Goa, May 4 -- The world's fifth-richest person and legendary investor Warren Buffett has shocked everyone by suddenly announcing his decision to step down from the CEO position of his company, Berkshire Hathaway. At the age of 94, the billionaire revealed that it was time to hand over the responsibilities of the company to someone else. During the company's annual meeting, he shared the news of his retirement, stating that the time had come, and he would retire by the end of this year.

The announcement took place on Saturday in Omaha during Berkshire Hathaway's annual meeting, where Buffett addressed the crowd and said, "I think the time has arrived when the company should have a new CEO by the end of the year." This means that Warren Bu...