The chairman of Berkshire Hathaway Warren Buffett, a 92-year-old billionaire investor, has recently highlighted concerns about the threat that artificial intelligence poses to the future of human employment. Buffett has also equated AI to the development of an atomic bomb.

Billionaire investor Warren Buffett says Artificial Intelligence's capabilities makes him 'worried'

Billionaire investor Warren Buffet joined the growing list of sceptics of artificial intelligence (AI), as he compared the technology to the creation of atom bomb.

Buffet’s remarks came while discussing the future of AI during Berkshire Hathaway’s annual meeting in Omaha, Nebraska, on Saturday.

While sharing his thoughts on how AI could affect stock markets and society as a whole, Buffet expressed fears over the programme’s ability to rapidly evolve over time.

The 92-year-old investor did acknowledge AI’s “amazing capabilities” after receiving a lesson on Open AI’s Chat GPT from his “buddy” Bill Gates, one of the founders of Microsoft, three months ago. Microsoft has invested heavily in OpenAI.

He added that he was impressed with the AI’s vast capabilities, including checking all legal opinions “since the beginning of time.”

“When something can do all kinds of things, I get a little bit worried,” the 92-year-old investor said.

“Because I know we won’t be able to un-invent it and, you know, we did invent, for very, very good reason, the atom bomb in World War II.”&nbsp;

Buffett continued, “It was enormously important that we did so. But is it good for the next 200 years of the world that the ability to do so has been unleashed?” Fox Business reported.

<h2>Hollywood writers' strike: The fear of Artificial Intelligence</h2>

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The CEO of Berkshire Hathaway further said that he believes AI will change “everything in the world, except how men think and behave.” “And that’s a big step to take,” he said.

Charlie Munger, Berkshire’s 99-year-old vice chairman&nbsp;who was with Buffet, also expressed his concerns over the rise of AI technology.

“I am personally sceptical of some of the hype that has gone into artificial intelligence,” he said.

“I think old-fashioned intelligence works pretty well.”

Buffet isn’t the only one who has expressed his reservations about the potential dangers of AI.

More than 1,000 researchers and technologists, including Elon Musk, signed a letter in late March calling for a&nbsp;six-month pause on AI development&nbsp;because, they said, it poses "profound risks to society and humanity."&nbsp;

“Powerful AI systems should be developed only once we are confident that their effects will be positive and their risks will be manageable,” the letter said.

In fact, even Open AI CEO Sam Altman admitted that they are “a little bit scared” of their creation, saying that it may wipe out a lot of current jobs.

“We’ve got to be careful here…I think people should be happy that we are a little bit scared of this,” the 37-year-old tech entrepreneur told ABC News.

When asked to explain why he was “scared”, Altman replied that if he wasn’t “scared” then “you should either not trust me or be very unhappy that I’m in this job.”&nbsp;

(With inputs from agencies)

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Billionaire investor Warren Buffet joined the growing list of sceptics of artificial intelligence (AI), as he compared the technology to the creation of atom bomb.

Billionaire investor Warren Buffet joined the growing list of sceptics of artificial intelligence (AI), as he compared the technology to the creation of atom bomb. Buffet’s remarks came while discussing the future of AI during Berkshire Hathaway’s annual meeting in Omaha, Nebraska, on Saturday. While sharing his thoughts on how AI could affect stock markets and society as a whole, Buffet expressed fears over the programme’s ability to rapidly evolve over time. The 92-year-old investor did acknowledge AI’s “amazing capabilities” after receiving a lesson on Open AI’s Chat GPT from his “buddy” Bill Gates, one of the founders of Microsoft, three months ago. Microsoft has invested heavily in OpenAI. He added that he was impressed with the AI’s vast capabilities, including checking all legal opinions “since the beginning of time.” “When something can do all kinds of things, I get a little bit worried,” the 92-year-old investor said. “Because I know we won’t be able to un-invent it and, you know, we did invent, for very, very good reason, the atom bomb in World War II.” Buffett continued, “It was enormously important that we did so. But is it good for the next 200 years of the world that the ability to do so has been unleashed?” Fox Business reported. Hollywood writers' strike: The fear of Artificial Intelligence The CEO of Berkshire Hathaway further said that he believes AI will change “everything in the world, except how men think and behave.” “And that’s a big step to take,” he said. Charlie Munger, Berkshire’s 99-year-old vice chairman who was with Buffet, also expressed his concerns over the rise of AI technology. “I am personally sceptical of some of the hype that has gone into artificial intelligence,” he said. “I think old-fashioned intelligence works pretty well.” Buffet isn’t the only one who has expressed his reservations about the potential dangers of AI. More than 1,000 researchers and technologists, including Elon Musk, signed a letter in late March calling for a six-month pause on AI development because, they said, it poses "profound risks to society and humanity." “Powerful AI systems should be developed only once we are confident that their effects will be positive and their risks will be manageable,” the letter said. In fact, even Open AI CEO Sam Altman admitted that they are “a little bit scared” of their creation, saying that it may wipe out a lot of current jobs. “We’ve got to be careful here…I think people should be happy that we are a little bit scared of this,” the 37-year-old tech entrepreneur told ABC News. When asked to explain why he was “scared”, Altman replied that if he wasn’t “scared” then “you should either not trust me or be very unhappy that I’m in this job.” (With inputs from agencies) WATCH WION LIVE HERE

Warren Buffet likens AI to atom bomb, says ‘can't un-invent it now’

Legendary investor Warren Buffett, who is often sought for his opinion on global banking and finance, has shared his views about the banking crisis in the United States.

The 92-year-old Buffett told a leading US business channel Wednesday that more banks could collapse in the United States. But he added that depositors would be safe.

"We’re not over bank failures, but depositors haven’t had a crisis. Nobody is going to lose money on a deposit in a US bank. It’s not going to happen," he told CNBC.

The "Sage of Omaha" had an unconventional take on the recent banking crisis, arguing that banks with questionable accounting practices and mismatched assets and liabilities will be exposed in this gloomy period for the banking sector.

Buffett also had a word of advice for banks in the world's largest economy. He said that banks must retain depositor confidence, which he believed could be lost in seconds whenever a banking collapse occurs.

The collapse of two US banks -- Silicon Valley Bank and Signature First Bank -- in March this year&nbsp;triggered panic in the banking sector.

In response, the Federal Reserve lent US banks nearly $12 billion under a one-year lending programme to ease stress on the financial system. US authorities also moved swiftly to protect depositors as they saw "serious risk of contagion" that could have triggered runs on many banks.

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Legendary investor Warren Buffett, who is often sought for his opinion on global banking and finance, has shared his views about the banking crisis in the United States.

Legendary investor Warren Buffett, who is often sought for his opinion on global banking and finance, has shared his views about the banking crisis in the United States. The 92-year-old Buffett told a leading US business channel Wednesday that more banks could collapse in the United States. But he added that depositors would be safe. "We’re not over bank failures, but depositors haven’t had a crisis. Nobody is going to lose money on a deposit in a US bank. It’s not going to happen," he told CNBC. The "Sage of Omaha" had an unconventional take on the recent banking crisis, arguing that banks with questionable accounting practices and mismatched assets and liabilities will be exposed in this gloomy period for the banking sector. Buffett also had a word of advice for banks in the world's largest economy. He said that banks must retain depositor confidence, which he believed could be lost in seconds whenever a banking collapse occurs. The collapse of two US banks -- Silicon Valley Bank and Signature First Bank -- in March this year triggered panic in the banking sector. In response, the Federal Reserve lent US banks nearly $12 billion under a one-year lending programme to ease stress on the financial system. US authorities also moved swiftly to protect depositors as they saw "serious risk of contagion" that could have triggered runs on many banks.

Warren Buffett warns of more bank collapses in 2023

Warren Buffett’s Berkshire Hathaway has purchased a $4.1 billion stake in one of the world’s largest chipmakers, Taiwan Semiconductor Manufacturing Company (TSMC).&nbsp; According to the company’s regulatory filing with the United States’ Securities and Exchange Commission on Monday, Berkshire Hathaway has acquired about 60 million American depository shares of TSMC&nbsp;in the three months that ended September.

The news of Buffet’s foray into the tech sector sent the shares of TSMC soaring by 8 per cent on Tuesday.

“TSMC welcomes all investors with the propensity to buy and hold TSMC’s stock,” a spokesperson for the chipmaker said.

TSMC, which makes chips for Apple Inc, Qualcomm and Nvidia Corp, accounts for an estimated 90 per cent of the world’s super-advanced&nbsp;computer chip.

<h2>Warren Buffet's firm Berkshire reports $2.7 billion Q3 loss</h2>

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The investment has raised the eyebrows of many as Berkshire has had limited success in tech companies. But its preference in investing in those firms which have a competitive advantage made TSMC their prime choice.

Meanwhile, Taiwan President Tsai Ing-wen sought to discredit "rumours" surrounding the risk of investing in the island's semiconductor industry, saying that her government was working hard to ensure investments continued.

She made her comments with regard to the Chinese military’s looming threat against the island, as Beijing attempts to assert its sovereignty in the self-ruled nation.

Recently in an interview to Reuters, the chief executive of Taiwan's largest chip designer MediaTek Inc, Rick Tsai, said that US-China tensions are already having an effect on some manufacturers who are mulling expanding part of their supply chain beyond Taiwan.

(With inputs from agencies)

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Warren Buffett’s Berkshire Hathaway has purchased a $4.1 billion stake in one of the world’s largest chipmakers, Taiwan Semiconductor Manufacturing Company (TSMC).

Warren Buffett’s Berkshire Hathaway has purchased a $4.1 billion stake in one of the world’s largest chipmakers, Taiwan Semiconductor Manufacturing Company (TSMC). According to the company’s regulatory filing with the United States’ Securities and Exchange Commission on Monday, Berkshire Hathaway has acquired about 60 million American depository shares of TSMC in the three months that ended September. The news of Buffet’s foray into the tech sector sent the shares of TSMC soaring by 8 per cent on Tuesday. “TSMC welcomes all investors with the propensity to buy and hold TSMC’s stock,” a spokesperson for the chipmaker said. TSMC, which makes chips for Apple Inc, Qualcomm and Nvidia Corp, accounts for an estimated 90 per cent of the world’s super-advanced computer chip. Warren Buffet's firm Berkshire reports $2.7 billion Q3 loss The investment has raised the eyebrows of many as Berkshire has had limited success in tech companies. But its preference in investing in those firms which have a competitive advantage made TSMC their prime choice. Meanwhile, Taiwan President Tsai Ing-wen sought to discredit "rumours" surrounding the risk of investing in the island's semiconductor industry, saying that her government was working hard to ensure investments continued. She made her comments with regard to the Chinese military’s looming threat against the island, as Beijing attempts to assert its sovereignty in the self-ruled nation. Recently in an interview to Reuters, the chief executive of Taiwan's largest chip designer MediaTek Inc, Rick Tsai, said that US-China tensions are already having an effect on some manufacturers who are mulling expanding part of their supply chain beyond Taiwan. (With inputs from agencies) WATCH WION LIVE HERE:

Warren Buffet chips in Taiwanese semiconductor giant TSMC with $4billion stake

Warren Buffet-backed Chinese electric carmaker BYD has forayed into the Indian automobile market with its passenger car—an electric sport-utility vehicle (SUV).

The Chinese car company unveiled its Atto 3 electric SUV, which is packed with its renowned Blade battery technology.

The company has opened the bookings for a token amount of Rs 50,000 (US $607) and the deliveries of the first five 50 units will begin in January 2023. The price of the SUV is yet to be announced.

Atto 3 will have an electric motor pushing out a peak power of 201bhp and 310Nm of torque. The model comes with a 60.49kWh battery pack promising a range of 420km on a single charge.&nbsp;The company claims that its SUV is capable to jump from 0 to 100kmph in 7.3 seconds.

It is expected to give tough competition to&nbsp;Tata Nexon EV, Mahindra XUV400, Maruti Suzuki Grand Vitara Hybrid, and Toyota Urban Cruiser Hybrid.

With the launch of its electric SUV, BYD aims to corner around 40 per cent of the electric car market in India by 2030.

BYD views India as one of the important markets for its global expansion plan, even as it has started selling EVs in markets around the world, including Norway, New Zealand, Singapore, Brazil, Costa Rica, and Colombia.

"India will be one of the key markets in BYD's global portfolio," Sanjay Gopalakrishnan, senior vice president of electric passenger vehicles at BYD India, told Reuters news agency.

However, India has been wary of Chinese investments in the recent past, and has tightened scrutiny of investments coming from bordering nations, especially China. Due to this,&nbsp;another Chinese carmaker, Great Wall Motor, had to shelve its $1 billion investment plan in India. &nbsp;

However, BYD has been upbeat about its future prospects and has even sent up a manufacturing plant in India, where the annual capacity is expected to go up to 15,000 units.&nbsp;Beyond that, Balakrishnan said, the company is "still exploring" what it needs to do.

(With inputs from agencies)

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Warren Buffet-backed Chinese electric carmaker BYD has forayed into the Indian automobile market with its passenger car—an electric sport-utility vehicle (SUV). The Chinese car company unveiled its Atto 3 electric SUV, which is packed with its renowned Blade battery technology.

Warren Buffet-backed Chinese electric carmaker BYD has forayed into the Indian automobile market with its passenger car—an electric sport-utility vehicle (SUV). The Chinese car company unveiled its Atto 3 electric SUV, which is packed with its renowned Blade battery technology. The company has opened the bookings for a token amount of Rs 50,000 (US $607) and the deliveries of the first five 50 units will begin in January 2023. The price of the SUV is yet to be announced. Atto 3 will have an electric motor pushing out a peak power of 201bhp and 310Nm of torque. The model comes with a 60.49kWh battery pack promising a range of 420km on a single charge. The company claims that its SUV is capable to jump from 0 to 100kmph in 7.3 seconds. It is expected to give tough competition to Tata Nexon EV, Mahindra XUV400, Maruti Suzuki Grand Vitara Hybrid, and Toyota Urban Cruiser Hybrid. With the launch of its electric SUV, BYD aims to corner around 40 per cent of the electric car market in India by 2030. BYD views India as one of the important markets for its global expansion plan, even as it has started selling EVs in markets around the world, including Norway, New Zealand, Singapore, Brazil, Costa Rica, and Colombia. "India will be one of the key markets in BYD's global portfolio," Sanjay Gopalakrishnan, senior vice president of electric passenger vehicles at BYD India, told Reuters news agency. However, India has been wary of Chinese investments in the recent past, and has tightened scrutiny of investments coming from bordering nations, especially China. Due to this, another Chinese carmaker, Great Wall Motor, had to shelve its $1 billion investment plan in India. However, BYD has been upbeat about its future prospects and has even sent up a manufacturing plant in India, where the annual capacity is expected to go up to 15,000 units. Beyond that, Balakrishnan said, the company is "still exploring" what it needs to do. (With inputs from agencies) WATCH WION LIVE HERE:

Warren Buffet-backed Chinese firm BYD debuts in India, starts booking of its new electric SUV

The people of India woke up to a shocking Sunday when news broke out that billionaire stock investor Rakesh Jhunjhunwala died.

Jhunjhunwala, who suffered from multiple health issues, including kidney ailments, had a cardiac arrest. He breathed his last at Breach Candy Hospital in Mumbai city. He was 62.&nbsp;

Just last week on August 7, he launched his low-cost carrier Akasa Air. &nbsp;He was seen on a wheelchair at the launch.

He is arguably one of the most successful stock investors in Indian history as he has a knack for picking the correct stock at the right time. Hence, he is often called India’s Warren Buffet.

His success story inspired millions of Indians who started to view the Indian stock market as another source of investment.

How Jhunjhunwala became the Big Bull?

Jhunjhunwala forayed into the stock market when he was in college. After attaining degree at the Institute of Chartered Accountant of India, he decided to become a full-time investor. In 1985, Jhunjhunwala started with Rs 5,000 ($60 approx.) as capital. By September 2018, that capital had inflated to Rs 110 billion.

Jhunjhunwala said to have developed interest in the stock market after listening to his father, who was an income tax officer, discussing it with his friends.

Quoting his father, Jhunjhunwala once said that he was told to read newspapers regularly as it was the news that made stock market fluctuate. While his father allowed him to dabble with the stock market, he refused to give him financial aid and prohibited him to ask friends for money.

But Jhunjhunwala believed in taking risks. He borrowed money from his brother’s clients and promised to return the capital with higher returns compared with bank fixed deposits.

His risk-taking appetite paid off as Jhunjhunwala earned his first big profit in 1986 when he bought 5,000 shares of Tata Tea at Rs 43 and the stock rose to Rs 143 within three months. He earned over three-times profit. In three years, he earned Rs 2 million to Rs 2.5 million.

Over the years, Jhunjhunwala successfully invested in Titan, CRISIL,&nbsp; Sesa Goa, Praj Industries, Aurobindo Pharma and NCC.

After the 2008 global recession, his stock prices fell by 30% but he eventually recovered from the loss by 2012.

Rakesh Jhunjhunwala's personal life

&nbsp;Jhunjhunwala was born in a Rajasthani family on July 5, 1960. His father was posted as an Income Tax Officer. He grew up in Mumbai. He was married to Rekha Jhunjunwala, who is also a stock market investor.

Also read |&nbsp;<a href="https://www.wionews.com/india-news/rakesh-jhunjhunwalas-total-net-worth-big-bull-in-indias-stock-market-506679">Big Bull Rakesh Jhunjhunwala no more, with $5.8 billion net worth, was no. 36 in India's 100 rich list</a>

His forefathers hailed from Rajasthan’s Jhunjhunu — the reason behind his surname.

He is survived by his wife and two children.

Also read | I<a href="https://www.wionews.com/india-news/indian-stock-market-mogul-rakesh-jhunjhunwala-dies-at-62-506649">ndian stock market mogul Rakesh Jhunjhunwala dies at 62</a>

Jhunjhunwala's investments

Jhunjhunwala runs a privately-owned stock trading firm called RARE Enterprises. He has invested in Titan, CRISIL, Aurobindo Pharma, Praj Industries, NCC, Aptech Limited, Ion Exchange, MCX, Fortis Healthcare, Lupin, VIP Industries, Geojit Financial Services, Rallis India, Jubilant Life Sciences, etc.

Rakesh Jhunjhunwala's net worth

Jhunjhunwala is the 36th richest man in India, with a net worth of $5.8 billion, at the end of June quarter, according to Forbes.

(With inputs from agencies)

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The people of India woke up to a shocking Sunday when news broke out that billionaire stock investor Rakesh Jhunjhunwala died. Jhunjhunwala, who suffered from multiple health issues, including kidney ailments, had a cardiac arrest.

The people of India woke up to a shocking Sunday when news broke out that billionaire stock investor Rakesh Jhunjhunwala died. Jhunjhunwala, who suffered from multiple health issues, including kidney ailments, had a cardiac arrest. He breathed his last at Breach Candy Hospital in Mumbai city. He was 62. Just last week on August 7, he launched his low-cost carrier Akasa Air. He was seen on a wheelchair at the launch. He is arguably one of the most successful stock investors in Indian history as he has a knack for picking the correct stock at the right time. Hence, he is often called India’s Warren Buffet. His success story inspired millions of Indians who started to view the Indian stock market as another source of investment. How Jhunjhunwala became the Big Bull? Jhunjhunwala forayed into the stock market when he was in college. After attaining degree at the Institute of Chartered Accountant of India, he decided to become a full-time investor. In 1985, Jhunjhunwala started with Rs 5,000 ($60 approx.) as capital. By September 2018, that capital had inflated to Rs 110 billion. Jhunjhunwala said to have developed interest in the stock market after listening to his father, who was an income tax officer, discussing it with his friends. Quoting his father, Jhunjhunwala once said that he was told to read newspapers regularly as it was the news that made stock market fluctuate. While his father allowed him to dabble with the stock market, he refused to give him financial aid and prohibited him to ask friends for money. But Jhunjhunwala believed in taking risks. He borrowed money from his brother’s clients and promised to return the capital with higher returns compared with bank fixed deposits. His risk-taking appetite paid off as Jhunjhunwala earned his first big profit in 1986 when he bought 5,000 shares of Tata Tea at Rs 43 and the stock rose to Rs 143 within three months. He earned over three-times profit. In three years, he earned Rs 2 million to Rs 2.5 million. Over the years, Jhunjhunwala successfully invested in Titan, CRISIL, Sesa Goa, Praj Industries, Aurobindo Pharma and NCC. After the 2008 global recession, his stock prices fell by 30% but he eventually recovered from the loss by 2012. Rakesh Jhunjhunwala's personal life Jhunjhunwala was born in a Rajasthani family on July 5, 1960. His father was posted as an Income Tax Officer. He grew up in Mumbai. He was married to Rekha Jhunjunwala, who is also a stock market investor. Also read | Big Bull Rakesh Jhunjhunwala no more, with $5.8 billion net worth, was no. 36 in India's 100 rich list His forefathers hailed from Rajasthan’s Jhunjhunu — the reason behind his surname. He is survived by his wife and two children. Also read | Indian stock market mogul Rakesh Jhunjhunwala dies at 62 Jhunjhunwala's investments Jhunjhunwala runs a privately-owned stock trading firm called RARE Enterprises. He has invested in Titan, CRISIL, Aurobindo Pharma, Praj Industries, NCC, Aptech Limited, Ion Exchange, MCX, Fortis Healthcare, Lupin, VIP Industries, Geojit Financial Services, Rallis India, Jubilant Life Sciences, etc. Rakesh Jhunjhunwala's net worth Jhunjhunwala is the 36th richest man in India, with a net worth of $5.8 billion, at the end of June quarter, according to Forbes. (With inputs from agencies) WATCH WION LIVE HERE

Who is Rakesh Jhunjhunwala, known as India’s Warren Buffet?

How far would you go to have lunch with a celebrity? Well, not as much as an anonymous bidder, who has paid $19 million, to have a lunch with American business magnate Warren Buffet. It was a part of the 21st annual auction for the lunch, which was produced in association with eBay and the San Francisco-based non-profit Glide Foundation. The organisation&nbsp;has been working to combat hunger, poverty and homelessness. On June 12, the bidding had begun with $25,000 and ended at $19,000,100 on Friday, as per a news release from eBay. &nbsp;

At Smith &amp; Wollensky Steakhouse in New York City, the anonymous winner will have a private lunch with Buffet along with seven guests, said eBay. &nbsp;

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In the annual auction, over $53 million were raised for Glide. "On behalf of GLIDE and those we serve, I thank Warren Buffett for his unwavering generosity, partnership and dedication, and for his incredible contribution to our mission," said Karen Hanrahan, president and CEO, Glide Foundation in the news release. &nbsp;

Jamie Iannone,&nbsp;CEO,&nbsp;eBay,&nbsp;said, "We are incredibly proud that Warren Buffett's final Power Lunch has broken our all-time record of funds raised, with all proceeds supporting GLIDE's efforts to create pathways out of crisis and transform lives." &nbsp;&nbsp;

(With inputs from agencies)&nbsp;

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How far would you go to have lunch with a celebrity? Well, not as much as an anonymous bidder, who has paid $19 million, to have a lunch with American business magnate Warren Buffet.

How far would you go to have lunch with a celebrity? Well, not as much as an anonymous bidder, who has paid $19 million, to have a lunch with American business magnate Warren Buffet. It was a part of the 21st annual auction for the lunch, which was produced in association with eBay and the San Francisco-based non-profit Glide Foundation. The organisation has been working to combat hunger, poverty and homelessness. On June 12, the bidding had begun with $25,000 and ended at $19,000,100 on Friday, as per a news release from eBay. At Smith & Wollensky Steakhouse in New York City, the anonymous winner will have a private lunch with Buffet along with seven guests, said eBay. Watch WION's live TV here: In the annual auction, over $53 million were raised for Glide. "On behalf of GLIDE and those we serve, I thank Warren Buffett for his unwavering generosity, partnership and dedication, and for his incredible contribution to our mission," said Karen Hanrahan, president and CEO, Glide Foundation in the news release. Jamie Iannone, CEO, eBay, said, "We are incredibly proud that Warren Buffett's final Power Lunch has broken our all-time record of funds raised, with all proceeds supporting GLIDE's efforts to create pathways out of crisis and transform lives." (With inputs from agencies) You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. ×

Anonymous bidder pays $19 million for a private lunch with American business magnate Warren Buffet

Investment Guru and fifth richest person in the world, Warren Buffett on Tuesday (June 14) donated about USD 4 billion to Bill &amp; Melinda Foundation Trust and four family charities.

Berkshire Hathaway Inc, which Buffett has run since 1965, said the donation comprises about 14.4 million of its Class B shares, whose closing price on Tuesday was $277.64.

Bill and Melinda Gates Foundation will get eleven million shares while 1.1 million shares will go to Susan Thompson Buffett Foundation.

Another 770,000 shares will also go to each of three charities run by Buffett's children Howard, Susan and Peter: the Howard G. Buffett Foundation, the Sherwood Foundation and the Novo Foundation.

Warren Buffett (91) has donated more than half of his Berkshire shares since 2006.&nbsp;

Despite the donations, Buffett still owns approximately 16% of Berkshire and controls about one-third of its voting power.

Both percentages have been fairly stable in recent years because Berkshire has aggressively repurchased its own stock.

Buffett has built Omaha, Nebraska-based Berkshire into a more than $600 billion conglomerate, owning dozens of businesses such as the BNSF railroad and Geico auto insurance, and stocks such as Apple Inc and Bank of America Corp.

He and Bill Gates also pioneered "The Giving Pledge," where more than 200 people like Michael Bloomberg, Larry Ellison, Carl Icahn, Elon Musk and Mark Zuckerberg committed at least half their fortunes to philanthropy.

(With inputs from agencies)

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Investment Guru and fifth richest person in the world, Warren Buffett on Tuesday (June 14) donated about USD 4 billion to Bill & Melinda Foundation Trust and four family charities.

Investment Guru and fifth richest person in the world, Warren Buffett on Tuesday (June 14) donated about USD 4 billion to Bill & Melinda Foundation Trust and four family charities. Berkshire Hathaway Inc, which Buffett has run since 1965, said the donation comprises about 14.4 million of its Class B shares, whose closing price on Tuesday was $277.64. Bill and Melinda Gates Foundation will get eleven million shares while 1.1 million shares will go to Susan Thompson Buffett Foundation. Another 770,000 shares will also go to each of three charities run by Buffett's children Howard, Susan and Peter: the Howard G. Buffett Foundation, the Sherwood Foundation and the Novo Foundation. Warren Buffett (91) has donated more than half of his Berkshire shares since 2006. Despite the donations, Buffett still owns approximately 16% of Berkshire and controls about one-third of its voting power. Both percentages have been fairly stable in recent years because Berkshire has aggressively repurchased its own stock. Buffett has built Omaha, Nebraska-based Berkshire into a more than $600 billion conglomerate, owning dozens of businesses such as the BNSF railroad and Geico auto insurance, and stocks such as Apple Inc and Bank of America Corp. He and Bill Gates also pioneered "The Giving Pledge," where more than 200 people like Michael Bloomberg, Larry Ellison, Carl Icahn, Elon Musk and Mark Zuckerberg committed at least half their fortunes to philanthropy. (With inputs from agencies) You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE ×

Billionaire Warren Buffett donates USD 4 billion in charity

A war of words erupted between business mogul Warren Buffett and US Senator Bernie Sanders over a strike carried out by 450 steelworkers at a company owned by the billionaire.

The workers at Special Metals, an aviation parts plant owned by Precision Castparts, went on strike in October over issues such as health care and compensation.

Sanders wrote to Buffett, the CEO of Berkshire Hathaway, requesting him to intervene in a United Steelworkers union strike.

“At a time when this company and&nbsp;Berkshire Hathaway&nbsp;are both doing very well, there is no reason why workers employed by you should be worrying about whether they will be able to feed their children or have health care,” Sanders wrote.

"There is no reason why the standard of living of these hard-working Americans should decline. I know that you and Berkshire Hathaway can do better than that," he said.

But Buffett rebuffed Sanders saying that he would not involve himself in the ongoing negotiations.

The billionaire noted a longstanding policy that Berkshire Hathaway’s companies “deal individually with their own labour and personnel decisions”.

“I’m passing along your letter to the CEO of Precision Castparts but making no recommendation to him as to any action,” Buffett wrote&nbsp;in a letter to Sanders. “He is responsible for his business.”

Buffett asserted Berkshire has had extensive dealings with union employees and has “never purchased or sold a company because of its union or non-union status.”

According to reports, the labour negotiations between the steelworkers and Precision Castparts are expected to resume next week.

Buffett is one of the world’s richest individuals, with a personal net worth of more than $109 billion, according to Forbes.

(With inputs from agencies)

A war of words erupted between business mogul Warren Buffett and US Senator Bernie Sanders over a strike carried out by 450 steelworkers at a company owned by the billionaire.

A war of words erupted between business mogul Warren Buffett and US Senator Bernie Sanders over a strike carried out by 450 steelworkers at a company owned by the billionaire. The workers at Special Metals, an aviation parts plant owned by Precision Castparts, went on strike in October over issues such as health care and compensation. Sanders wrote to Buffett, the CEO of Berkshire Hathaway, requesting him to intervene in a United Steelworkers union strike. “At a time when this company and Berkshire Hathaway are both doing very well, there is no reason why workers employed by you should be worrying about whether they will be able to feed their children or have health care,” Sanders wrote. "There is no reason why the standard of living of these hard-working Americans should decline. I know that you and Berkshire Hathaway can do better than that," he said. But Buffett rebuffed Sanders saying that he would not involve himself in the ongoing negotiations. The billionaire noted a longstanding policy that Berkshire Hathaway’s companies “deal individually with their own labour and personnel decisions”. “I’m passing along your letter to the CEO of Precision Castparts but making no recommendation to him as to any action,” Buffett wrote in a letter to Sanders. “He is responsible for his business.” Buffett asserted Berkshire has had extensive dealings with union employees and has “never purchased or sold a company because of its union or non-union status.” According to reports, the labour negotiations between the steelworkers and Precision Castparts are expected to resume next week. Buffett is one of the world’s richest individuals, with a personal net worth of more than $109 billion, according to Forbes. (With inputs from agencies)

Buffet, Sanders spar over aiding US steelworkers to end strike

Tesla and SpaceX CEO Elon Musk is now worth more than both Bill Gates and Warren Buffett combined.

According to the Bloomberg Billionaires Index, the 50-year-old’s net worth is $230 billion as of Friday. Microsoft founder Gates is placed fourth with $130 billion while Buffett is placed 10th with $102 billion.

Both Gates and Buffett previously held the world’s richest title. Musk first passed Amazon CEO Jeff Bezos to become the world’s richest man in January with a net worth of $185 billion. Bezos had held the title since 2017.

Musk has added more than $60 billion to his fortune this year thanks to the strong performance of Tesla stock as well as a recent share sale at SpaceX which valued the company at $100 billion. The SpaceX deal added $11 billion to Musk’s net worth,&nbsp;according to Bloomberg.

Also read |<a href="https://www.wionews.com/technology/is-teslas-elon-musk-a-master-manipulator-of-markets-389229">&nbsp;Is Tesla’s Elon Musk a master manipulator of markets?</a>

Gates and Buffett are noted for giving way their wealth, to the tune of tens of billions of dollars to charitable causes, while Musk has been criticised for not giving away enough of his riches.

Earlier this year, Musk pledged to give away $150 million, including a $100 million prize in a carbon removal contest.

Also read |&nbsp;<a href="https://www.wionews.com/world/elon-musk-asks-people-to-use-signal-app-instead-of-whatsapp-and-facebook-over-privacy-issues-355704">Elon Musk asks people to use Signal app instead of WhatsApp and Facebook over privacy issues</a>

Musk grew up in South Africa before moving to Canada aged 17, and then California where he became a young entrepreneur, founding software and then banking companies — one of which was merged to become PayPal.

In the early 2000s he formed aerospace manufacturer SpaceX and electric vehicle company Tesla Motors.

(With inputs from agencies)

Tesla and SpaceX CEO Elon Musk is now worth more than both Bill Gates and Warren Buffett combined. According to the Bloomberg Billionaires Index, the 50-year-old’s net worth is $230 billion as of Friday.

Tesla and SpaceX CEO Elon Musk is now worth more than both Bill Gates and Warren Buffett combined. According to the Bloomberg Billionaires Index, the 50-year-old’s net worth is $230 billion as of Friday. Microsoft founder Gates is placed fourth with $130 billion while Buffett is placed 10th with $102 billion. Both Gates and Buffett previously held the world’s richest title. Musk first passed Amazon CEO Jeff Bezos to become the world’s richest man in January with a net worth of $185 billion. Bezos had held the title since 2017. Musk has added more than $60 billion to his fortune this year thanks to the strong performance of Tesla stock as well as a recent share sale at SpaceX which valued the company at $100 billion. The SpaceX deal added $11 billion to Musk’s net worth, according to Bloomberg. Also read | Is Tesla’s Elon Musk a master manipulator of markets? Gates and Buffett are noted for giving way their wealth, to the tune of tens of billions of dollars to charitable causes, while Musk has been criticised for not giving away enough of his riches. Earlier this year, Musk pledged to give away $150 million, including a $100 million prize in a carbon removal contest. Also read | Elon Musk asks people to use Signal app instead of WhatsApp and Facebook over privacy issues Musk grew up in South Africa before moving to Canada aged 17, and then California where he became a young entrepreneur, founding software and then banking companies — one of which was merged to become PayPal. In the early 2000s he formed aerospace manufacturer SpaceX and electric vehicle company Tesla Motors. (With inputs from agencies)

With $230 billion net worth, Musk is now richer than Gates and Buffett combined

Berkshire Hathaway CEO and billionaire investor&nbsp;Warren Buffett has resigned&nbsp;as a trustee of the Bill and Melinda Gates Foundation.

The announcement comes weeks after Bill and Melinda Gates announced that they were divorcing after 27 years of marriage but would continue to jointly run the foundation, one of the largest charitable foundations in the world.

Buffett, 90, said in a Wednesday statement that he has been an "inactive trustee" for years at the foundation, but fully supported its Chief Executive Mark Suzman and that their goals were "100 per cent&nbsp;in sync."

He also announced a new $4.1 billion donation of Berkshire shares to the Gates Foundation and four family charities, part of his 2006 pledge to give away about 99% of his net worth.

Founded in 2000, the nonprofit focuses on combating poverty, disease and inequity, spending $54.8 billion in its first two decades. It receives roughly four-fifths of Buffett's annual charitable donations.

Buffet gave no reason for stepping down from the Gates Foundation, but questions have been raised about the structure of its leadership after reports of Bill Gates' behavior in the workplace.

Arguably the world's most famous investor, Buffett has since 1965 built Berkshire into a more than $600 billion conglomerate, owning businesses such as the BNSF railroad and Geico auto insurance, and stocks such as Apple Inc.

"Over many decades I have accumulated an almost incomprehensible sum simply by doing what I love to do," Buffett said. "Society has a use for my money: I don't."

Wednesday's donations also go to the Susan Thompson Buffett Foundation, named for Buffett's late first wife, and charities run by Buffett's children Howard, Susan and Peter: the Howard G. Buffett Foundation, the Sherwood Foundation and the Novo Foundation.

Buffett has assured his children they would remain taken care of. "A very rich person should leave his kids enough to do anything, but not enough to do nothing," he told Fortune magazine in 2006.

Had Buffett not made his donations, his fortune would roughly equal that of Amazon.com Inc founder Jeff Bezos, the world's richest person according to Forbes magazine.

Bill Gates and Buffett also pioneered "The Giving Pledge," where more than 200 people like Michael Bloomberg, Larry Ellison, Carl Icahn, Elon Musk, Mark Zuckerberg and Saudi Prince Alwaleed bin Tall committed at least half their fortunes to philanthropy.

Buffett's statement also addressed recent criticism after a ProPublica investigation found that he and other wealthy people paid low taxes relative to their fortunes.

He said his donations have resulted in only about 40 cents of tax savings per $1,000 given.

"Nevertheless, tax deductions are important to many-- particularly to the super-rich--who give large amounts of cash or securities to philanthropy," he said.

Buffett also used references to American football to assure fans he has no plans to step away, including from Berkshire.

"These remarks are no swan song," he said. "I still relish being on the field and carrying the ball. But I'm clearly playing in a game that, for me, has moved past the fourth quarter into overtime."

(With inputs from agencies)

Berkshire Hathaway CEO and billionaire investor Warren Buffett has resigned as a trustee of the Bill and Melinda Gates Foundation. The announcement comes weeks after Bill and Melinda Gates announced that they were divorcing after 27 years of marriage but would continue to jointly run the foundation, one of the largest charitable foundations in the world.

Berkshire Hathaway CEO and billionaire investor Warren Buffett has resigned as a trustee of the Bill and Melinda Gates Foundation. The announcement comes weeks after Bill and Melinda Gates announced that they were divorcing after 27 years of marriage but would continue to jointly run the foundation, one of the largest charitable foundations in the world. Buffett, 90, said in a Wednesday statement that he has been an "inactive trustee" for years at the foundation, but fully supported its Chief Executive Mark Suzman and that their goals were "100 per cent in sync." He also announced a new $4.1 billion donation of Berkshire shares to the Gates Foundation and four family charities, part of his 2006 pledge to give away about 99% of his net worth. Founded in 2000, the nonprofit focuses on combating poverty, disease and inequity, spending $54.8 billion in its first two decades. It receives roughly four-fifths of Buffett's annual charitable donations. Buffet gave no reason for stepping down from the Gates Foundation, but questions have been raised about the structure of its leadership after reports of Bill Gates' behavior in the workplace. Arguably the world's most famous investor, Buffett has since 1965 built Berkshire into a more than $600 billion conglomerate, owning businesses such as the BNSF railroad and Geico auto insurance, and stocks such as Apple Inc. "Over many decades I have accumulated an almost incomprehensible sum simply by doing what I love to do," Buffett said. "Society has a use for my money: I don't." Wednesday's donations also go to the Susan Thompson Buffett Foundation, named for Buffett's late first wife, and charities run by Buffett's children Howard, Susan and Peter: the Howard G. Buffett Foundation, the Sherwood Foundation and the Novo Foundation. Buffett has assured his children they would remain taken care of. "A very rich person should leave his kids enough to do anything, but not enough to do nothing," he told Fortune magazine in 2006. Had Buffett not made his donations, his fortune would roughly equal that of Amazon.com Inc founder Jeff Bezos, the world's richest person according to Forbes magazine. Bill Gates and Buffett also pioneered "The Giving Pledge," where more than 200 people like Michael Bloomberg, Larry Ellison, Carl Icahn, Elon Musk, Mark Zuckerberg and Saudi Prince Alwaleed bin Tall committed at least half their fortunes to philanthropy. Buffett's statement also addressed recent criticism after a ProPublica investigation found that he and other wealthy people paid low taxes relative to their fortunes. He said his donations have resulted in only about 40 cents of tax savings per $1,000 given. "Nevertheless, tax deductions are important to many-- particularly to the super-rich--who give large amounts of cash or securities to philanthropy," he said. Buffett also used references to American football to assure fans he has no plans to step away, including from Berkshire. "These remarks are no swan song," he said. "I still relish being on the field and carrying the ball. But I'm clearly playing in a game that, for me, has moved past the fourth quarter into overtime." (With inputs from agencies)

Billionaire Warren Buffett resigns from Bill and Melinda Gates Foundation

<a href="https://www.wionews.com/topics/bill-gates">Bill gates</a> owned TerraPower, and power company PacifiCorp, owned by Warren Buffett’s Berkshire Hathaway, has chosen the site of a retiring coal plant in Wyoming as the location of their new joint project, the first Natrium nuclear reactor.

As states strive to cut emissions that cause climate change, small advanced reactors that run on fuels different than the ones used in traditional reactors, are regarded as a critical carbon-free technology that holds the potential to supplement intermittent power sources like wind and solar.

Also read |&nbsp;<a href="https://www.wionews.com/world/a-culture-of-fear-at-the-firm-that-manages-bill-gates-fortune-387751">A culture of fear at the firm that manages Bill Gates’ fortune</a>

Speaking at a press conference, held for the launch of the project in Cheyenne, Wyoming, Bill gates said “We think Natrium will be a game-changer for the energy industry,”.

“This is our fastest and clearest course to becoming carbon negative,” says Wyoming’s governor, Mark Gordon. “Nuclear power is clearly a part of my all-of-the-above strategy for energy” in Wyoming, the country’s top coal-producing state.

Also read |&nbsp;<a href="https://www.wionews.com/world/bill-gates-is-no-longer-worlds-second-richest-person-345025">Bill Gates is no longer world's second-richest person</a>

Featuring a 345-megawatt sodium-cooled fast reactor with molten salt-based energy storage, which has the potential to boost the system’s power output to 500MW during peak power demand, this project according to TerraPower estimates would cost about $1bn.

Also read |&nbsp;<a href="https://www.wionews.com/world/what-the-gates-divorce-means-for-the-gates-foundation-382950">What the Gates divorce means for the Gates Foundation</a>

With commitments of additional funding (subject to congressional appropriations) in coming years, late last year as initial funding to demonstrate Natrium technology the US energy department awarded TerraPower $80m.

World Nuclear power experts warn that compared to conventional reactors; advanced reactors could have higher risks. According to,&nbsp;a recent report as the fuel for many advanced reactors would require a higher rate of enrichment as compared to conventional fuel, the fuel supply chain can be a very attractive target for militants looking to create a crude nuclear weapon.

Also read |&nbsp;<a href="https://www.wionews.com/world/the-dirt-is-piling-on-bill-gates-americas-loveable-grandpa-385708">The dirt is piling on Bill Gates, America's loveable grandpa</a>

TerraPower’s president and chief executive, Chris Levesque said the demonstration plant would take approximately seven years to build.

“We need this kind of clean energy on the grid in the 2030s,” he told reporters, adding that because these plants reduce overall nuclear waste, they would reduce proliferation risks.

Bill gates owned TerraPower, and power company PacifiCorp, owned by Warren Buffett’s Berkshire Hathaway, has chosen the site of a retiring coal plant in Wyoming as the location of their new joint project, the first Natrium nuclear reactor.

Bill gates owned TerraPower, and power company PacifiCorp, owned by Warren Buffett’s Berkshire Hathaway, has chosen the site of a retiring coal plant in Wyoming as the location of their new joint project, the first Natrium nuclear reactor. As states strive to cut emissions that cause climate change, small advanced reactors that run on fuels different than the ones used in traditional reactors, are regarded as a critical carbon-free technology that holds the potential to supplement intermittent power sources like wind and solar. Also read | A culture of fear at the firm that manages Bill Gates’ fortune Speaking at a press conference, held for the launch of the project in Cheyenne, Wyoming, Bill gates said “We think Natrium will be a game-changer for the energy industry,”. “This is our fastest and clearest course to becoming carbon negative,” says Wyoming’s governor, Mark Gordon. “Nuclear power is clearly a part of my all-of-the-above strategy for energy” in Wyoming, the country’s top coal-producing state. Also read | Bill Gates is no longer world's second-richest person Featuring a 345-megawatt sodium-cooled fast reactor with molten salt-based energy storage, which has the potential to boost the system’s power output to 500MW during peak power demand, this project according to TerraPower estimates would cost about $1bn. Also read | What the Gates divorce means for the Gates Foundation With commitments of additional funding (subject to congressional appropriations) in coming years, late last year as initial funding to demonstrate Natrium technology the US energy department awarded TerraPower $80m. World Nuclear power experts warn that compared to conventional reactors; advanced reactors could have higher risks. According to, a recent report as the fuel for many advanced reactors would require a higher rate of enrichment as compared to conventional fuel, the fuel supply chain can be a very attractive target for militants looking to create a crude nuclear weapon. Also read | The dirt is piling on Bill Gates, America's loveable grandpa TerraPower’s president and chief executive, Chris Levesque said the demonstration plant would take approximately seven years to build. “We need this kind of clean energy on the grid in the 2030s,” he told reporters, adding that because these plants reduce overall nuclear waste, they would reduce proliferation risks.

Bill Gates and Warren Buffet launch the first Natrium nuclear reactor

Billionaire investor Warren Buffett has confirmed that the vice-chairman of his Berkshire Hathaway investment conglomerate, Greg Abel, will succeed him as chief executive of the company.

World Business News: Warren Buffett names Greg Abel as next CEO of Berkshire Hathaway

American investor and business tycoon Warren Buffett has accepted that selling some shares of Apple in Berkshire Hathaway's portfolio last year was likely a mistake, with the company remaining a tech leader providing massive utility to users around the world.&nbsp;

Warren Buffett said he was likely wrong to cash out some of his Apple shares last year.

"I sold some stock last year," the famed investor said at Berkshire Hathaway's annual meeting on Saturday. "That was probably a mistake."

The annual meeting was held in Los Angeles, where Buffett joined Berkshire's 97-year-old vice chairman Charlie Munger, to answer more than three hours of shareholder questions.

Greg Abel and Ajit Jain, Berkshire's other vice chairmen and potentially successors to Buffett as chief executive, also fielded several questions.

Asked about their rapport, Jain said that they don't interact as much as Munger and Buffett, but they talk every quarter about businesses they oversee.

Buffett stood by Apple, calling the iPhone maker an "extraordinary business" with "indispensable" products.

(With inputs from agencies)

American investor and business tycoon Warren Buffett has accepted that selling some shares of Apple in Berkshire Hathaway's portfolio last year was likely a mistake, with the company remaining a tech leader providing massive utility to users around the world.

American investor and business tycoon Warren Buffett has accepted that selling some shares of Apple in Berkshire Hathaway's portfolio last year was likely a mistake, with the company remaining a tech leader providing massive utility to users around the world. Warren Buffett said he was likely wrong to cash out some of his Apple shares last year. "I sold some stock last year," the famed investor said at Berkshire Hathaway's annual meeting on Saturday. "That was probably a mistake." The annual meeting was held in Los Angeles, where Buffett joined Berkshire's 97-year-old vice chairman Charlie Munger, to answer more than three hours of shareholder questions. Greg Abel and Ajit Jain, Berkshire's other vice chairmen and potentially successors to Buffett as chief executive, also fielded several questions. Asked about their rapport, Jain said that they don't interact as much as Munger and Buffett, but they talk every quarter about businesses they oversee. Buffett stood by Apple, calling the iPhone maker an "extraordinary business" with "indispensable" products. (With inputs from agencies)

Selling some Apple stock was a mistake, accepts Warren Buffett

Priyanka Chopra is having a busy schedule these past months but she's not complaining. 
 
The actor is all set to present Warren Buffet with Global Citizenship Prize 2020 and is feeling&nbsp;beyond honoured to celebrate and acknowledge American business tycoon's leadership, kindness, and undeniable generosity. 
 
"I feel beyond honoured to present Warren Buffett with the 2020 Global Citizen Prize for Philanthropy. In 2006, he shocked the world and promised that he would give away almost all of his wealth to those in need. So far he has donated $37 billion, but he didn`t stop there," Priyanka wrote on Instagram. 
 
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"He co-founded the Giving Pledge, calling on the world`s wealthiest to also give at least half of their net worth. He recognised that the moment to help was now, so he took action and encouraged others in his position to do the same. Today, we celebrate and acknowledge Warren`s leadership, kindness, and undeniable generosity. Thank you... and congratulations. #GCPrize," she added. 
 
The awards ceremony, hosted by singer John Legend this year, recognises people working towards ending extreme poverty. Global Citizen Prize Awards 2020 will be available for viewers in India on December 26 on Vh1 and Voot Select. 
 
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Priyanka Chopra is having a busy schedule these past months but she's not complaining. The actor is all set to present Warren Buffet with Global Citizenship Prize 2020 and is feeling beyond honoured to celebrate and acknowledge American business tycoon's leadership, kindness, and undeniable generosity.

Priyanka Chopra is having a busy schedule these past months but she's not complaining. The actor is all set to present Warren Buffet with Global Citizenship Prize 2020 and is feeling beyond honoured to celebrate and acknowledge American business tycoon's leadership, kindness, and undeniable generosity. "I feel beyond honoured to present Warren Buffett with the 2020 Global Citizen Prize for Philanthropy. In 2006, he shocked the world and promised that he would give away almost all of his wealth to those in need. So far he has donated $37 billion, but he didn`t stop there," Priyanka wrote on Instagram. View this post on Instagram A post shared by Priyanka Chopra Jonas (@priyankachopra) × "He co-founded the Giving Pledge, calling on the world`s wealthiest to also give at least half of their net worth. He recognised that the moment to help was now, so he took action and encouraged others in his position to do the same. Today, we celebrate and acknowledge Warren`s leadership, kindness, and undeniable generosity. Thank you... and congratulations. #GCPrize," she added. The awards ceremony, hosted by singer John Legend this year, recognises people working towards ending extreme poverty. Global Citizen Prize Awards 2020 will be available for viewers in India on December 26 on Vh1 and Voot Select.

Priyanka Chopra feels honoured to present Warren Buffett with 2020 Global Citizen Prize

Bill Gates, the mastermind behind Microsoft and largely credited for making computer technology accessible recently outdid himself.

A man of many talents, turns out one of the world’s richest men can also bake, and very well actually.

To honour his friend Warren Buffett on his 90th birthday, Gates made a cake from scratch. And the best part of it all? He documented it all for us to see.

Buffett is an American investor and known&nbsp;as one of the world’s most prolific investors.

Gates had wonderful things to say about Buffett, and said that the investor has the mental sharpness of a 30-year-old.

Watch the full clip below

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Happy 90th birthday, Warren! <a href="https://t.co/8nH2EulTR4">pic.twitter.com/8nH2EulTR4</a>
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“Warren Buffett turns 90 years old today. It’s hard to believe that my close friend is entering his tenth decade. Warren has the mental sharpness of a 30-year-old, the mischievous laugh of a 10-year-old, and the diet of a 6-year-old. He once told me that he looked at the data and discovered that first-graders have the best actuarial odds, so he decided to eat like one. He was only half-joking”, he wrote.

Writing further in his blog, Gates reminisced on the good times with his buddy. “Warren is still so youthful that it’s easy to forget he was once an actual young man, just starting out in his career”, Gates further wrote, while sharing an old photo of Buffett with his family.

Also read:&nbsp;<a href="/world/bill-gates-warns-climate-change-crisis-could-be-worse-than-covid-19-pandemic-318665" hreflang="en">Bill Gates warns climate change crisis could be worse than COVID-19 pandemic</a>

Gates dug a little deeper and created a listicle of sorts to sum up Buffett’s 90 years of existence. He claimed that Buffett has received 30 years of sleep by now, based on the assumption that he gets 8 hours of sleep every day.

“One of Warren’s most admirable qualities is his unshakable sense of right and wrong. It’s a trait he may have gotten from his dad, Howard, a stockbroker and three-term US&nbsp;Representative from Omaha”, Gates went on to say.

Gates ended the letter on a sweet note, quite literally. “A person that I admire as well as like—that's the perfect description of how I feel about Warren. Happy birthday, my friend”, he wrote.

Bill Gates, the mastermind behind Microsoft and largely credited for making computer technology accessible recently outdid himself. A man of many talents, turns out one of the world’s richest men can also bake, and very well actually.

Bill Gates, the mastermind behind Microsoft and largely credited for making computer technology accessible recently outdid himself. A man of many talents, turns out one of the world’s richest men can also bake, and very well actually. To honour his friend Warren Buffett on his 90th birthday, Gates made a cake from scratch. And the best part of it all? He documented it all for us to see. Buffett is an American investor and known as one of the world’s most prolific investors. Gates had wonderful things to say about Buffett, and said that the investor has the mental sharpness of a 30-year-old. Watch the full clip below Happy 90th birthday, Warren! pic.twitter.com/8nH2EulTR4 — Bill Gates (@BillGates) August 30, 2020 × “Warren Buffett turns 90 years old today. It’s hard to believe that my close friend is entering his tenth decade. Warren has the mental sharpness of a 30-year-old, the mischievous laugh of a 10-year-old, and the diet of a 6-year-old. He once told me that he looked at the data and discovered that first-graders have the best actuarial odds, so he decided to eat like one. He was only half-joking”, he wrote. Writing further in his blog, Gates reminisced on the good times with his buddy. “Warren is still so youthful that it’s easy to forget he was once an actual young man, just starting out in his career”, Gates further wrote, while sharing an old photo of Buffett with his family. Also read: Bill Gates warns climate change crisis could be worse than COVID-19 pandemic Gates dug a little deeper and created a listicle of sorts to sum up Buffett’s 90 years of existence. He claimed that Buffett has received 30 years of sleep by now, based on the assumption that he gets 8 hours of sleep every day. “One of Warren’s most admirable qualities is his unshakable sense of right and wrong. It’s a trait he may have gotten from his dad, Howard, a stockbroker and three-term US Representative from Omaha”, Gates went on to say. Gates ended the letter on a sweet note, quite literally. “A person that I admire as well as like—that's the perfect description of how I feel about Warren. Happy birthday, my friend”, he wrote.

Watch: Bill Gates bakes a scrumptious cake on Warren Buffett's 90th birthday

Elon Musk's net worth soared past Warren Buffett on Friday as he became the seventh richest person in the world, according to the Bloomberg Billionaires Index.

The fortune of the chief executive officer of Tesla Inc rose by $6.07 billion on Friday, following a 10.8% jump in the electric carmaker's stock.

Buffett's net worth dropped earlier this week when he donated $2.9 billion in Berkshire Hathaway stock to charity, the report added.

Tesla's shares have surged 500% over the past year as the company increased sales of its Model 3 sedan.

The blistering rally also puts Musk in reach of a payday potentially worth $1.8 billion, his second jackpot from the electric car maker in about two months.

The stock is up about 38% since the close on July 1, a day before the company reported its quarterly delivery numbers.

Elon Musk's net worth soared past Warren Buffett on Friday as he became the seventh richest person in the world, according to the Bloomberg Billionaires Index. The fortune of the chief executive officer of Tesla Inc rose by $6.

Elon Musk's net worth soared past Warren Buffett on Friday as he became the seventh richest person in the world, according to the Bloomberg Billionaires Index. The fortune of the chief executive officer of Tesla Inc rose by $6.07 billion on Friday, following a 10.8% jump in the electric carmaker's stock. Buffett's net worth dropped earlier this week when he donated $2.9 billion in Berkshire Hathaway stock to charity, the report added. Tesla's shares have surged 500% over the past year as the company increased sales of its Model 3 sedan. The blistering rally also puts Musk in reach of a payday potentially worth $1.8 billion, his second jackpot from the electric car maker in about two months. The stock is up about 38% since the close on July 1, a day before the company reported its quarterly delivery numbers.

Elon Musk is now richer than Warren Buffett

From Bill Gates to Jeff Bezos: Generous billionaires who donate for charity

Amazon founder Jeff Bezos' divorce from his wife of 25 years, <a href="https://www.wionews.com/world/jeff-bezos-ex-wife-cedes-control-of-amazon-in-divorce-deal-208021">MacKenzie Bezos</a>, was finalised by a Seattle-area judge on Friday, paving the way for her to receive $38.3 billion worth of Amazon stock, Bloomberg reported.

In April, Amazon, the world's biggest online retailer, said in a filing that 4% of its outstanding stock or 19.7 million shares would be registered in MacKenzie Bezos' name after court approval of the divorce.

The couple announced their plan to divorce in a joint Twitter statement in January, causing some to worry that Jeff Bezos could wind up with reduced Amazon voting power or that he or MacKenzie would liquidate a large position.

He retains a 12% stake worth $114.8 billion and remains the world's richest person, Bloomberg said. MacKenzie Bezos has said she would give him voting control of her shares.

Watch:&nbsp;Forbes billionaire list announces Amazon founder as 'Richest man on Planet'

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/forbes-billionaire-list-announces-amazon-founder-as-richest-man-on-planet-9042/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

MacKenzie in May pledged to give half her fortune to charity to join the "Giving Pledge," a campaign announced by billionaire Warren Buffett and Microsoft Corp co-founder Bill Gates in 2010.

Amazon founder Jeff Bezos' divorce from his wife of 25 years, MacKenzie Bezos, was finalised by a Seattle-area judge on Friday, paving the way for her to receive $38.

Amazon founder Jeff Bezos' divorce from his wife of 25 years, MacKenzie Bezos, was finalised by a Seattle-area judge on Friday, paving the way for her to receive $38.3 billion worth of Amazon stock, Bloomberg reported. In April, Amazon, the world's biggest online retailer, said in a filing that 4% of its outstanding stock or 19.7 million shares would be registered in MacKenzie Bezos' name after court approval of the divorce. The couple announced their plan to divorce in a joint Twitter statement in January, causing some to worry that Jeff Bezos could wind up with reduced Amazon voting power or that he or MacKenzie would liquidate a large position. He retains a 12% stake worth $114.8 billion and remains the world's richest person, Bloomberg said. MacKenzie Bezos has said she would give him voting control of her shares. Watch: Forbes billionaire list announces Amazon founder as 'Richest man on Planet' MacKenzie in May pledged to give half her fortune to charity to join the "Giving Pledge," a campaign announced by billionaire Warren Buffett and Microsoft Corp co-founder Bill Gates in 2010.

Amazon founder Jeff Bezos' divorce final with $38 billion settlement: Report

Warren Buffett is donating roughly $3.6 billion of Berkshire Hathaway Inc stock to five charities, including the Bill &amp; Melinda Gates Foundation, the biggest contribution in Buffett's plan to give away his fortune.

Berkshire said Buffett's 14th annual donation comprises about 16.81 million Class "B" shares of Berkshire.

The donation will boost the total amount Buffett has given to the charities to more than $34.5 billion since the 88-year-old billionaire pledged in 2006 to give his shares away.

Four-fifths of the donations go to the Gates Foundation. The rest goes to the Susan Thompson Buffett Foundation, named for Buffett's late first wife, and charities run by his children Howard, Susan and Peter: the Howard G. Buffett Foundation, the Sherwood Foundation and the NoVo Foundation.

Buffett has since 1965 built Berkshire into a roughly $522 billion conglomerate owning such businesses as the BNSF railroad, Geico auto insurance and Dairy Queen ice cream, and stocks such as Apple Inc and Wells Fargo &amp; Co.

Buffett's largest prior annual donation was $3.4 billion in 2018.

Following the latest donation, Buffett will still own about 15.7 per cent of Berkshire, despite having given away 45 per cent of his 2006 holdings, and have roughly 31 per cent of its voting power.

Buffett remains the world's fourth-richest person, worth $87.5 billion according to Forbes magazine.

Jeff Bezos, Amazon.com Inc's chief executive, and his family topped Forbes' list at $157.8 billion. Berkshire invested in Amazon for the first time early this year.

The Gates and family charities typically sell Buffett's shares to finance their activities, reflecting his desire that money be spent. Buffett also donates to other charities.

Warren Buffett is donating roughly $3.6 billion of Berkshire Hathaway Inc stock to five charities, including the Bill & Melinda Gates Foundation, the biggest contribution in Buffett's plan to give away his fortune.

Warren Buffett is donating roughly $3.6 billion of Berkshire Hathaway Inc stock to five charities, including the Bill & Melinda Gates Foundation, the biggest contribution in Buffett's plan to give away his fortune. Berkshire said Buffett's 14th annual donation comprises about 16.81 million Class "B" shares of Berkshire. The donation will boost the total amount Buffett has given to the charities to more than $34.5 billion since the 88-year-old billionaire pledged in 2006 to give his shares away. Four-fifths of the donations go to the Gates Foundation. The rest goes to the Susan Thompson Buffett Foundation, named for Buffett's late first wife, and charities run by his children Howard, Susan and Peter: the Howard G. Buffett Foundation, the Sherwood Foundation and the NoVo Foundation. Buffett has since 1965 built Berkshire into a roughly $522 billion conglomerate owning such businesses as the BNSF railroad, Geico auto insurance and Dairy Queen ice cream, and stocks such as Apple Inc and Wells Fargo & Co. Buffett's largest prior annual donation was $3.4 billion in 2018. Following the latest donation, Buffett will still own about 15.7 per cent of Berkshire, despite having given away 45 per cent of his 2006 holdings, and have roughly 31 per cent of its voting power. Buffett remains the world's fourth-richest person, worth $87.5 billion according to Forbes magazine. Jeff Bezos, Amazon.com Inc's chief executive, and his family topped Forbes' list at $157.8 billion. Berkshire invested in Amazon for the first time early this year. The Gates and family charities typically sell Buffett's shares to finance their activities, reflecting his desire that money be spent. Buffett also donates to other charities.

Warren Buffett donates $3.6 billion to Gates' and family charities

"Tax us more!" was the message on Monday from about 20 super wealthy Americans who urged presidential candidates to back higher taxes on the wealthiest to confront climate change and other priorities.

"America has a moral, ethical and economic responsibility to tax our wealth more," said the group, which included George Soros, Facebook co-founder Chris Hughes, descendants of Walt Disney and the owners of the Hyatt hotel chain.

"A wealth tax could help address the climate crisis, improve the economy, improve health outcomes, fairly create opportunity, and strengthen our democratic freedoms. Instituting a wealth tax is in the interest of our republic."

Signers pointed out that fellow billionaire Warren Buffett has said he is taxed at a lower rate than his secretary.

The letter alluded to support among Democratic presidential candidates for higher taxes on the super-wealthy, including Pete Buttigieg and Beto O'Rourke.

But the letter noted broad bipartisan support for taxing the super-wealthy, saying "some ideas are too important for America to be part of only a few candidates' platforms."

It praised a proposal by Senator Elizabeth Warren that would lift taxes on those with more than $50 million in taxes, a measure expected to affect the 75,000 wealthiest families.

The letter was signed by 18 people representing 11 families, plus one anonymous person. Many in the group have been associated with progressive initiatives on issues such as climate change and the growing wealth gap.

Of about 40 countries, the United States is the sixth highest in terms of wealth concentration, according to data from the Organization for Economic Co-operation and Development.

Taxing the super-wealthy "would slow the growing concentration of wealth that undermines the stability and integrity of our republic," the letter said.

"Today, major policies seldom come to pass without the prior support of wealthy elites or other wealthy interests. Division and dissatisfaction are exacerbated by inequality, leading to higher levels of distrust in democratic institutions - and worse."

"Tax us more!" was the message on Monday from about 20 super wealthy Americans who urged presidential candidates to back higher taxes on the wealthiest to confront climate change and other priorities.

"Tax us more!" was the message on Monday from about 20 super wealthy Americans who urged presidential candidates to back higher taxes on the wealthiest to confront climate change and other priorities. "America has a moral, ethical and economic responsibility to tax our wealth more," said the group, which included George Soros, Facebook co-founder Chris Hughes, descendants of Walt Disney and the owners of the Hyatt hotel chain. "A wealth tax could help address the climate crisis, improve the economy, improve health outcomes, fairly create opportunity, and strengthen our democratic freedoms. Instituting a wealth tax is in the interest of our republic." Signers pointed out that fellow billionaire Warren Buffett has said he is taxed at a lower rate than his secretary. The letter alluded to support among Democratic presidential candidates for higher taxes on the super-wealthy, including Pete Buttigieg and Beto O'Rourke. But the letter noted broad bipartisan support for taxing the super-wealthy, saying "some ideas are too important for America to be part of only a few candidates' platforms." It praised a proposal by Senator Elizabeth Warren that would lift taxes on those with more than $50 million in taxes, a measure expected to affect the 75,000 wealthiest families. The letter was signed by 18 people representing 11 families, plus one anonymous person. Many in the group have been associated with progressive initiatives on issues such as climate change and the growing wealth gap. Of about 40 countries, the United States is the sixth highest in terms of wealth concentration, according to data from the Organization for Economic Co-operation and Development. Taxing the super-wealthy "would slow the growing concentration of wealth that undermines the stability and integrity of our republic," the letter said. "Today, major policies seldom come to pass without the prior support of wealthy elites or other wealthy interests. Division and dissatisfaction are exacerbated by inequality, leading to higher levels of distrust in democratic institutions - and worse."

Tax us more, urge US super wealthy to presidential candidates

Warren Buffett once called bitcoin "probably rat poison squared." He'll now have to dine with one of the cryptocurrency's biggest fans.

Cryptocurrency pioneer Justin Sun revealed on Monday that he bid the record $4.57 million at a charity auction to have <a href="https://www.wionews.com/business-economy/billionaire-warren-buffett-gives-new-hint-about-his-successor-216033">lunch with Buffett</a>, the billionaire chairman of Berkshire Hathaway Inc.

Sun's winning bid, which the 28-year-old announced on Twitter, was confirmed by the Glide Foundation, whose five-day online auction on eBay ended on Friday night.

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I officially announce I’ve won the record-setting 20th-anniversary charity lunch hosted by <a href="https://twitter.com/WarrenBuffett?ref_src=twsrc%5Etfw">@WarrenBuffett</a>. I’ll also invite <a href="https://twitter.com/hashtag/blockchain?src=hash&amp;ref_src=twsrc%5Etfw">#blockchain</a> industry leaders to meet with a titan of investment. I hope this benefits everyone. <a href="https://twitter.com/hashtag/TRON?src=hash&amp;ref_src=twsrc%5Etfw">#TRON</a> <a href="https://twitter.com/hashtag/TRX?src=hash&amp;ref_src=twsrc%5Etfw">#TRX</a> <a href="https://twitter.com/hashtag/BTT?src=hash&amp;ref_src=twsrc%5Etfw">#BTT</a> <a href="https://twitter.com/hashtag/BitTorrent?src=hash&amp;ref_src=twsrc%5Etfw">#BitTorrent</a> <a href="https://t.co/EMZ4TMhgpR">pic.twitter.com/EMZ4TMhgpR</a>
— Justin Sun (@justinsuntron) <a href="https://twitter.com/justinsuntron/status/1135577230489268224?ref_src=twsrc%5Etfw">June 3, 2019</a></blockquote>
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Glide is located in San Francisco's Tenderloin district and serves the poor, homeless and those battling substance abuse.

Sun can invite up to seven people to dine with Buffett at the Smith &amp; Wollensky steakhouse in midtown Manhattan.

"I'm delighted with the fact that Justin has won the lunch and am looking forward to meeting him and his friends," Buffett said in a statement provided by his assistant. "We are going to have a good time and Glide will use his contribution to help many thousands of people."

Buffett, 88, has raised about $34.2 million for Glide in 20 annual auctions since 2000. His first wife, Susan, who died in 2004, introduced him to Glide after volunteering there.

Sun, who has a master's degree from the University of Pennsylvania, launched Tron or TRX token in 2017, and raised about $70 million in an initial coin offering. He bought San Francisco-based BitTorrent for $120 million in cash last year.

In Twitter posts, Sun said he plans to invite industry leaders from the blockchain community to dine with Buffett, who he called "a titan of investment. I hope this benefits everyone."

Buffett has run Berkshire since 1965.

The Omaha, Nebraska-based conglomerate owns more than 90 businesses such as the Geico auto insurer and BNSF railroad, and invests in stocks such as Apple Inc, Coca-Cola Co and Wells Fargo &amp; Co.

At Berkshire's annual meeting last month, Buffett likened wagering on bitcoin to betting on zero or double-zero on a Las Vegas roulette wheel. "I have to say, bitcoin has rejuvenated that feeling in me," Buffett said. 
&nbsp;

Warren Buffett once called bitcoin "probably rat poison squared." He'll now have to dine with one of the cryptocurrency's biggest fans. Cryptocurrency pioneer Justin Sun revealed on Monday that he bid the record $4.

Warren Buffett once called bitcoin "probably rat poison squared." He'll now have to dine with one of the cryptocurrency's biggest fans. Cryptocurrency pioneer Justin Sun revealed on Monday that he bid the record $4.57 million at a charity auction to have lunch with Buffett, the billionaire chairman of Berkshire Hathaway Inc. Sun's winning bid, which the 28-year-old announced on Twitter, was confirmed by the Glide Foundation, whose five-day online auction on eBay ended on Friday night. I officially announce I’ve won the record-setting 20th-anniversary charity lunch hosted by @WarrenBuffett. I’ll also invite #blockchain industry leaders to meet with a titan of investment. I hope this benefits everyone. #TRON #TRX #BTT #BitTorrent pic.twitter.com/EMZ4TMhgpR — Justin Sun (@justinsuntron) June 3, 2019 × Glide is located in San Francisco's Tenderloin district and serves the poor, homeless and those battling substance abuse. Sun can invite up to seven people to dine with Buffett at the Smith & Wollensky steakhouse in midtown Manhattan. "I'm delighted with the fact that Justin has won the lunch and am looking forward to meeting him and his friends," Buffett said in a statement provided by his assistant. "We are going to have a good time and Glide will use his contribution to help many thousands of people." Buffett, 88, has raised about $34.2 million for Glide in 20 annual auctions since 2000. His first wife, Susan, who died in 2004, introduced him to Glide after volunteering there. Sun, who has a master's degree from the University of Pennsylvania, launched Tron or TRX token in 2017, and raised about $70 million in an initial coin offering. He bought San Francisco-based BitTorrent for $120 million in cash last year. In Twitter posts, Sun said he plans to invite industry leaders from the blockchain community to dine with Buffett, who he called "a titan of investment. I hope this benefits everyone." Buffett has run Berkshire since 1965. The Omaha, Nebraska-based conglomerate owns more than 90 businesses such as the Geico auto insurer and BNSF railroad, and invests in stocks such as Apple Inc, Coca-Cola Co and Wells Fargo & Co. At Berkshire's annual meeting last month, Buffett likened wagering on bitcoin to betting on zero or double-zero on a Las Vegas roulette wheel. "I have to say, bitcoin has rejuvenated that feeling in me," Buffett said.

Cryptocurrency pioneer Justin Sun pays $4.57 million for lunch with Warren Buffett

Billionaire Warren Buffett on Saturday gave a clue on who might succeed him to run his Berkshire Hathaway empire but did not completely reveal his hand.

The <a href="https://www.wionews.com/world/i-will-never-hesitate-to-fly-in-boeing-737-max-warren-buffett-declares-216003">world's third-richest man</a> also said at his company's annual shareholder meeting that its recent investment in Amazon was not a shift in strategy to focus on Silicon Valley firms, which have largely remained missing from Berkshire's voluminous portfolio.

Buffett, 88, was pressed by questions -- each greeted with a torrent of applause -- about who would succeed him.

Without answering directly, Buffett said Gregory Able, 57, and Ajit Jain, 67 -- both promoted last year to the board of directors -- would in the near future join him and long-time business partner Charlie Munger, 95, on the stage to answer shareholder questions.

"You could not have two better-operating managers than Greg and Ajit. It's just fantastic what they've accomplished," said Buffett, who is known as the "Oracle of Omaha."

For decades, Buffett and Munger have been the two stars of Berkshire Hathaway, but on Saturday, Jain answered a shareholder question, though he did so from the floor.

'Unbureaucratic'

Abel joined the company in 1992 in the energy division, and for more than a year has overseen all non-insurance activities, while Jain came on board in 1986 in the insurance division, which he currently leads.

But who will prevail, or could they jointly take the helm?

"One of the reasons we have trouble with these questions is because Berkshire is so very peculiar. We have a different, kind of unbureaucratic way of making decisions," said Munger.

"But I don't want to be like everybody else because this has worked better. So I think you're going to have to endure us," he said.

Buffett's departure is likely to open a new era at the company, especially with shares of Berkshire considered to be 10 to 15 per cent above their real value thanks to the billionaire's presence at the helm.

Some analysts say a Buffett-less Berkshire Hathaway could be a candidate for being broken up into multiple companies.

Investing in tech

On Saturday, Buffett and Munger also faced an onslaught of questions about strategy for investing in technology companies after Berkshire revealed a stake in Amazon.

Buffett said Amazon chief Jeff Bezos has pulled off "close to a miracle" by transforming an online bookseller into the e-commerce giant it is today.

Munger also acknowledged that he and Buffett felt "ashamed" for missing the boat on Google.

"We just sat there sucking our thumbs," he said. "We screwed up."

But there's no indication of a strategy shift at Berkshire to invest more heavily in tech, aside from its new stake in Amazon and a $40-billion stake in Apple.

On Saturday, Berkshire Hathaway announced a net profit of $21.66 billion -- a result that does not take into account expected losses from its stake in Kraft Heinz, which has recently depreciated assets valued in the billions of dollars.

Berkshire Hathaway has holdings in companies such as American Express, JPMorgan Chase and Goldman Sachs, and is active in sectors like insurance (Geico), rail (BNSF) and energy (PacifiCorp).

The Berkshire Hathaway shareholder meeting, which draws tens of thousands to the small city of Omaha in the American heartland, has been dubbed "Woodstock for Capitalists."

Unlike other annual meetings, the goal here is not to release company results but to hear Buffett identify companies that he might invest in, or from which he might withdraw his money.

Some 20,000 people secured a coveted pass to hear Buffett speak in person, after lining up from 5:00 am, with thousands more left to soak up the atmosphere from outside the theater.

Buffett kicked off the day by touring the souvenir stands at CHI Health Center and mingling with the crowd of attendees, made up of leading executives, investors and billionaires from around the world. This year, many Chinese delegations made the trip.

He later made a surprise appearance at a sideline event organized by a group of women financial professionals aiming to end the gender imbalance in investing.

"It's long overdue," Buffet said of the goal.

Buffett, who is worth almost $90 billion, still lives in a relatively modest house about 10 minutes outside downtown Omaha that he bought in 1958.

Billionaire Warren Buffett on Saturday gave a clue on who might succeed him to run his Berkshire Hathaway empire but did not completely reveal his hand. The world's third-richest man also said at his company's annual shareholder meeting that its recent investment in Amazon was not a shift in strategy to focus on Silicon Valley firms, which have largely remained missing from Berkshire's voluminous portfolio.

Billionaire Warren Buffett on Saturday gave a clue on who might succeed him to run his Berkshire Hathaway empire but did not completely reveal his hand. The world's third-richest man also said at his company's annual shareholder meeting that its recent investment in Amazon was not a shift in strategy to focus on Silicon Valley firms, which have largely remained missing from Berkshire's voluminous portfolio. Buffett, 88, was pressed by questions -- each greeted with a torrent of applause -- about who would succeed him. Without answering directly, Buffett said Gregory Able, 57, and Ajit Jain, 67 -- both promoted last year to the board of directors -- would in the near future join him and long-time business partner Charlie Munger, 95, on the stage to answer shareholder questions. "You could not have two better-operating managers than Greg and Ajit. It's just fantastic what they've accomplished," said Buffett, who is known as the "Oracle of Omaha." For decades, Buffett and Munger have been the two stars of Berkshire Hathaway, but on Saturday, Jain answered a shareholder question, though he did so from the floor. 'Unbureaucratic' Abel joined the company in 1992 in the energy division, and for more than a year has overseen all non-insurance activities, while Jain came on board in 1986 in the insurance division, which he currently leads. But who will prevail, or could they jointly take the helm? "One of the reasons we have trouble with these questions is because Berkshire is so very peculiar. We have a different, kind of unbureaucratic way of making decisions," said Munger. "But I don't want to be like everybody else because this has worked better. So I think you're going to have to endure us," he said. Buffett's departure is likely to open a new era at the company, especially with shares of Berkshire considered to be 10 to 15 per cent above their real value thanks to the billionaire's presence at the helm. Some analysts say a Buffett-less Berkshire Hathaway could be a candidate for being broken up into multiple companies. Investing in tech On Saturday, Buffett and Munger also faced an onslaught of questions about strategy for investing in technology companies after Berkshire revealed a stake in Amazon. Buffett said Amazon chief Jeff Bezos has pulled off "close to a miracle" by transforming an online bookseller into the e-commerce giant it is today. Munger also acknowledged that he and Buffett felt "ashamed" for missing the boat on Google. "We just sat there sucking our thumbs," he said. "We screwed up." But there's no indication of a strategy shift at Berkshire to invest more heavily in tech, aside from its new stake in Amazon and a $40-billion stake in Apple. On Saturday, Berkshire Hathaway announced a net profit of $21.66 billion -- a result that does not take into account expected losses from its stake in Kraft Heinz, which has recently depreciated assets valued in the billions of dollars. Berkshire Hathaway has holdings in companies such as American Express, JPMorgan Chase and Goldman Sachs, and is active in sectors like insurance (Geico), rail (BNSF) and energy (PacifiCorp). The Berkshire Hathaway shareholder meeting, which draws tens of thousands to the small city of Omaha in the American heartland, has been dubbed "Woodstock for Capitalists." Unlike other annual meetings, the goal here is not to release company results but to hear Buffett identify companies that he might invest in, or from which he might withdraw his money. Some 20,000 people secured a coveted pass to hear Buffett speak in person, after lining up from 5:00 am, with thousands more left to soak up the atmosphere from outside the theater. Buffett kicked off the day by touring the souvenir stands at CHI Health Center and mingling with the crowd of attendees, made up of leading executives, investors and billionaires from around the world. This year, many Chinese delegations made the trip. He later made a surprise appearance at a sideline event organized by a group of women financial professionals aiming to end the gender imbalance in investing. "It's long overdue," Buffet said of the goal. Buffett, who is worth almost $90 billion, still lives in a relatively modest house about 10 minutes outside downtown Omaha that he bought in 1958.

Billionaire Warren Buffett gives new hint about his successor

Amazon founder Jeff Bezos and his wife, MacKenzie, <a href="https://www.wionews.com/world/jeff-bezos-ex-wife-cedes-control-of-amazon-in-divorce-deal-208021">finalised the biggest divorce settlement </a>in history on Thursday, leaving him with 75 per cent of their stock in the tech giant and giving her nearly $36 billion in shares.&nbsp;&nbsp; &nbsp;

MacKenzie Bezos said she would give all of her stake in The Washington Post and the space exploration firm Blue Origin to her husband -- the world's richest man -- as well as voting control of her remaining Amazon stock.

Jeff Bezos, 55, and MacKenzie, 48, a novelist, married in 1993 and have four children. Jeff Bezos founded Amazon in their Seattle garage in 1994 and turned it into a colossus that dominates online retail.

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In a filing with the US Securities and Exchange Commission, Amazon, which has a market capitalization of some $890 billion, said MacKenzie Bezos will control four per cent of the company's outstanding common stock.

At Amazon's current share price that would be worth some $35.6 billion.

According to Forbes magazine, the divorce settlement makes MacKenzie Bezos the third wealthiest woman in the world after L'Oreal heiress Francoise Bettencourt Meyers and Walmart's Alice Walton.

Jeff Bezos, who now owns 12 per cent of Amazon, remains the world's richest man and the largest shareholder in the company with an estimated fortune of $110 billion, Forbes said, ahead of Microsoft co-founder Bill Gates and Berkshire Hathaway chairman Warren Buffett.

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Jeff and MacKenzie Bezos announced their separation in January and posted Twitter messages on Thursday revealing the divorce settlement.

"Grateful to have finished the process of dissolving my marriage with Jeff with support from each other and everyone who reached out to us in kindness," MacKenzie Bezos wrote.

"Happy to be giving him all of my interests in the Washington Post and Blue Origin, and 75% of our Amazon stock plus voting control of my shares to support his continued contributions with the teams of these incredible companies," she said.

"Excited about my own plans. Grateful for the past as I look forward to what comes next."

Jeff Bezos, in a Twitter message of his own, said his wife had been "an extraordinary partner, ally, and mother."

"She is resourceful and brilliant and loving, and as our futures unroll, I know I'll always be learning from her," he said.

"I'm grateful for her support and for her kindness in this process and am very much looking forward to our new relationship as friends and co-parents," Bezos added.

Bezos has largely kept his personal life private during his years steering Amazon.

But it was thrust into the spotlight with the announcement in January that he and his wife were divorcing after 25 years of marriage and the revelation by the National Enquirer that he had been having an affair with a former news anchor, Lauren Sanchez.

When the National Enquirer, controlled by President Donald Trump's ally David Pecker, threatened to release lurid, intimate pictures of Bezos and Sanchez, Bezos fought back by releasing the details of his exchanges publicly.

"Rather than capitulate to extortion and blackmail, I've decided to publish exactly what they sent me, despite the personal cost and embarrassment they threaten," Bezos wrote in a blog post.

A lawyer for the National Enquirer denied that the supermarket tabloid had tried to extort and blackmail the Amazon founder.

Trump has been a frequent critic of the Post, which Bezos purchased in 2013, claiming that the newspaper is biased against him and calling it the "Amazon Washington Post."

Amazon shares closed down 0.1 percent at $1,818.86 on Thursday.

Amazon founder Jeff Bezos and his wife, MacKenzie, finalised the biggest divorce settlement in history on Thursday, leaving him with 75 per cent of their stock in the tech giant and giving her nearly $36 billion in shares.

Amazon founder Jeff Bezos and his wife, MacKenzie, finalised the biggest divorce settlement in history on Thursday, leaving him with 75 per cent of their stock in the tech giant and giving her nearly $36 billion in shares. MacKenzie Bezos said she would give all of her stake in The Washington Post and the space exploration firm Blue Origin to her husband -- the world's richest man -- as well as voting control of her remaining Amazon stock. Jeff Bezos, 55, and MacKenzie, 48, a novelist, married in 1993 and have four children. Jeff Bezos founded Amazon in their Seattle garage in 1994 and turned it into a colossus that dominates online retail. pic.twitter.com/OJWn3OOLS6 — MacKenzie Bezos (@mackenziebezos) April 4, 2019 × In a filing with the US Securities and Exchange Commission, Amazon, which has a market capitalization of some $890 billion, said MacKenzie Bezos will control four per cent of the company's outstanding common stock. At Amazon's current share price that would be worth some $35.6 billion. According to Forbes magazine, the divorce settlement makes MacKenzie Bezos the third wealthiest woman in the world after L'Oreal heiress Francoise Bettencourt Meyers and Walmart's Alice Walton. Jeff Bezos, who now owns 12 per cent of Amazon, remains the world's richest man and the largest shareholder in the company with an estimated fortune of $110 billion, Forbes said, ahead of Microsoft co-founder Bill Gates and Berkshire Hathaway chairman Warren Buffett. pic.twitter.com/oFGWPkK3dB — Jeff Bezos (@JeffBezos) April 4, 2019 × Jeff and MacKenzie Bezos announced their separation in January and posted Twitter messages on Thursday revealing the divorce settlement. "Grateful to have finished the process of dissolving my marriage with Jeff with support from each other and everyone who reached out to us in kindness," MacKenzie Bezos wrote. "Happy to be giving him all of my interests in the Washington Post and Blue Origin, and 75% of our Amazon stock plus voting control of my shares to support his continued contributions with the teams of these incredible companies," she said. "Excited about my own plans. Grateful for the past as I look forward to what comes next." Jeff Bezos, in a Twitter message of his own, said his wife had been "an extraordinary partner, ally, and mother." "She is resourceful and brilliant and loving, and as our futures unroll, I know I'll always be learning from her," he said. "I'm grateful for her support and for her kindness in this process and am very much looking forward to our new relationship as friends and co-parents," Bezos added. Bezos has largely kept his personal life private during his years steering Amazon. But it was thrust into the spotlight with the announcement in January that he and his wife were divorcing after 25 years of marriage and the revelation by the National Enquirer that he had been having an affair with a former news anchor, Lauren Sanchez. When the National Enquirer, controlled by President Donald Trump's ally David Pecker, threatened to release lurid, intimate pictures of Bezos and Sanchez, Bezos fought back by releasing the details of his exchanges publicly. "Rather than capitulate to extortion and blackmail, I've decided to publish exactly what they sent me, despite the personal cost and embarrassment they threaten," Bezos wrote in a blog post. A lawyer for the National Enquirer denied that the supermarket tabloid had tried to extort and blackmail the Amazon founder. Trump has been a frequent critic of the Post, which Bezos purchased in 2013, claiming that the newspaper is biased against him and calling it the "Amazon Washington Post." Amazon shares closed down 0.1 percent at $1,818.86 on Thursday.

After divorce settlement, MacKenzie Bezos becomes third richest woman in the world

Uncertainty about how the United States will cope with growing tumult in the world has not dampened Warren Buffett&#39;s optimism for the country&#39;s prospects over the long term -- even 100 years into the future.

&quot;Whenever I hear people talk pessimistically about this country, I think they&#39;re out of their mind,&quot; Buffett, the chairman of Berkshire Hathaway Inc, said on Tuesday night.

Buffett spoke in New York at an event celebrating the 100th anniversary of Forbes magazine, and is on the cover of an issue featuring 100 of the world&#39;s greatest living &quot;business minds.&quot;

The billionaire has transformed Berkshire since 1965 from a failing textile company into a conglomerate with more than 90 businesses in such sectors as insurance, railroads, energy and retail, and well over $100 billion of stocks.

Buffett said he expects the Dow Jones Industrial Average to be &quot;over 1 million&quot; in 100 years, up from Tuesday&#39;s close of 22,370.80. He said that&#39;s not unreasonable, given how the index was roughly 81 a century ago.

But he knows he won&#39;t be around to see it happen.

&quot;When I hear talking about making it to 100, I get excited,&quot; he said. &quot;I&#39;m 87.&quot;

Buffett said he recently determined that of the 53,364 people in the United States who were at least 100 years old, the ratio of women to men was nearly 5-to-1.

&quot;We should start thinking about a sex change,&quot; Buffett said, prompting laughter.

Nonetheless, he said long-term investing remains the way to go.

He noted that since Forbes created its first list of the 400 richest Americans in 1982 -- Buffett was worth just $250 million then -- some 1,500 different people have been included.

All with one thing in common.

&quot;You don&#39;t see any short sellers,&quot; he said, referring to people who bet stock prices will fall.

&quot;It has been 241 years since Thomas Jefferson wrote the Declaration of Independence,&quot; he said. &quot;Being short America has been a loser&#39;s game. I predict to you it will continue to be a loser&#39;s game.&quot;

Forbes&#39; list of top business minds included people with a variety of backgrounds.

Among them were Microsoft co-founder Bill Gates, Amazon.com founder Jeff Bezos, Facebook&#39;s Mark Zuckerberg and Sheryl Sandberg, Nobel Peace Prize winner Muhammad Yunus, architect Frank Gehry, media mogul Oprah Winfrey, and singers Bono and Paul McCartney. 
&nbsp;

Buffett spoke in New York at an event celebrating the 100th anniversary of Forbes magazine

Uncertainty about how the United States will cope with growing tumult in the world has not dampened Warren Buffett's optimism for the country's prospects over the long term -- even 100 years into the future. "Whenever I hear people talk pessimistically about this country, I think they're out of their mind," Buffett, the chairman of Berkshire Hathaway Inc, said on Tuesday night. Buffett spoke in New York at an event celebrating the 100th anniversary of Forbes magazine, and is on the cover of an issue featuring 100 of the world's greatest living "business minds." The billionaire has transformed Berkshire since 1965 from a failing textile company into a conglomerate with more than 90 businesses in such sectors as insurance, railroads, energy and retail, and well over $100 billion of stocks. Buffett said he expects the Dow Jones Industrial Average to be "over 1 million" in 100 years, up from Tuesday's close of 22,370.80. He said that's not unreasonable, given how the index was roughly 81 a century ago. But he knows he won't be around to see it happen. "When I hear talking about making it to 100, I get excited," he said. "I'm 87." Buffett said he recently determined that of the 53,364 people in the United States who were at least 100 years old, the ratio of women to men was nearly 5-to-1. "We should start thinking about a sex change," Buffett said, prompting laughter. Nonetheless, he said long-term investing remains the way to go. He noted that since Forbes created its first list of the 400 richest Americans in 1982 -- Buffett was worth just $250 million then -- some 1,500 different people have been included. All with one thing in common. "You don't see any short sellers," he said, referring to people who bet stock prices will fall. "It has been 241 years since Thomas Jefferson wrote the Declaration of Independence," he said. "Being short America has been a loser's game. I predict to you it will continue to be a loser's game." Forbes' list of top business minds included people with a variety of backgrounds. Among them were Microsoft co-founder Bill Gates, Amazon.com founder Jeff Bezos, Facebook's Mark Zuckerberg and Sheryl Sandberg, Nobel Peace Prize winner Muhammad Yunus, architect Frank Gehry, media mogul Oprah Winfrey, and singers Bono and Paul McCartney.

Warren Buffett calls pessimists about United States 'out of their mind'

Warren&nbsp;Buffett, chairman and chief executive of Berkshire Hathaway Inc, told CNBC on Monday that his conglomerate had purchased about 120 million shares of Apple Inc. in 2017 and that U.S. stocks were not in &quot;bubble territory.&quot;

&quot;Apple strikes me as having quite a sticky product and an enormously useful product to people that use it, not that I do,&quot;&nbsp;Buffett&nbsp;said. He said Berkshire&#39;s Apple stake, at 133 million shares, was worth about $17 billion and amounted to Berkshire&#39;s second-biggest holding.

Apple Chief Executive Tim Cook had done a &quot;terrific job,&quot;&nbsp;Buffett&nbsp;said, but added he had not bought shares since the company&#39;s earnings report.

Berkshire revealed in its annual report on Saturday that its massive stake in Apple stock, as of Dec. 31, had risen to 61.2 million shares for a total of $6.75 billion.

Buffett, who told the cable television network that Berkshire had spent about $20 billion on stocks since just before the November 8 US&nbsp;election, also said the US&nbsp;stock market was cheap with interest rates at current levels.

Benchmark 10-year US&nbsp;Treasury notes last yielded 2.333 per cent in morning US&nbsp;trading.

The billionaire investor said it was extremely difficult to attempt to find a floor in stock prices and that he did not know what would happen in the near term in the equity market.

He said US&nbsp;shares could conceivably &quot;go down 20 per cent tomorrow.&quot;

Buffett&nbsp;said Berkshire&#39;s positions in airlines remained unchanged. He said pricing shares of airlines has historically been a &quot;very tough game&quot; and he had never met the chief executives of the four airlines in which Berkshire holds stakes.

Berkshire reported a $9.3 billion airline stake at the end of Dec. 31, according to Securities and Exchange Commission filings, with investments topping $2.1 billion in each of American Airlines Group Inc, Delta Air Lines Inc, Southwest Airlines Co and United Continental Holdings Inc.

Buffett, who was a vocal supporter of Democratic presidential candidate Hillary Clinton, said he would judge US&nbsp;President Donald Trump based on how safe the country is in four years. He said he would also judge the Republican president according to how the US&nbsp;economy performs overall and how wide participation in a better economy extends.

Despite his disagreement with some of Trump&#39;s policies,&nbsp;Buffett&nbsp;said the US&nbsp;economy would be better off in four years under any president. He said that US&nbsp;Secretary of State Rex Tillerson made &quot;a lot of sense.&quot;

On Kraft Heinz&#39;s snubbed bid for Unilever,&nbsp;Buffett&nbsp;said it was never intended to be a hostile offer and that there was not a &quot;backup deal.&quot; Berkshire is a key investor in Kraft Heinz.

&quot;Will there be another deal at Kraft Heinz some day? My guess is yes, but who knows when, I mean, there&rsquo;s no backup deal, and again, it would have to be friendly and frankly, the prices in that field make it very, very, very tough to make an intelligent deal.&quot;

Asked about Berkshire&#39;s $86 billion cash pile, he said the conglomerate was &quot;always looking&quot; for acquisitions but that there was &quot;nothing close.&quot;

Buffett&nbsp;said it was enormously important for the US&nbsp;economy to have 30-year government-guaranteed mortgages, but that mortgage giants Fannie Mae and Freddie Mac were not necessary in order to accomplish that.

On 30-year US&nbsp;Treasury bonds,&nbsp;Buffett&nbsp;said: &quot;It absolutely baffles me who buys the 30-year bond&quot; and that doing so was not sensible at current yields. US&nbsp;30-year government bonds last yielded 2.964 per cent.

Buffett&nbsp;reiterated that Americans are better off buying plain-vanilla index funds than committing money to active managers. He added that the hedge fund industry&#39;s standard fee structure of 2 per cent of assets and 20 per cent of investment gains &quot;borders on obscene.&quot;

In an annual letter to shareholders on Saturday,&nbsp;Buffett&nbsp;slammed fee-hungry investment managers: &quot;When trillions of dollars are managed by Wall Streeters charging high fees, it will usually be the managers who reap outsized profits, not the clients.&quot;

Buffett&nbsp;praised Amazon Chief Executive Jeff Bezos as possibly the best manager he had ever seen and said Berkshire &quot;missed big time&quot; by not purchasing Amazon shares early on.&nbsp;Buffettsaid the US&nbsp;economy was doing &quot;terrific,&quot; even at just 2 per cent growth per year.

(Reuters)

Berkshire's Apple stake is the company's second-biggest holding

Warren Buffett, chairman and chief executive of Berkshire Hathaway Inc, told CNBC on Monday that his conglomerate had purchased about 120 million shares of Apple Inc. in 2017 and that U.S. stocks were not in "bubble territory." "Apple strikes me as having quite a sticky product and an enormously useful product to people that use it, not that I do," Buffett said. He said Berkshire's Apple stake, at 133 million shares, was worth about $17 billion and amounted to Berkshire's second-biggest holding. Apple Chief Executive Tim Cook had done a "terrific job," Buffett said, but added he had not bought shares since the company's earnings report. Berkshire revealed in its annual report on Saturday that its massive stake in Apple stock, as of Dec. 31, had risen to 61.2 million shares for a total of $6.75 billion. Buffett, who told the cable television network that Berkshire had spent about $20 billion on stocks since just before the November 8 US election, also said the US stock market was cheap with interest rates at current levels. Benchmark 10-year US Treasury notes last yielded 2.333 per cent in morning US trading. The billionaire investor said it was extremely difficult to attempt to find a floor in stock prices and that he did not know what would happen in the near term in the equity market. He said US shares could conceivably "go down 20 per cent tomorrow." Buffett said Berkshire's positions in airlines remained unchanged. He said pricing shares of airlines has historically been a "very tough game" and he had never met the chief executives of the four airlines in which Berkshire holds stakes. Berkshire reported a $9.3 billion airline stake at the end of Dec. 31, according to Securities and Exchange Commission filings, with investments topping $2.1 billion in each of American Airlines Group Inc, Delta Air Lines Inc, Southwest Airlines Co and United Continental Holdings Inc. Buffett, who was a vocal supporter of Democratic presidential candidate Hillary Clinton, said he would judge US President Donald Trump based on how safe the country is in four years. He said he would also judge the Republican president according to how the US economy performs overall and how wide participation in a better economy extends. Despite his disagreement with some of Trump's policies, Buffett said the US economy would be better off in four years under any president. He said that US Secretary of State Rex Tillerson made "a lot of sense." On Kraft Heinz's snubbed bid for Unilever, Buffett said it was never intended to be a hostile offer and that there was not a "backup deal." Berkshire is a key investor in Kraft Heinz. "Will there be another deal at Kraft Heinz some day? My guess is yes, but who knows when, I mean, there’s no backup deal, and again, it would have to be friendly and frankly, the prices in that field make it very, very, very tough to make an intelligent deal." Asked about Berkshire's $86 billion cash pile, he said the conglomerate was "always looking" for acquisitions but that there was "nothing close." Buffett said it was enormously important for the US economy to have 30-year government-guaranteed mortgages, but that mortgage giants Fannie Mae and Freddie Mac were not necessary in order to accomplish that. On 30-year US Treasury bonds, Buffett said: "It absolutely baffles me who buys the 30-year bond" and that doing so was not sensible at current yields. US 30-year government bonds last yielded 2.964 per cent. Buffett reiterated that Americans are better off buying plain-vanilla index funds than committing money to active managers. He added that the hedge fund industry's standard fee structure of 2 per cent of assets and 20 per cent of investment gains "borders on obscene." In an annual letter to shareholders on Saturday, Buffett slammed fee-hungry investment managers: "When trillions of dollars are managed by Wall Streeters charging high fees, it will usually be the managers who reap outsized profits, not the clients." Buffett praised Amazon Chief Executive Jeff Bezos as possibly the best manager he had ever seen and said Berkshire "missed big time" by not purchasing Amazon shares early on. Buffettsaid the US economy was doing "terrific," even at just 2 per cent growth per year. (Reuters)

Berkshire bought 120 million Apple shares, says Buffett

Brooks, the running brand owned by Warren Buffett&#39;s Berkshire Hathaway Inc, believes that the US marathon boom has peaked and it is looking to broaden its appeal to a younger gym generation. 
 
Founded in 1914, the Seattle-based firm was close to bankruptcy when Jim Weber took over as chief executive in 2001. Weber decided to concentrate solely on running, a strategy Buffett bought into when he acquired the brand in 2006. 
 
Brooks is now the market leader in the US specialty running shoe market with a 29 per cent share. It had total sales in 2014 of $548 million, still only a fraction of overall leader Nike&#39;s sales of $32 billion in the year to May 31. 
 
However, the number of people completing US running events peaked in 2013 at 19 million, according to trade group Running USA, falling to 17 million last year. 
 
&quot;We&#39;re going to change some of our communication and connection and make sure our product is friendly for the gym. Runners are doing a lot of different things today,&quot; Weber told Reuters in an interview in Amsterdam where Brooks is sponsoring the European Athletics Championships. 
 
He said millennials -- those aged 25 to 35 -- were increasingly trying out sports such as aerobics, cross fit and yoga and that his company would respond to that trend. 
 
&quot;They are still buying running shoes but they are not defining that as their main activity,&quot; he said. &quot;We&#39;re not losing sleep. People are going to be active.&quot; 
 
He said the fact millennials were starting families later could mean that they could eventually adopt running. The sport suits people with children as they can fit it into their busy schedule and it is not expensive. 
 
Weber said running was still huge, with 120 million active runners worldwide. Participation is growing fast in Europe and China, and the women&#39;s market is booming. More than half of the shoes Brooks sells in the United States are now to women. 
 
&quot;We are smiling about market share growth opportunities, even as growth slows in the category,&quot; Weber said. 
 
Brooks, which makes a popular line of sports bras in the United States, sees room to sell more clothing, which only accounts for about 20 per cent of revenue now, as well as more retro lifestyle shoes. 
 
Weber suggested the &quot;heritage&quot; range that Brooks launched in its centenary year in 2014 -- fashion shoes usually sold at a lower price point than its performance running models -- could even reach sales of $100 million in five years. 
 
He said Buffett had a long-term commitment to build the brand, despite ups and downs like the strong Dollar. 
 
&quot;He is cheering us on to build it out globally and we think we&#39;ve got tremendous opportunity to do that over the next decade,&quot; Weber said. 
 
(Reuters)

Brooks is now the market leader in the US specialty running shoe market with a 29 per cent share

Brooks, the running brand owned by Warren Buffett's Berkshire Hathaway Inc, believes that the US marathon boom has peaked and it is looking to broaden its appeal to a younger gym generation. Founded in 1914, the Seattle-based firm was close to bankruptcy when Jim Weber took over as chief executive in 2001. Weber decided to concentrate solely on running, a strategy Buffett bought into when he acquired the brand in 2006. Brooks is now the market leader in the US specialty running shoe market with a 29 per cent share. It had total sales in 2014 of $548 million, still only a fraction of overall leader Nike's sales of $32 billion in the year to May 31. However, the number of people completing US running events peaked in 2013 at 19 million, according to trade group Running USA, falling to 17 million last year. "We're going to change some of our communication and connection and make sure our product is friendly for the gym. Runners are doing a lot of different things today," Weber told Reuters in an interview in Amsterdam where Brooks is sponsoring the European Athletics Championships. He said millennials -- those aged 25 to 35 -- were increasingly trying out sports such as aerobics, cross fit and yoga and that his company would respond to that trend. "They are still buying running shoes but they are not defining that as their main activity," he said. "We're not losing sleep. People are going to be active." He said the fact millennials were starting families later could mean that they could eventually adopt running. The sport suits people with children as they can fit it into their busy schedule and it is not expensive. Weber said running was still huge, with 120 million active runners worldwide. Participation is growing fast in Europe and China, and the women's market is booming. More than half of the shoes Brooks sells in the United States are now to women. "We are smiling about market share growth opportunities, even as growth slows in the category," Weber said. Brooks, which makes a popular line of sports bras in the United States, sees room to sell more clothing, which only accounts for about 20 per cent of revenue now, as well as more retro lifestyle shoes. Weber suggested the "heritage" range that Brooks launched in its centenary year in 2014 -- fashion shoes usually sold at a lower price point than its performance running models -- could even reach sales of $100 million in five years. He said Buffett had a long-term commitment to build the brand, despite ups and downs like the strong Dollar. "He is cheering us on to build it out globally and we think we've got tremendous opportunity to do that over the next decade," Weber said. (Reuters)

Buffett's Brooks branches out to attract gym generation

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