Warren Buffett speaks at Berkshire Hathaway’s annual shareholder meeting in Omaha, Nebraska on May 3, 2025.
CNBC
Warren Buffett said he plans to “accelerate” the pace at which Berkshire Hathaway shareholders donate $149 billion of his fortune to his children’s foundation, with a short grace period during which he can gain confidence in incoming CEO Greg Abel.
In his annual Thanksgiving letter, Buffett said he needed to accelerate the release of Berkshire stock to his three children’s foundation because of their age, which would “increase the likelihood that they will dispose of what is essentially my entire estate before a replacement trustee takes over.”
Mr. Abel, 63, will remain chairman of Oracle of Omaha and is expected to replace Mr. Buffett, 95, as CEO of Berkshire early in the new year.
“I intend to continue owning a significant amount of ‘A’ stock until Berkshire shareholders develop the sense of security with Greg that Charlie and I have enjoyed for many years,” Buffett wrote, referring to Charlie Munger, Berkshire’s longtime vice chairman and beloved business partner who passed away two years ago.
“It shouldn’t take long to gain that level of trust,” Buffett said. “My children are already 100 percent behind Greg, as are the Berkshire directors.”
Buffett owns about $149 billion worth of Berkshire stock, based on his holdings at the end of the second quarter, making him by far the company’s largest shareholder. Most of his wealth is in original A shares, which trade at about $751,480 per share.
He said 1,800 of the Berkshire A shares were converted into 2.7 million B shares and donated on Monday to four family foundations: the Susan Thompson Buffett Foundation, the Sherwood Foundation, the Howard G. Buffett Foundation and the Novo Foundation.
Buffett added, “The acceleration of my lifetime gifts to my children’s foundation in no way reflects any change in my view of Berkshire’s prospects.”
The memo is Buffett’s first major communication since announcing his plans to step down as CEO, marking the end of a six-decade run that made him a household name and one of the most successful investors in history.
“I am, as the British say, ‘keeping quiet’…” Buffett wrote in the letter.
Mr. Abel, now vice chairman of the company’s non-insurance business, will take over writing Berkshire’s annual shareholder letter, a tradition Mr. Buffett started in 1965 that has become required reading throughout Wall Street, and Mr. Buffett said he would continue the Thanksgiving message.
In the letter’s most personal passage, Buffett gave a rare update on his health, acknowledging that the effects of aging are beginning to show, but saying he feels good overall.
“Surprisingly, I’m feeling good overall. I’m moving slowly and reading is becoming increasingly difficult, but I’m in the office five days a week and working with great people,” he wrote.
Mr. Buffett has an unparalleled record. Since taking control of Berkshire in 1965, he has built a struggling textile mill into a $1 trillion conglomerate spanning insurance, railroads, utilities and consumer brands.
The letter comes at a pivotal time for Berkshire. The company has a record $381.6 billion in cash and has sold shares for 12 consecutive quarters, reflecting Buffett’s cautious stance.
Berkshire’s stock rose about 10% in 2025, outperforming many defensive stocks but lagging the S&P 500 in a tech-driven rally. The company’s core business continues to perform well, with operating income increasing 34% in the third quarter.
— With reporting by Becky Quick
