00:00 Speaker A
Warren Buffett says the time has arrived to start the CEO succession plan for Berkshire Hathaway. The 94-year-old investing legend plans handy over the place to Berkshire’s vice chairman, Greg Abel, on the finish of 2025. Buffett has been CEO since 1970 and has been planning the transition for years. In his 2014 annual letter, Buffett outlined the qualities somebody would have to be the subsequent CEO. One in all them being the power to earn cash in extra, however not get grasping and chase larger paychecks simply to maintain up with different executives. Buffett famously makes a wage of $100,000 a yr at Berkshire, a determine that hasn’t modified in over 35 years based on an SEC submitting. He additionally does not take bonuses. To match, Nvidia CEO Jensen Huang will make a base wage of 1 and a half million {dollars} in fiscal 2025. However do not get the mistaken thought. Buffett is price billions of {dollars} because of his share possession in Berkshire Hathaway. Buffett is the fifth richest individual alive based on the Bloomberg Billionaires Index. He has a internet price of practically $169 billion, trailing different large tech CEOs like Elon Musk, Mark Zuckerberg, and Jeff Bezos. Nearly all of Buffett’s wealth comes from his 37% stake in Berkshire Hathaway price round $167 billion. In 2025 alone, Buffett’s internet price has grown by $26.6 billion. That may be a important acquire amid latest market volatility that is hit the web price of many different billionaires. Berkshire Hathaway has outperformed the S&P 500 to date this yr, bolstered by the agency’s diversified portfolio of owned companies and fairness investments.
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