Warren Buffett has expressed concerns about the future direction of the U.S. under Donald Trump as he prepares to leave his role at Berkshire Hathaway.
The esteemed 94-year-old investor, ranked as the sixth-richest individual globally, has decided to resign as Chief Executive of Berkshire Hathaway after more than half a century at the helm.
Buffett revealed this unexpected decision during Berkshire Hathaway’s annual shareholder gathering in Omaha, Nebraska on Saturday, May 3. This announcement came shortly after he voiced serious concerns regarding President Trump’s tariff strategies.
While Buffett refrained from directly mentioning Trump by name, he criticized the president’s tariff approach, suggesting it could have significant negative repercussions for the United States and its global partners, labeling the strategy a ‘big mistake.’
During his address, Buffett stated that trade “should not be a weapon,” warning, “There’s no question that trade can be an act of war.”
“There’s nothing like it. And it’s a big mistake in my view when you have 7.5 billion people who don’t like you very well, and you have 300 million who are crowing about how they have done,” he remarked.
Buffett, father of three, indicated that while he believes trade should be negotiated between countries, it ought to benefit the U.S. without inciting envy from other nations.
The investor advocated for mutually beneficial trade, emphasizing, “We should be looking to trade with the rest of the world. We should do what we do best and they should do what they do best.” He also expressed concern about an unstable world with nuclear-armed nations, adding, “I do not think it’s a great idea where a few countries say ‘hahaha we won,’ and other countries are envious.”
Buffett’s comments were followed by a surprise announcement about his retirement plans, catching the audience off guard.
The announcement was particularly surprising for chairperson Greg Abel, who was unaware of Buffett’s impending retirement or his recommendation for Abel to assume the role of CEO by year’s end.
While seated next to Abel on stage, Buffett announced, “I think the time has arrived where Greg should become the Chief Executive Officer of the company at year end.”
It later emerged that only his children, Howard and Susie Buffett, who are also board members, were aware of the retirement plan.
Buffett has consistently dismissed speculation about his retirement, asserting recently that he had no immediate plans to step down from Berkshire Hathaway and emphasized that the company is not for sale.
“I have no intention – zero – of selling one share of Berkshire Hathaway,” Buffett stated. “I will give it away eventually.”
He expressed confidence in the company’s future under Abel’s leadership, suggesting that Berkshire’s prospects would improve under Abel’s management compared to his own.
Buffett indicated he would remain involved to support Abel’s transition, as Abel has long been considered a potential successor and already oversees much of Berkshire’s non-insurance businesses.
According to Forbes, Buffett’s substantial wealth is estimated at approximately $168 billion, which he plans to donate to charity instead of bequeathing to his children, Susan, Howard, and Peter.
In a letter, Buffett explained his desire to avoid establishing a ‘dynasty’ and to refrain from any plans extending beyond his children.
“I know the three well and trust them completely. Future generations are another matter,” he remarked. “Who can foresee the priorities, intelligence, and fidelity of successive generations to deal with the distribution of extraordinary wealth amid what may be a far different philanthropic landscape?”