Overview
- Buffett’s letter confirms Greg Abel will take over as chief executive by year-end and will write future annual shareholder letters.
- He converted 1,800 Class A shares into 2.7 million Class B shares and delivered them to four family foundations, including Susan Thompson Buffett and NoVo.
- The transferred shares are valued at about $1.3 billion at recent prices, reflecting an accelerated timetable to give away the vast majority of his fortune.
- Buffett says he will end his role in the annual report and the extended shareholder Q&A and will “keep quiet,” while continuing brief Thanksgiving notes focused on philanthropy.
- Berkshire points to a record cash balance through September and a 34% year-over-year rise in third-quarter operating earnings, underscoring resilience during the transition.