WASHINGTON, Dec 31 — American investor Warren Buffett, widely known as the “Oracle of Omaha,” will step down today as CEO of investment conglomerate Berkshire Hathaway after leading the company for 60 years, Sputnik/RIA Novosti reported.

Buffett, one of the richest people in the world, announced his decision in May 2025 to step down as the chief executive of the investment holding company by the end of the year.

Buffett is handing over the reins of Berkshire Hathaway to Greg Abel, who has been groomed for the position since at least 2021.

As of December 30, 2025, Buffett’s net worth is estimated at US$149 billion (RM604 billion).

Despite his immense wealth, Buffett is known for his modest lifestyle. He still lives in the same Omaha, Nebraska, home he bought for US$31,500 in 1958 and drives a 2014 Cadillac.

Buffett himself explained this approach in interviews, saying that spending does not improve the quality of life beyond a certain level of comfort.

In addition, for the past 64 years, Buffett has routinely stopped at McDonald’s on his five-minute commute to work to buy a breakfast costing no more than US$3.17 and drinks five cans of Coca-Cola each day.

Buffett is also known for his approach to work, saying he spends about six hours a day reading and makes fewer impulsive decisions than most members of the business community.

The businessman completed the acquisition of Berkshire Hathaway by 1965, and since then, its stock price has surged by an estimated 3,950,000 per cent, according to American analysts.

In November, one of the world’s wealthiest individuals wrote his final letter to shareholders as head of Berkshire Hathaway.

“Greatness does not come about through accumulating great amounts of money, great amounts of publicity or great power in government. When you help someone in any of thousands of ways, you help the world. Kindness is costless but also priceless,” Buffet said in the letter. — Bernama-Sputnik/RIA Novosti