Renowned investor Warren Buffett shocked the financial world by announcing he will step down as CEO of Berkshire Hathaway at the end of 2025 — moments after publicly denouncing former President Donald Trump’s tariffs as an “act of war” against U.S. allies.

“The time has arrived where Greg should become the chief executive officer of the company at year-end,” Buffett declared during Berkshire Hathaway’s annual shareholder meeting on Saturday, referring to Vice Chairman Greg Abel, his handpicked successor. “And I want to spring that on the directors, effectively, and give that as my recommendation.”

The unexpected announcement came at the close of the company’s annual meeting — a multiday event often called the “Woodstock for Capitalists” that draws tens of thousands of devoted shareholders to Omaha each year. At 94, Buffett ends an extraordinary 60-year reign as the head of one of America’s most powerful conglomerates, overseeing its transformation from a struggling textile firm into a $1.1 trillion enterprise.

Buffett told the crowd that his recommendation to the board — which would be meeting Sunday to discuss the transition — would be news to them as well. While he intends to remain available in an advisory role, he emphasized that decision-making authority would rest entirely with Abel: “I would still hang around and could conceivably be useful in a few cases. But the final word would be Greg’s.”

But the succession news wasn’t the only headline. Buffett used part of his address to sharply criticize Trump’s aggressive trade war tactics, particularly his use of tariffs as a political weapon.

“I don’t think it’s right, and I don’t think it’s wise,” Buffett said of Trump’s tariff policies. “There is no question that trade can be an act of war, and I think it’s led to bad things — just the attitudes it’s brought out.”

He warned against using trade policy to provoke international tensions, stating: “Trade should not be a weapon. It’s a big mistake, in my view, when you have 7.5 billion people that don’t like you very well, and you’ve got 300 million that are crowing in some way about how well they’ve done.”

Buffett’s remarks were a direct rebuke of Trump’s “America First” approach, which has led to tariffs as high as 145% and widespread market instability. He also criticized Trump’s inflammatory rhetoric, such as claiming international allies are “screwing” the American people.

“I do not think it’s a great idea to try and design a world where a few countries say, ‘Ha ha ha, we’ve won,’ and other countries are envious,” Buffett added. “The more prosperous the world becomes, the safer we’ll feel — and your children will feel one day.”

Warren Buffett took over Berkshire Hathaway in 1970 and turned it into a global powerhouse through smart investments and acquisitions. Known as the “Oracle of Omaha,” Buffett has amassed a fortune exceeding $165 billion and pledged to give away 99% of it to charitable causes, primarily through the Gates Foundation.

His retirement marks the end of a defining era in American business — and the beginning of a new chapter under Greg Abel.

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