Warren Buffett, CEO of Berkshire Hathaway, offered high praise for Apple CEO Tim Cook during Berkshire’s annual shareholder meeting on May 3. He cited Cook’s exceptional leadership and the immense value he has added to Apple, and, by extension, to Berkshire itself.
“Tim Cook has made Berkshire a lot more than I have made Berkshire,” Buffett said, drawing laughter from the crowd gathered in Omaha.
Despite Berkshire selling off a significant portion of its Apple holdings in 2024, Buffett made it clear that his admiration for Cook has only grown. “Credit should be given to him,” he added, noting how Berkshire’s $35 billion investment in Apple between 2016 and 2018 had soared to a remarkable $173 billion by the end of 2023.
A Strategic Sell-Off Amid Strong Returns
Even with such success, Berkshire reduced its Apple holdings by about 67% over the first three quarters of 2024. By the end of December, the firm had retained just 300 million shares, worth roughly $62 billion, based on Apple’s closing price of $205 on May 2.
The move drew attention, but Buffett didn’t express regret. His remarks made it clear that Berkshire’s initial confidence in Cook and Apple had been well-placed.
A Leader Compared to a Legend
In one of the meeting’s most striking moments, Buffett compared Cook to Apple co-founder Steve Jobs: “I knew Steve Jobs briefly.” He called the late innovator someone who “of course did things that nobody else could have done.”
However, Buffett was quick to draw a distinction. “Nobody but Steve could have created Apple, but nobody but Tim could have developed it like it has,” he said, acknowledging Cook’s unique role in scaling the company to unprecedented heights.
Since taking over as CEO in 2011, Cook has overseen Apple’s meteoric rise. The company’s stock has surged from under $15 to $205 on a split-adjusted basis, helping push Apple’s market valuation beyond $3 trillion. The growth has made it one of the most valuable companies in the world.
Buffett Announces Retirement, Names Successor
Buffett, now 94, also used the meeting to announce his decision to retire as Berkshire’s chairman and CEO by the end of the year. Greg Abel, the company’s 62-year-old vice chairman, will take the reins. Abel has long been seen as Buffett’s handpicked successor, and his promotion marks a pivotal shift in Berkshire’s leadership.
Tributes from Peers and Friends
After the announcement, Microsoft co-founder Bill Gates shared a personal tribute to Buffett on social media. In a post on Threads, Gates called it “an incredible couple of days in Omaha,” reflecting on his longtime friendship with Buffett.
Gates referred to Buffett as “one of the greatest investors and philanthropists of all time” and added, “He’s also been a mentor and a friend.”
As Buffett steps back, his praise for Tim Cook and his carefully planned succession at Berkshire Hathaway set the stage for a new chapter defined by vision, discipline, and trust. His remarks also offer a clear message: outstanding leadership, whether in Silicon Valley or Omaha, leaves a lasting legacy.
