Despite the billionaire’s frugal ways, his presence pumped up the local economy, drawing tourists and packing annual conventions.

In an announcement that many investors knew was coming but didn’t believe would actually happen, famed investor Warren Buffett said Saturday at Berkshire Hathaway’s annual shareholder meeting that he would step down as CEO at the end of the year.

Warren Buffett announced he will step down as CEO of Berkshire Hathaway, handing the reins to Vice Chairman Greg Abel. The transition marks the end of an era, with Buffett continuing as chairman. Investors remain uncertain about the company's future,