In May, Warren Buffett announced his decision to step down as CEO of Berkshire Hathaway, one of the most valuable investment companies in the world. The famous financial investor shared the surprising news during the company¡¯s annual meeting in Omaha, Nebraska.
At the conference, Buffett named Greg Abel to be his successor as chief executive. Abel, who has been with Berkshire Hathaway for over 30 years, will take the mantle from Buffett in December.
Over the last six decades, Buffett has become one of the world¡¯s richest people while increasing the value of his company to 1.16 trillion dollars. Currently, the 94-year-old is the world¡¯s sixth wealthiest person, with a net worth of almost 160 billion dollars.
Buffett began his business career at age 13, and even then, he had a sharp mind for money. As a young entrepreneur, he operated businesses selling chewing gum and Coca-Cola and delivering newspapers.
As an adult, Buffett developed an investment strategy known as value investing,* which aims to buy strong companies at low prices. His financial prowess and business acumen earned him the nickname, ¡°the Oracle of Omaha.¡±
Despite his extreme wealth, the frugal billionaire still lives in the house he bought in 1958 and drives a modest car. At the same time, he is well-known for his generosity and even made a commitment to give away his wealth. In 2010, he established the Giving Pledge, and the charitable program has inspired other billionaires, such as Mark Zuckerberg and Jeff Bezos, to make similar pledges.
Over the years, the philanthropist has donated billions to various charities, including 43 billion dollars given to the Gates Foundation. More recently, the business mogul announced that the majority of his wealth will go to charitable foundations led by his three children.
¡°Society has a use for my money,¡± Buffett once said. ¡°I don¡¯t.¡±
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