Berkshire Hathaway Inc (NYSE:BRK.B) CEO Warren Buffett published his final letter to shareholders on Monday before retiring at the end of this year, saying he will be “going quiet” but will “step up” his philanthropy.
He is being replaced at the helm by Greg Abel, age 63, who is currently vice chairman of non-insurance operations at Berkshire.
Buffett, 95, said he would accelerate his plans to give away much of his $150 billion personal fortune, through the sale of his Berkshire Hathaway holdings, to his children’s philanthropic foundations.
He will, however, keep a significant number of shares for a short period until shareholders gain confidence in Abel.
“That level of confidence shouldn’t take long. My children are already 100% behind Greg as are the Berkshire directors,” Buffett commented.
Buffett owns about $149 billion worth of Berkshire stock, according to the company’s second-quarter filings, consisting largely of the original A shares that trade at about $751,480 per share.
The note was Buffett’s first major communication since announcing plans to step down as CEO.
Berkshire’s stock has gained about 10% in 2025, lagging the S&P 500’s more than 16% year-to-date gain.