Berkshire Hathaway’s control remains solidified as Warren Buffett retains a significant shareholding position. At the age of 95, Buffett held 38% of Class A shares as of the end of October. These shares carry a voting weight 10,000 times greater than the more numerous Class B shares, granting Buffett 30% of the overall voting rights, thereby affirming his status as Berkshire Hathaway’s most influential shareholder.
In his letter to shareholders, Buffett expressed the intention to keep his shares “until Berkshire’s shareholders feel comfortable” with Greg Abel, who is set to assume the role of CEO on January 1.
Investor concerns have emerged regarding Buffett’s departure, as he has been credited with the company’s growth over several decades through strategic decision-making.
Known colloquially as the ‘Oracle of Omaha,’ Buffett, hailing from Nebraska, conveyed that both he and his partner Charlie Munger, who passed away in 2023, had long believed in Greg Abel’s capabilities to lead Berkshire Hathaway.
“My children already support Greg 100%,” Buffett stated, “as do Berkshire’s board members.”
Two of Buffett’s three children serve on the board and all hold shares through their own foundation.
Greg Abel, an accountant by training, joined Berkshire Hathaway in 1999 following its acquisition of MidAmerican Energy, where he was employed.
In May 2021, Buffett named this Canadian as his successor, though he refrained from specifying a date for the transition.
In his letter, the billionaire who transformed a modest textile company into a major player in American capitalism stated that he would step back from participating in the renowned annual shareholders’ meeting, an event that draws thousands to Nebraska.
