The legendary “Oracle of Omaha” acquired his initial shares of Berkshire Hathaway back in 1962; currently, his wealth is pegged around $150 billion. His successor, starting January 1st, will be the vice-chairman of the investment holding company.
Buffett will retain the position of Chairman of the Board of Directors at Berkshire Hathaway.
Buffett revealed his decision to step down from Berkshire Hathaway at the annual shareholders’ meeting on May 3rd, and he named his successor back in 2021. The holding’s Board of Directors unanimously endorsed Abel’s candidacy for the roles of President and Chief Executive Officer. Previously, he served as Vice-Chairman of Berkshire Hathaway and CEO of Berkshire Hathaway Energy.
In 1962, the owner of the investment firm Buffett Partnership Ltd (BPL), Buffett purchased the first shares of Berkshire Hathaway, which previously included two textile mills—Berkshire and Hathaway. The enterprise was incurring losses, and the entrepreneur transformed it into an investment holding by acquiring other firms and investing in securities.
Subsequently, Berkshire Hathaway executed several major acquisitions, including aircraft components manufacturer Precision Castparts ($37 billion), railway company Burlington Northern Santa Fe ($34 billion), sauce producer Kraft Heinz ($28 billion), insurer General Reinsurance ($22 billion). Its portfolio also came to include shares in Apple, Coca-Cola, HP, Bank of America, American Express, Moody’s, Mitsubishi, and other corporations.
According to Bloomberg data, Buffett’s net worth approximates $150 billion, ranking him tenth globally among billionaires.
On November 10th, the businessman released his latest letter to Berkshire Hathaway shareholders, announcing that he will donate over $1.3 billion worth of the holding’s stock to his children’s charitable foundations.
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