Legendary American investor Warren Buffett is retiring. He has decided to leave his position as CEO of Berkshire Hathaway Investment Fund, which he has held for almost 60 years.
The 94-year-old billionaire said he would leave his post by the end of this year, and his successor will be Greg Abel, 62, one of his key top managers and closest associates.
According to the Associated Press, his announcement was a surprise and excited those present. At the same time, Buffett remains a shareholder in the fund.
Earlier, the billionaire criticized Donald Trump for unleashing a tariff war. However, it is not clear whether Buffett’s departure is related to this.
Buffett has long been called an “oracle” and “the Wizard of Omaha” in investment circles for his outstanding flair and many years of success in the financial market.
On the eve of the American presidential election, Buffett’s fund began to massively withdraw money from the shares of large American companies into cash.