Warren Buffett will leave Berkshire Hathaway
Listen to the story (British accent)
Warren Buffett, a famous investor, is stepping down as the boss of his company, Berkshire Hathaway. He said he will retire at the end of the year.
Buffett is 94 years old. He told people at the company's big annual meeting that Greg Abel will become the new CEO. Abel is another leader at Berkshire Hathaway.
Buffett built Berkshire Hathaway from a small company into a very large one worth $1.16tn. The company now owns more than 60 different businesses, including Dairy Queen and Geico insurance. It also owns parts of big companies like Apple and Coca-Cola.
Many people say Warren Buffett is one of the best investors ever. He is now the fourth-richest person in the world, with a net worth of $154bn.
At the meeting in Omaha, Nebraska, Buffett said he chose Abel to take over a few years ago.
Buffett also told everyone he will not sell the shares he owns in Berkshire Hathaway. He said he plans to give them away later.
Leaders from other companies said nice things about Buffett and his work. The CEO of Apple, Tim Cook, said Buffett has inspired many people.
At the meeting, Buffett also talked about countries trading with each other. He thinks the US and President Trump should not use trade like a weapon.
Buffett is famous for being one of the richest people in the world, but he still lives in the same house he bought more than 65 years ago. He has also given away billions of dollars to help other people.
Vocabulary24 words
- Famous
- Many people know it; Well-known or admired by many people
- Investor
- A person who puts money into a company or property and hopes to get a profit
- Step down
- to leave a job or position;
- Retire
- To end your career; to leave your job at an old age;
- Annual
- every year; yearly;
- Meeting
- When people come together to talk about something;
- CEO (Chief Executive officer)
- the top person in a large company; president; boss
- Leader
- someone who is in charge of a group, organization or country; a boss or manager; a person who guides, directs, or commands a group
- Worth
- how much something is valued, like money; the value that something has; how much someone will pay for something; how much or how hard someone will try to get something; how much money someone has
- Trillion
- 1,000,000,000,000 = one-trillion; (tn)
- Own
- To have something that belongs to you; To have something as yours; something is yours
- Including
- together with; as well as; part of a group or many; plus
- Part
- a piece of something; a section of a whole thing; not the whole thing
- Net worth
- How much money and things (houses, land, art, businesses, etc.) a person has in total
- Billion
- 1,000,000,000 = one-billion; (bn)
- Take over
- take control of; assume power; gain control;
- Share
- A unit of ownership in a company; a small piece of a company that people can buy and sell; “stock”
- Plan
- want; aim; to intend to do something
- Give away
- To give something to someone for free
- Inspire
- to give someone the desire, confidence, energy to do something; to motivate; influence; encourage
- Trade
- when people buy, sell, or exchange goods or services
- the US
- USA; The United States of America
- President
- A person who is in charge of a country or a company; the top person/leader of a company or country
- Weapon
- Something used to hurt or harm people; a tool used to hurt people
Quiz
Answer key
1. At the end of the year 2. Give them away. 3. True
Fill-in-the-blank listening
Play the audio again and fill in the missing words as you listen.
Warren Buffett, a _____ investor, is stepping down as the boss of his company, Berkshire Hathaway. _____ said he will retire at the end of the year.
Buffett is _____ years old. He told people at the company's big annual meeting that Greg Abel _____ become the new CEO. Abel is another leader at Berkshire Hathaway.
Buffett _____ Berkshire Hathaway from a small company into a very large one _____ $1.16tn. The company now owns more than 60 different _____ , including Dairy Queen and Geico insurance. It also owns parts of big companies like _____ and Coca-Cola.
Many people say Warren Buffett is one of _____ best investors ever. He is now the fourth-richest person in the world, with a net worth of $_____ .
At the meeting in Omaha, Nebraska, Buffett _____ he chose Abel to take over a few years ago.
Buffett also told _____ he will not sell the shares he owns in Berkshire Hathaway. He said he plans to _____ them away later.
Leaders from _____ companies said nice things about Buffett and his _____ . The CEO of Apple, Tim Cook, said Buffett has _____ many people.
At the meeting, Buffett also talked _____ countries trading with each other. He thinks the US and President Trump _____ not use trade like a weapon.
Buffett is famous for _____ one of the richest people in the world, but he still lives in the _____ house he bought more than _____ years ago. He has also given away billions of dollars to _____ other people.
Discussion questions
- Warren Buffett is retiring because he is 94 years old. Do you think there is a good age for people to stop working? Why or why not?
- Berkshire Hathaway owns many different kinds of companies. Why do you think one big company might want to own many different types of businesses?
- Warren Buffett is one of the richest people and plans to give his money away. Why do you think rich people choose to give away their money?
- Warren Buffett is very famous. What do you think makes someone famous in business?
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