Warren Buffett to leave CEO role with $348 billion in cash

Warren Buffett announced he will step down as CEO of Berkshire Hathaway by the end of 2025, with Greg Abel, the company’s vice chairman of non-insurance operations, set to succeed him pending board approval.

“The time has arrived when Greg should become the Chief executive officer of the company at year-end, and I want to spring that on the directors effectively and give that as my recommendation,” Buffett stated at the annual shareholder meeting.

Buffett added he plans to remain with Berkshire Hathaway in an advisory capacity but emphasised, “the final word would be what Greg decided.”

Berkshire Hathaway currently holds cash reserves estimated at $348 billion.

Buffett has previously expressed concerns about the growing US national debt and the unstable macroeconomic environment affecting the stock market.

Despite Berkshire Hathaway’s reputation for outperforming the SP 500 by roughly double over Buffett’s career, the company’s stock has underperformed Bitcoin (CRYPTO:BTC) and gold in recent years.

Since 2020, Bitcoin has returned gains exceeding 781%, while Berkshire Hathaway’s stock returned approximately 150% during the same period.

Berkshire Hathaway’s Class A shares currently trade above $809,000, with a market capitalisation exceeding $1 trillion.

Buffett has been critical of Bitcoin, describing it as lacking intrinsic value and comparing it to a scam on multiple occasions.

He and his business partner Charlie Munger have stated that Bitcoin does not qualify as an investment and advised traders to avoid it.

Buffett’s planned departure marks the end of an era for Berkshire Hathaway as the company prepares for new leadership amid evolving market dynamics.