New York - Warren Buffett, the billionaire chairperson and chief executive officer of Berkshire Hathaway, assured shareholders that they’ll be fine after he’s gone.
“If I die tonight, I think the stock would go up tomorrow,” Buffett (86) said on Saturday at Berkshire’s annual meeting in Omaha, Nebraska. “And there’d be speculation about breakups and all that sort of thing, so it would be a good Wall Street story.”
Buffett was answering an investor’s inquiry on whether Berkshire would repurchase stock if the shares fell after the billionaire and his 93-year-old vice chairperson, Charles Munger, were to move on. The idea underpinned a larger question of succession planning at Berkshire. Buffett over five decades has expanded the conglomerate into industries including insurance, energy and transportation, while assembling a $135bn stock portfolio.