AI Summary

Warren Buffett, the 96‑year‑old founder who has led Berkshire Hathaway since 1965, announced in a letter to shareholders that he is stepping down as chairman. Effective immediately, he will assume the title of chairman emeritus while staying on the board as a director, according to a company announcement. Berkshire Hathaway, a conglomerate valued at about $1 trillion, confirmed the transition on Friday.

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