End of an Era: Warren Buffett Quits at 94, Citing Age in Shock Resignation

Warren Buffett, the legendary 'Oracle of Omaha,' shocked the financial world on 3 May 2025, announcing his retirement as CEO of Berkshire Hathaway at year-end, citing the irreversible effects of ageing at 94.

After transforming a failing textile mill into a £920 billion ($1.22 trillion) conglomerate over six decades, Buffett will hand the reins to Greg Abel. His departure marks the end of an era, but can Abel sustain Buffett's legacy, and what's next for Berkshire?

A Titan's Farewell After 60 Years

Buffett's decision, revealed at Berkshire's annual meeting, stunned shareholders, earning a standing ovation. 'I didn't really start getting old until I was about 90,' Buffett told The Wall Street Journal on 14 May 2025, describing symptoms like losing balance, struggling to recall names, and difficulty reading newsprint.

Despite these challenges, he remains mentally sharp, insisting, 'I don't have any trouble making decisions about something I was making decisions on 20 years ago.' The announcement, kept secret from even Abel, reflected Buffett's recognition of his waning energy compared to Abel's dynamism.

Since acquiring Berkshire in 1965 for £6.2 million ($8.23 million), Buffett built a sprawling empire, including Geico, BNSF Railway, and major stakes in Apple and American Express.

X posts, like @kintsugiinvest's on 4 May 2025, hailed his £120 billion ($159 billion) fortune and unparalleled legacy. Yet, recent physical limitations prompted Buffett to step aside, ensuring a smooth transition to Abel, named successor in 2021, by December 2025.

Abel's Challenge to Fill Giant Shoes

Greg Abel, 62, a Canadian energy executive, joined Berkshire via its 1999 MidAmerican Energy investment. Promoted to vice chairman in 2018, Abel oversees non-insurance operations, earning Buffett's praise for his dealmaking and management.

'The difference in energy level became more dramatic,' Buffett told The Wall Street Journal, noting Abel's efficiency.

Abel's hands-on style contrasts with Buffett's lighter touch, but his untested investing acumen raises concerns, as X user @TeamSpieg warned of risks to Berkshire's legacy.

Berkshire's £260 billion ($345 billion) cash pile, equivalent to 5% of the US Treasury-bill market, awaits Abel's strategy.

Buffett remains confident, staying on as chairman with no set exit timeline, vowing, 'I'm not going to sit at home and watch soap operas.' The transition, announced at the 'Woodstock for Capitalists,' signals a shift for Berkshire's 400,000 employees and global investors.

Berkshire's Future and Buffett's Legacy

Buffett's exit comes amid market scrutiny, with Berkshire's stock dipping 5% on 3 May 2025, reflecting investor unease, per CNBC.

His value investing philosophy, honed with Charlie Munger, turned Berkshire into a behemoth, but Abel faces challenges like global trade tensions, Buffett warned of Trump's tariffs risking 'global instability', and evolving market dynamics.

X sentiment, like @chrisfinancial's on 12 May 2025, celebrated Buffett's 55-year reign but questioned Abel's ability to replicate it.

Buffett's philanthropy, pledging most of his fortune to the Bill & Melinda Gates Foundation, and his frugal lifestyle, living in a £24,500 ($32,500) Omaha home since 1958, cement his legend.

As Greg Abel assumes leadership, can he navigate Berkshire Hathaway's vast portfolio, spanning insurance, rail, and tech investments, while preserving the company's distinctive culture of disciplined value investing?

Warren Buffett's continued presence as chairman provides reassurance, yet 2025 will challenge Abel to prove he can replicate Buffett's strategic brilliance.

With global market uncertainties looming, his ability to sustain Berkshire's remarkable growth and shareholder confidence will determine whether Buffett's legendary influence endures.