96-year-old Warren Buffett steps down as chairman of Berkshire Hathaway, a role he has held since 1970. His son Howard will succeed him, marking the end of a 50-year tenure. Buffett's decision follows his resignation as CEO last year.
Buffett, 96, will become chairman emeritus, with Howard Buffett, 71, taking over. Buffett's son has been on the Berkshire Hathaway board since 1993. Buffett's departure as CEO was announced last year, with Greg Abel succeeding him in that role.
Buffett's decision to stop donations to Bill Gates' foundation follows the disclosure of his past ties to Epstein. Buffett's fortune, amassed through Berkshire Hathaway stock, is valued at over $140 billion. He has already given away more than $66 billion in stock since 2006.
Buffett's leadership transformed Berkshire Hathaway into a $1 trillion holding company. The firm owns major businesses across insurance, energy, and retail, including Apple, Coca-Cola, and Dairy Queen. Buffett's legacy includes a 40-year track record of outperforming the S&P market index.