Warren Buffett has announced he will retire as chief executive of Berkshire Hathaway at the end of the year, reports BBC.
The veteran investor, known as the Oracle of Omaha, told his company's annual meeting he would hand over the reins to Vice-Chairman Greg Abel.
"I think the time has arrived where Greg should become the chief executive of the company at year end," said Buffett, 94.
Mr Buffett, who built Berkshire Hathaway from a failing textile maker into an investment juggernaut worth $1.16tn (£870bn), is arguably the world's most successful investor.
After standing applause from the audience of around 40,000, he joked: "The enthusiasm shown by that response could be interpreted in two ways."
The billionaire told Saturday's company meeting in Omaha, Nebraska, that the only people who had known about his decision were his two children, Howard and Susie Buffett.
Mr Abel, sitting next to Mr Buffett on stage, was apparently caught unaware by the announcement.
Mr Buffett handpicked Mr Abel as his successor four years ago, but gave no indication at the time that he would retire.
During the meeting, Mr Buffett added that he does not plan to sell off any of his Berkshire stocks.
"I have no intention, zero, of selling one share of Berkshire Hathaway. It will get given away," he said, as the crowd cheered.
Apple CEO Tim Cook was among several business leaders who released statements praising Mr Buffett's business legacy.
"There's never been someone like Warren, and countless people, myself included, have been inspired by his wisdom," Mr Cook wrote on X/Twitter.
"It's been one of the great privileges of my life to know him. And there's no question that Warren is leaving Berkshire in great hands with Greg."
In 2023, Mr Buffett issued a rare letter in which he acknowledged that whilst he had no desire to step down, he was "playing in extra innings".
Berkshire Hathaway owns more than 60 companies, including insurer Geico, battery-maker Duracell and restaurant chain Dairy Queen.
It also has major stakes in Apple, Coca-Cola, Bank of America and American Express, among others.
Mr Buffett, who has given away billions to charity, was last month ranked by Bloomberg as the world's fourth-wealthiest person, with a net worth of $154bn.
He earned his first money as a six-year-old, bought his first shares at 11 and filed his first tax return at 13.
Despite being one of the richest people in the world, Mr Buffett has lived in the same modest house in Omaha for more than 65 years.
The announcement came as Mr Buffett spoke out against President Donald Trump's tariffs, telling investors that the US should not use "trade as a weapon".
"It's a big mistake in my view when you have 7.5 billion people who don't like you very well, and you have 300 million who are crowing about how they have done," he said earlier in the meeting.
"We should be looking to trade with the rest of the world. We should do what we do best and they should do what they do best," he added.
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