Warren Buffett was lauded by business leaders like Tim Cook and Mark Cuban on Saturday after the billionaire announced his retirement from Berkshire Hathaway.

Billionaire investor Warren Buffett, 94, announced Saturday he will leave his role as Berkshire Hathaway’s CEO by the end of the year, telling investors about his decision at the firm’s annual shareholder meeting, where he addressed President Donald Trump’s tariffs, discussed Berkshire Hathaway’s business strategies and the larger economy.

Greg Abel, 62, is Buffett's choice to be the next CEO of Berkshire Hathaway. Buffett said he would step down at the end of the year.