India, May 3 -- Warren Buffett announced on Saturday that he wants to retire at the end of 2025. The 94-year-old was speaking to an arena full of his shareholders at the company's annual meeting. Buffett said he will recommend to the board that Greg Abel become CEO at the end of the year.

"I think the time has arrived where Greg should become the Chief Executive office of the company at year's end," Buffett said. The billionaire had previously said that he had no plans to retire, making his Saturday announcement a shocker for most shareholders.

Before making the big announcement, Buffett spoke about President Donald Trump's tariffs. He warned that the policy would have global consequences and "trade should not be a weapon" but "there's ...