Kate Laurensen is a veteran reporter. She started out covering entertainment news for the local city paper before moving up to the City desk. She studied journalism at San Francisco City College for the Arts.
May 3 , 2025
Omaha, NE - Warren Buffett, the 94-year-old chairman and CEO of Berkshire Hathaway, announced today that he will step down from his role at the end of the year. Buffett's decision, revealed during the company's 60th annual shareholder meeting in Omaha, Nebraska, marks the end of an era for one of America's most successful firms.
Buffett's tenure at Berkshire Hathaway has been nothing short of transformative. Since taking the helm in 1965, he has turned the company from a struggling textile manufacturer into a global investment powerhouse, with holdings in over 60 companies and a market capitalization exceeding $1 trillion. Under his leadership, Berkshire's Class A shares have skyrocketed from $20 to over $809,000, earning Buffett a reputation as possibly the world’s greatest investor.
Greg Abel, currently the vice-chairman of non-insurance operations and CEO of Berkshire Hathaway Energy, has been named as Buffett's successor. Abel, 62, has been with Berkshire since 2000 and has played a pivotal role in expanding the company's energy unit. Buffett expressed confidence in Abel's ability to lead, stating, "Greg is not going to be as entertaining as Warren and Charlie have been through the years, but he will keep the culture."
Despite stepping down as CEO, Buffett emphasized that he will remain involved in an advisory capacity, ensuring a smooth transition and continued success for the company.
In a surprising political development, the White House announced that Warren Buffett will replace Elon Musk as the head of the Department of Government Efficiency (DOGE). The DOGE, established by the Trump administration in January 2025, has been tasked with cutting federal spending and streamlining government operations. Musk, who has served as a senior advisor to the President, will step down from his role, with Buffett taking over the department's leadership.
The announcement has raised eyebrows in both political and business circles. Critics have questioned the department's effectiveness and transparency, while others have expressed concern over the concentration of power among influential tech figures. Supporters, however, argue that Buffett's reputation for integrity and long-term thinking will bring much-needed stability and efficiency to the department.
As Buffett prepares to transition from the helm of Berkshire Hathaway to a pivotal role in the federal government, all eyes will be on how he navigates these new challenges and what impact his leadership will have on both the private and public sectors.
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