Berkshire Hathaway CEO Warren Buffett offered rare public praise for Apple CEO Tim Cook at the holding company's annual shareholder meeting on Saturday, during which Buffett confirmed he was stepping down.
"I'm somewhat embarrassed to say that Tim Cook has made Berkshire a lot more money than I've ever made," Buffett told the audience, alluding to the 680% surge in Apple's stock since Berkshire first began acquiring shares in early 2016.
Buffett also reflected on the late Steve Jobs and credited him for building Apple, but he was quick to underline Cook's contributions to the company's success. "Nobody but Steve could have created Apple, but nobody but Tim could have developed it as he has," he said.
The 94-year-old investor, who announced his intention to step down as CEO by year's end, made billions investing in Apple despite his long-standing wariness of tech investments. At one point in 2024, Buffett was even Apple's largest investor outside of Exchange-Traded Funds (ETFs).
In 2024, Berkshire's stake in Apple was valued at $174 billion, which the company had acquired for $40 billion over several years. That said, the conglomerate has been shedding its holdings in the company throughout the past year, and it has now sold nearly 70% of the 905 million shares it held at its peak.
Since Cook took over as CEO in 2011, Apple's stock has seen remarkable growth, climbing from under $15 on a split-adjusted basis to $205. The roughly 14-fold increase has propelled Apple's market capitalisation to over $3 trillion.
Buffett, known as the Oracle of Omaha and arguably the world's most successful investor, told his company's annual meeting he would hand over the reins to vice-chairman Greg Abel.
There’s never been someone like Warren, and countless people, myself included, have been inspired by his wisdom. 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. pic.twitter.com/7p5zXtq5hP — Tim Cook (@tim_cook) May 3, 2025
"There's never been someone like Warren, and countless people, myself included, have been inspired by his wisdom," Cook wrote on X (Twitter) after attending the shareholder meeting. "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."
