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Warren Buffett has made headlines with his monumental announcement that he'll be stepping down as CEO of Berkshire Hathaway by the end of the year, handing over leadership to Greg Abel effective January 1, 2026. This bombshell came during Berkshire's annual meeting in Omaha on May 3, 2025, in front of 40,000 attendees, where Buffett also revealed the company's first-quarter operating results showing a tenth consecutive quarter of net-selling activity.

The day after the meeting, on May 4, Berkshire's Board of Directors voted unanimously to appoint Greg Abel as the company's President and CEO. Buffett will remain as Chairman of the Board, maintaining some involvement with the company he's led for 60 years.

During the annual meeting, often called "Woodstock for Capitalists," Buffett engaged in his traditional hours-long question-and-answer session, covering topics ranging from the current economic landscape to the potential impact of tariffs on the overall economy. The Oracle of Omaha also spoke about artificial intelligence, expressing caution that AI may benefit scammers more than society.

In a significant shift from previous statements, Buffett endorsed Abel not just for overseeing Berkshire's operating businesses and acquisitions but also for managing the company's massive investment portfolio. "He understands businesses extremely well, and if you understand businesses, you understand common stocks," Buffett remarked.

Investors are now eagerly awaiting Berkshire's Form 13F filing, expected after market close on May 15, which will reveal which stocks Buffett purchased and sold during the first quarter of 2025. Preliminary information suggests he bought shares in eight different companies, including two described as "legal monopolies."

Berkshire Hathaway shareholders have reason to be pleased, as the stock has risen approximately 17.5 percent so far in 2025, significantly outperforming the S&P 500's 4.5 percent decline during the same period. The news of Buffett's planned retirement marks the end of an era for one of the most successful and influential investment careers in history.

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Buffett's Bombshell: Berkshire's New Era Under Greg Abel

Warren Buffett- Biography Flash