Warren Buffett quits at 94: How he built a $860 bn empire on candy, coke and a shoe disaster

In a move that has surprised even his most ardent followers, Warren Buffett, 94, announced he will step down as CEO of Berkshire Hathaway by the end of 2025.

The billionaire investor, who has long maintained that retirement wasn’t on the cards, is now preparing to close a remarkable six-decade chapter that transformed a struggling textile company into a $860 billion investment giant.

Buffett took over Berkshire Hathaway in 1965 when it was bleeding money. Ironically, he would later call that takeover his “worst investment” — though shares he first bought for $7–$8 apiece now trade at over $809,000. His pivot from textiles to insurance in 1967, starting with National Indemnity, became the bedrock of his empire. That insurance “float” — now $173 billion — helped bankroll acquisitions from Coca-Cola to Apple.

Buffett’s knack for buying undervalued companies is legendary. He loaded up on Coca-Cola, American Express, and Bank of America during their rough patches, pocketing billions in gains and dividends. His 2016 pivot to tech with Apple — initially a $31 billion bet — ballooned to over $174 billion, redefining his “I don’t do tech” philosophy. Then came BYD, the Chinese EV maker Buffett backed on Charlie Munger’s advice in 2008; it turned $232 million into over $9 billion at its peak.

But not every play worked. His $433 million Dexter Shoe deal, paid in Berkshire stock, proved worthless. So too did his bank stock sell-off before the pandemic — including JP Morgan and Wells Fargo — which have since doubled in value. And Buffett’s decision to pass on Amazon, Google, and Microsoft early haunts him more than most losing bets.

Buffett also credits See’s Candy, bought for $25 million in 1972, with changing his investing style — teaching him to prefer “great businesses at fair prices.” That lesson led to some of his biggest wins, from Precision Castparts to Berkshire Hathaway Energy, the latter earning over $3.7 billion in profit last year.

As Buffett steps down, the question isn’t whether he made mistakes — he did, and he admits them openly.