American entrepreneur Warren Buffett, has sent what appeared like a farewell letter to Berkshire Hathaway shareholders, informing them he would be leaving the company quietly.

He led the company for six decades.

Buffett’s farewell letter appeared on the holding’s official website. He first announced the end of his career on May 3 during Berkshire’s annual meeting in Omaha, where the company’s headquarters are located.

As expected, 95-year-old Buffett will step down as the company’s chief executive at the end of 2025, and his successor will be the holding’s vice chairman Greg Abel.

In the farewell letter, which is mainly devoted to memories from the life of the businessman, Buffett expresses his view of the future of his business.

He said the prospects look more optimistic thanks to the large and valuable assets of the holding’s portfolio.

At the same time he believes that in 10–20 years there will be companies in the market with results higher than Berkshire; but he adds the view that “the size has its downsides”.

Buffett also emphasizes that Berkshire has lower risks of ruinous crises thanks to diversification of assets and long-term management, which allows the company to remain resilient even in difficult times.

As Buffett notes, he will leave a “significant amount” of his managerial stakes in the portfolio until shareholders feel as much trust in his successor as in himself: “it’s going to take a long time, though my children and the board of directors are already 100% behind Greg.”

The billionaire also announced a new wave of charitable donations totaling more than $1.3 billion and expressed his intention to accelerate the transfer of his wealth to his children – Susie, Howard and Peter.

Buffett stresses that all three have the maturity, intellect, energy, and instincts to manage large capital, and will have the advantage of being alive when he is no longer.

“I will no longer be writing Berkshire’s annual report or talking endlessly at the annual meeting. As the British would say, I’m ‘going quiet’,” he said.

Who is Buffett and Berkshire Hathaway?

According to Forbes, Buffett’s wealth is about $146 billion, ranking as 10th on the world’s wealth list.

His company Berkshire Hathaway began as a loss-making textile mill. However, under the leadership of Buffett and his partner Charlie Munger, who led it since 1965, the holding grew into a conglomerate worth more than a trillion dollars.

Berkshire Hathaway owns about 200 enterprises, including insurer Geico, battery maker Duracell, and the Dairy Queen restaurant chain. The portfolio also includes significant stakes in Apple, Coca-Cola, Bank of America, American Express, and other companies.