Buffett also leaves Abel and Berkshire Hathaway with a tremendous stockpile of cash. Buffett began selling stocks last year ahead of the market sell-off, while also ending the company's buyback program. Together with increased operating profits, Berkshire ended the first quarter with a whopping $347.7 billion in cash on its balance sheet.

Warren Buffett will step down as Berkshire Hathaway CEO at the end of 2025, paving the way for longtime successor, vice chairman Greg Abel, to take the reins.

Warren Buffett has done what he can to prepare his successor at Berkshire Hathaway. But there is one thing that can’t be simply handed off: the Buffett brand.