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OAN Staff Abril Elfi
1:49 PM – Saturday, May 3, 2025
Warren Buffett has announced that he plans to step down as chief executive of Berkshire Hathaway at the end of this year.
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On Saturday, the longtime investor, often referred to as the Oracle of Omaha, announced during his company’s annual shareholders meeting that he will pass leadership to Vice Chairman Greg Abel.
“I think the time has arrived where Greg should become the chief executive of the company at year end,” said Buffett.
Buffett noted that although it is ideal for trade between nations to remain balanced, he does not view tariffs as an effective solution. He also emphasized that global stability improves when more countries experience economic prosperity.
“We should be looking to trade with the rest of the world,” he said. “We should do what we do best, and they should do what they do best.”
“It’s a big mistake in my view when you have 7.5 billion people who don’t like you very well, and you have 300 million who are crowing about how they have done,” Buffett told shareholders during the annual meeting.
However, he claimed that the recent turmoil in the stock market, which sparked headlines following Trump’s tariff declaration last month, “is really nothing.”
He dismissed the latest market dip, citing three instances in the last 60 years of managing Berkshire in which his company’s stock was halved.
Buffett pointed to a historical example from his birth year, 1930, when the Dow Jones Industrial Average dropped from 240 to 41 during the Great Depression, calling that a truly major market downturn. Currently, the Dow Jones Industrial Average stands at $41,317.43.
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