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Warren Buffett's Berkshire Hathaway reported record operating profits for the third consecutive year in 2024, driven by its insurance businesses. The conglomerate's stock price rose 18.9% this year, significantly outperforming the S&P 500, while its market value reached $1.14 trillion. Buffett, 94, continues to lead the company, with Vice Chairman Greg Abel expected to succeed him.
Warren Buffett, 94, is set to address shareholders at Berkshire Hathaway's annual meeting in Omaha, joined by Vice Chairmen Greg Abel and Ajit Jain. With a net worth of $168.2 billion, Buffett has led the company since 1965, overseeing a diverse portfolio of 189 businesses and significant stock investments, including a major stake in Apple. His philanthropic efforts include substantial donations to the Gates Foundation, with plans for his children to manage his wealth after his passing.
Warren Buffett has named Greg Abel as his successor at Berkshire Hathaway, a decision revealed by Charlie Munger during the 2021 annual meeting. Abel, who has successfully led the company's $26 billion energy division, is known for his strong leadership and cultural fit, promising a hands-on approach to management. While Buffett remains active, Abel is poised to take on the significant challenge of filling Buffett's shoes in corporate America.
Berkshire Hathaway's Greg Abel, poised to succeed Warren Buffett, faces the challenge of revitalizing underperforming subsidiaries while maintaining their independence. With a hands-on management style, Abel may implement profit goals and operational efficiencies, drawing on his background and values from his Canadian upbringing. As he navigates this transition, the question remains: can he uphold the legacy of the greatest wealth-building machine in Wall Street history?
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