Berkshire Hathaway has built a stake of almost 10% in Miami-based homebuilder Lennar, a company that has faced difficult conditions in the housing market.
The move marks a further step in Warren Buffett's succession plan aimed at preserving Berkshire Hathaway's culture, according to CNBC.
The billionaire investor, who took control of the company in 1965, said "Father Time always wins" as he ended his tenure at the helm.
Investor's son Howard Buffett to take over as chairman, while Warren Buffett becomes chairman emeritus, according to a report by Al Jazeera.
Investor's son Howard Buffett to take over as chairman after more than five decades of leadership
The 96-year-old investor becomes chair emeritus, with son Howard Buffett taking over as chair in a long-planned succession.
Berkshire Hathaway announced that Warren Buffett is stepping down as chairman, with his son Howard Buffett taking over the role under a long-standing succession plan.
Warren Buffett once said Berkshire Hathaway overpaid for Precision Castparts in 2016, but demand for the company's complex metal castings has since increased, according to CNBC.