"Stock God" Buffett to retire at the end of the year, Berkshire (BRK.A.US) stock price falls.

On Monday, the US stock market fell more than 6% in the early trading session, with Berkshire Hathaway (BRK.A.US) leading the decline. On May 3rd, local time, "Stock God" Warren Buffett announced at the Berkshire Hathaway shareholders meeting that he plans to retire at the end of the year and recommend Greg Abel, vice chairman of non-insurance business, to succeed him as CEO at the end of the year. He believes that the timing for Abel to become CEO of the company is now ripe. According to the financial report, Berkshire Hathaway's first quarter revenue was $89.725 billion, compared to $89.869 billion in the same period last year. Net profit was $4.603 billion, a 64% decrease from last year, with a net investment loss of $5.038 billion, compared to a net profit of $1.48 billion in the same period last year. In addition, Berkshire Hathaway's cash position at the end of the first quarter of 2025 rose to $347.7 billion (compared to $334.2 billion at the end of the fourth quarter of 2024), reaching a new historical high. The financial report also shows that as of March 31st, 69% of its equity investments are concentrated in American Express Company, Apple Inc., Bank of America Corp, Chevron Corporation, and Coca-Cola Company.