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In a heartfelt tribute to one of the most influential figures in business, Apple CEO Tim Cook on Sunday shared his admiration for Warren Buffett, the legendary investor who built Berkshire Hathaway Inc. into a $1.16 trillion empire. 

Cook took to social media platform X to express how Buffett’s wisdom has inspired countless individuals, including himself, calling it a great privilege to have known him personally.

"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," Cook wrote.

The tribute came shortly after Buffett, 94, made a significant announcement at Berkshire Hathaway's annual shareholder meeting in Omaha, Nebraska.

After six decades of shaping the conglomerate, Buffett revealed that he would step down at the end of the year.

Buffett’s successor, Greg Abel, the Vice Chairman for non-insurance operations, will take the reins of Berkshire Hathaway.

Though Abel had long been viewed as the likely successor, the announcement still came as a surprise -- even to him.

Buffett casually informed the audience of the change. "That’s the news hook for the day. Thanks for coming," he said, as the meeting came to a close, catching the board and Abel himself off guard.

Buffett’s leadership, alongside his trusted Vice Chairman, Charlie Munger, who passed away in 2023, transformed Berkshire Hathaway into a diversified powerhouse.

Under his guidance, the company acquired a broad array of businesses, from insurance to railroads, establishing itself as a reflection of the broader US economy.

Buffett often described investing in Berkshire as a bet on America’s strength and resilience.

In his 2015 annual letter, Buffett famously said: "The world is Berkshire’s oyster -- a world offering us a range of opportunities far beyond those realistically open to most companies."