Warren Buffett, the CEO of Berkshire Hathaway, announced at the annual shareholder meeting that he will resign by the end of 2025. He endorsed Greg Abel, the vice chairman of non-insurance operations, as his successor, stating that he wants to inform the board of directors and has confidence they will approve his recommendation. Buffett plans to remain with the company in an advisory role, though the final decisions will be up to Abel. Buffett's decision to step down comes as Berkshire Hathaway holds cash reserves of approximately $348 billion. Despite Buffett's historical success outpacing the S&P 500, the company has recently faced challenges compared to Bitcoin, which has yielded significant returns for investors since 2020. Buffett has been critical of Bitcoin, referring to it as a scam and advising against it as an investment.

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