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Topline Billionaire investor Warren Buffett, 94, announced Saturday he will leave his role as Berkshire Hathaway’s CEO by the end of the year, telling investors about his decision at the firm’s annual shareholder meeting, where he addressed President Donald Trump’s tariffs, discussed Berkshire Hathaway’s business strategies and the larger economy. The annual shareholder meeting began Saturday morning. (Photo by JOHANNES EISELE/AFP via Getty … More Images) AFP via Getty Images Key Facts Buffett closed the meeting by announcing he will step down as Berkshire Hathaway’s CEO by the end of the year, saying Berkshire Hathaway Energy CEO Greg Abel should take over the position. The 94-year-old business chief, who became CEO of Berkshire Hathaway in 1970, was met with a standing ovation after making the announcement. It comes as Buffett opened the meeting’s first Q&A session addressing Trump’s tariffs against longtime trade partners, saying “trade should not be a weapon” and that the U.S. “should be looking to trade with the rest of the world.” Buffett, who characterized tariffs as “an act of war, to some degree,” earlier this year, echoed his statement Saturday and said the U.S. has already “won,” adding it has “become an incredibly important country starting from nothing.” When asked about America’s strength and status as an economic powerhouse, Buffett remained optimistic, saying, “I would not get discouraged.” The veteran investor also told shareholders he would like Berkshire Hathaway to have less cash on hand, potentially down to about $50 billion from the whopping $334 billion it reported having at the end of last year. Buffett was asked to comment on the falling value of the U.S. dollar, which reached a three-year low last month, and said he does not do anything to manage currency risk, telling investors, “We wouldn’t want to be owning anything in…

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Filed under: News - @ May 3, 2025 7:21 pm