(NewsNation) — Warren Buffett, 94, announced Saturday that he would retire from his 60-year position as CEO of Berkshire Hathaway, shocking shareholders.

Revered in the investing world, the billionaire made his first investment at age 11.

His retirement announcement came at a rocky time for investors amid fluctuations impacted by President Donald Trump’s trade war.

“Trade should not be a weapon …. (but) there’s no question that trade can be an act of war,” Buffett warned at the meeting.

He has passed the torch to Greg Abel, chairman of the board.

How did Warren Buffett get his start at Berkshire Hathaway?

Buffett, known today as the world’s most influential investor, started his time with Berkshire Hathaway in 1962 as an investor.

It was the “dumbest” stock he could have bought, he told CNBC in 2010.

He bought a majority stake in the company out of spite as a young man decades ago, investing in a dying textile industry. Berkshire, at the time, was a textile manufacturing company.

Despite regretting the move, he turned what could have been a misfortune into a massive financial success, becoming the sixth-richest person in the world as of May 5, according to Forbes’ billionaire list.

Berkshire is now a holding company, or a conglomerate of multiple companies. It owns dozens of companies, including Geico Insurance, Duracell and Dairy Queen.

What is Warren Buffet’s background?

Buffett is the son of investor and politician Howard Buffett, who served four terms in the U.S. House of Representatives from 1943 to 1949.

Buffett graduated from the University of Nebraska-Lincoln with a bachelor’s degree in business administration in 1951. That year, he bought stock in Geico Insurance, eventually acquiring it under Berkshire Hathaway.

He held jobs as an investment salesman at his father’s firm, a securities analyst, a general partner in several investment partnerships and finally as chairman and CEO of Berkshire Hathaway.

By 1965, he had taken control of Berkshire. His strategy was buying stocks in companies and selling them for less than their worth.

What stocks has Warren Buffett invested in?

An investing icon and known as the “Oracle of Omaha,” Buffett has been known to influence markets with his financial moves.

He has bought stocks in the Washington Post, the ABC/Capital Cities merger, General Electric and Coca-Cola, among many others.

What is Warren Buffett’s net worth?

In 2008, Buffett dethroned Bill Gates after 13 years on top as Forbes’ richest person in the world.

As of May 5, Forbes listed Buffett as the sixth-richest person in the world. His net worth is valued at $168.2 billion, up from $154 billion on April 1.

What is the future of Berkshire Hathaway?

In his decades-long career as CEO, he nearly doubled the returns of the S&P 500, with a 19.9% compounded annual growth rate compared with the index’s 10.4% gain.

Buffett said he will retire by the end of the year. The company is valued at $1.1 trillion.

Buffett said at the shareholder meeting that he does not intend to sell any shares. Instead, he said he will “give it away eventually.”

“I have no intention — zero — of selling one share of Berkshire Hathaway,” Buffett said. “The decision to keep every share is an economic decision because I think the prospects of Berkshire will be better under Greg’s management than mine.”

The Associated Press contributed to this report.