OMAHA, Neb. — In a move that left thousands of shareholders in stunned silence, Warren Buffett, one of the most iconic figures in global finance, announced Saturday he will retire from his role as CEO of Berkshire Hathaway at the end of this year.

The surprise announcement came at the very end of the company’s annual meeting in Omaha, where Buffett, 94, revealed he will formally recommend Vice Chairman Greg Abel as his successor.

“I think the time has arrived where Greg should become the chief executive officer of the company at year end,” Buffett said, ending a five-hour Q&A without fielding questions about his decision.

Passing the Torch to Greg Abel

Abel, who oversees all of Berkshire’s non-insurance businesses and has long been seen as Buffett’s successor, was reportedly caught off guard. Sitting beside Buffett on stage during the announcement, he had no advance warning.

Still, Abel returned to the stage later to lead the company’s formal business meeting and addressed the moment:

“I just want to say I couldn’t be more humbled and honored to be part of Berkshire as we go forward.”

Though Abel has quietly managed much of Berkshire’s vast empire behind the scenes, he’ll now take on a more public role — including overseeing the company’s insurance operations and investment strategy, two areas where Buffett’s influence has long loomed large.

Buffett Backs Abel, Keeps All His Shares

To reassure shareholders, Buffett pledged to leave his fortune fully invested in the company.

“I have no intention — zero — of selling one share of Berkshire Hathaway,” he said. “The decision to keep every share is an economic decision because I think the prospects of Berkshire will be better under Greg’s management than mine.”

Buffett’s commitment received a standing ovation from the 40,000-strong crowd — a fitting tribute to his six-decade leadership, during which Berkshire’s stock delivered a 19.9% annual return, nearly doubling the S&P 500’s performance.

Can Abel Fill Buffett’s Shoes?

While many investors express confidence in Abel’s leadership, they also recognize he won’t replicate Buffett’s legendary investment instincts.

“He’s had a long time alongside Warren and a chance to know the businesses,” said investment manager Omar Malik. “Will he allocate capital as dynamically as Warren? No. But I think he’ll do a fine job.”

Still, not everyone is fully convinced. Cole Smead of Smead Capital Management noted Buffett seemed less sharp at the meeting, suggesting the time was right to pass the baton — even if matching Buffett’s legacy will be a tall order.

“I think the challenge Abel’s going to have is, will anyone give him Buffett’s or Charlie Munger’s pass card? Not a chance in God’s name,” Smead said.

Buffett’s Warning on Tariffs and Trade Tensions

Earlier in the meeting, Buffett made headlines by criticizing former President Donald Trump’s trade policies, warning that weaponizing tariffs could backfire on the U.S. globally.

“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,” he said.

He stressed that trade should foster peace and mutual prosperity, not global instability.

No Bargain Buys, Yet Cash Keeps Piling Up

Despite recent market fluctuations, Buffett said he sees no compelling investment opportunities at the moment. Berkshire is sitting on a massive $347.7 billion in cash, waiting for the right moment.

“This has not been a dramatic bear market,” Buffett said, downplaying recent volatility and referencing historical drops during the Great Depression as far more significant.

Investor Chris Bloomstran of Semper Augustus Investment Group added that market crises often create the best opportunities for Berkshire.

“Berkshire needs a crisis. I mean Berkshire thrives in crisis,” he said.

A Final Farewell to the Oracle of Omaha

This year’s shareholder gathering, which drew notable attendees including Hillary Clinton, now marks the end of an era. Buffett, known as the Oracle of Omaha, has spent a lifetime building not just a company, but a legacy rooted in patience, value investing, and long-term vision.

Longtime investor Devan Bisher, 72, who began buying Berkshire stock in the 1980s, summed up what many felt:

“It’s been a good train to ride,” he said. “And I’m going to stay with it.”

Source: AP News – Warren Buffett shocks shareholders by announcing his intention to retire at the end of the year

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Wall Street took a hit on Wednesday as losses from major tech giants like Nvidia and Tesla pushed the market lower. The downturn ended a brief period of stability, with the S&P 500 dropping 1.1%, the Dow Jones Industrial Average falling 132 points (0.3%), and the Nasdaq Composite leading the losses with a 2% decline.

The market downturn was driven by the so-called “Magnificent Seven,” a group of dominant tech stocks that have been central to Wall Street’s recent fluctuations. These companies, which soared in previous years due to AI-driven enthusiasm, are now seeing sharp corrections:

• Nvidia plunged 6%, bringing its total loss for the year to 15.5%.
• Super Micro Computer, a key AI server builder, dropped 8.9%.
• Tesla fell 5.6%, compounding its 32.6% decline in 2025, as concerns over CEO Elon Musk’s political controversies weighed on investor sentiment.

U.S. automakers experienced wild swings after the White House announced that President Donald Trump would impose tariffs on auto imports:

• General Motors dropped 3.1%.
• Ford Motor fluctuated throughout the day but ended with a modest 0.1% gain.
• Auto companies had already adjusted their manufacturing across North America following prior trade agreements, but the new tariffs could further complicate production strategies.

While the market had been stabilizing after entering a “correction” earlier this month, analysts warn that volatility is far from over. A new round of U.S. tariffs set to take effect next week has added to investor anxiety. Barclays strategists, led by Venu Krishna, responded by cutting their forecast for the S&P 500’s year-end target from 6,600 to 5,900, reflecting a more modest 2% gain from current levels.

The firm also slashed its earnings outlook for S&P 500 companies, though they do not predict a full-scale recession. The impact of tariffs remains uncertain, with potential outcomes ranging from a market surge (if tariffs are reduced) to a significant downturn if they are strictly enforced.

Despite shaky confidence, recent economic reports paint a mixed picture:

• Durable goods orders, which track purchases of items like machinery and airplanes, unexpectedly increased last month, defying predictions of a contraction.
• However, business investment data showed a downturn, hinting that companies may be holding back on spending due to tariff concerns.
• Treasury yields fluctuated in response, with the 10-year Treasury yield rising slightly to 4.34% from 4.31%.

While major indices fell, a few stocks stood out with gains:

• GameStop surged 11.7% after posting better-than-expected quarterly results and announcing plans to invest part of its treasury in bitcoin.
• Dollar Tree rose 3.1% after selling Family Dollar for $1 billion and reporting strong quarterly profits.
• Cintas, a provider of work uniforms and business supplies, climbed 5.8% following strong earnings.

At the closing bell:

• The S&P 500 fell 64.45 points to 5,712.20.
• The Dow Jones Industrial Average dropped 132.71 points to 42,454.79.
• The Nasdaq Composite tumbled 372.84 points to 17,889.01.

Internationally, stock markets showed mixed results:

• European markets were mostly stable, with the FTSE 100 in London rising 0.3% after an inflation report came in better than expected.
• Asian markets had a mixed performance amid concerns over global trade policies.

With uncertainty looming over trade policies and corporate earnings, investors remain on edge as they await further clarity on economic trends and potential tariff revisions.

Source: AP News – Stock market today: Wall Street slumps as Nvidia, Tesla and other Big Tech stocks drop

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