as
chairman of Berkshire Hathaway yesterday, with his eldest son, Howard
Buffett, succeeding him. Shares closed up 0.1% with the news. Read
Buffett's announcement letter here. The
96-year-old investor will serve as chairman emeritus and a board member of
the conglomerate he led for over six decades. Buffett began buying shares of
Berkshire Hathaway, then a struggling textile manufacturer, in 1962. He
became its chairman and CEO in 1970 and turned it into an investment holding
company (Buffett 101). In 2024,
Berkshire Hathaway became the first US non-tech company valued at more than
$1T. Business partner Greg Abel took over as CEO in January, but Buffett
reportedly continued to come into the office daily; it's unclear whether this
will change. Buffett has donated roughly $66B worth
of stock to charity since 2006, and his three children are responsible for distributing the remainder
of his roughly $150B fortune by the end of 2034.
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