Warren Buffett announced Friday that Berkshire Hathaway’s (NYSE:BRK.A) annual shareholder’s meeting will not be held with shareholders present as the coronavirus continues to spread.
"I very much regret this action; for many decades the annual meeting has been a high point of the year for me and my partner, Charlie Munger," Buffett said in a letter to shareholders. "It is now clear, however, that large gatherings can pose a health threat to the participants and the greater community.
"Therefore, we will limit attendance to me, possibly Charlie, and several Berkshire employees who will deliver proxy votes," Buffett noted, adding the meeting will be streamed online by Yahoo Finance. Buffett and Munger, Berkshire’s vice chairman, field questions from shareholders for more than six hours during these meetings.
Berkshire’s annual meeting — which was slated for May 2 — has become a staple in the global business community. In 2018, more than 40,000 people from around the world attended the event known by some as "Woodstock for Capitalists."
"Charlie and I will miss you, but we will see many thousands of you next year," Buffett said.
Berkshire shares gained $12,480.00, or 4.6%, early Friday at $281.180.00
