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Buffett steps down as Abel takes helm
Warren Buffett's name is practically synonymous with long-term investing, patient capital, and business acumen refined over decades. Now, at 95, the "Oracle of Omaha" is preparing to hand over the day-to-day reins of Berkshire Hathaway to Greg Abel while continuing to serve as chairman of the board, maintaining a crucial advisory role over acquisitions and strategic decisions. His successor will take over as CEO on 1 January 2026. However, Buffett will continue to serve as chairman of the board, retaining an advisory role - particularly in areas such as acquisitions and strategic planning. This transition marks the end of an era but not the departure of Buffett’s influence. As the steward of Berkshire’s extraordinary success, Buffett’s investment philosophy has defined modern value investing. His principles - shaped by logic, prudence, and humility - have been a guide for generations of investors.The Transition at Berkshire HathawayThe announcement came as a surprise during Berkshire Hathaway’s annual shareholder meeting in May 2025. In the final moments of the gathering, Buffett stunned attendees - and even Abel himself - by announcing that he had asked the board to formally appoint Abel as CEO effective at the end of th
Billionaires
Elon Musk becomes first person worth over US$600bn
Elon Musk is another step closer to becoming the world’s first trillionaire as his fortune reaches an estimated US$677 billion (A$1.02 billion). This comes as Musk’s rocket maker, SpaceX, launched a tender offer valuing the firm at US$800 million, up from US$400 million, according to Forbes. As Musk owns an estimated 42% of the space company, this boosted his wealth by US$168 million, making him the first person worth US$600 billion or more. He was also the first person to reach the US$500 billion milestone in October. His wealth also got a boost from his roughly 12% stake in Tesla, which saw shares rise 13% so far this year, despite flagging sales. The EV company was also up nearly 4% on Monday after Musk said the company was testing robotaxis without safety monitors in the front passenger seat. This also comes as Tesla shareholders voted in favour of a US$1 trillion compensation plan for Musk that could give him as many as 423.7 million additional shares in the company over the next 10 years. His AI startup, xAI, is also in advanced talks to raise US$15 billion in fresh equity at a valuation of US$230 billion. Musk is now closer to becoming a trillionaire than he is to the second richest person, Larry Pag
Billionaires
Trump buys at least US$82m in bonds from Aug to Oct
United States President Donald Trump bought at least US$82 million in corporate and municipal bonds from August to October, including companies heavily impacted by his administration’s policies. Trump purchased bonds from companies like Netflix, Boeing, Meta, and Intel through more than 175 transactions, according to disclosure forms from the Office of Government Ethics. The filings do not list exact amounts for each purchase, and their maximum total value would be roughly $337 million. According to the filings, Trump bought between $1 million and $5 million in Intel bonds in August. The U.S. government took a 10% stake in Intel just one week earlier. Trump’s largest purchases from August to October also include Comcast, having bought between $1 million and $5 million in bonds. The Federal Communications Commission is currently investigating the company’s relationships with local NBC TV affiliates, following social media posts from Trump accusing NBC of anti-Republican bias. Other major purchases included Meta, Broadcom, SiriusXM, artificial intelligence infrastructure provider CoreWeave, and First Horizon Bank. Trump did not report any bond sales. He also purchased municipal bonds from local U.S. cities, school dis
Billionaires
Musk wins race to US$500 billion fortune
From Columbia to Chile, Peru to Portugal and others, Elon Musk has the economic measure of a number of countries. The world’s richest person had a net worth more than the respective gross domestic products of at least 11 nations as his fortune briefly touched US$500 billion (A$756 billion) on Wednesday. In fact, his worth probably still exceeds that of their economies even after it slipped back. A rise in the value of his 12.4% stake in electric vehicle Tesla helped to push his net assets above the previously unattained half a trillion dollar mark, according to the Forbes' billionaires index, but his business interests also include SpaceX and xAI. The (EV) maker’s share price advanced as investors welcomed his renewed focus on Tesla after a relatively brief foray in politics with President Donald Trump’s team. SpaceX is reportedly planning to raise money in a deal valuing his 42%-owned rocket firm at around $400 billion, while 53%-held artificial intelligence start-up xAI was reportedly seeking a $200 billion valuation in a capital raising which has not proceeded. Larry Ellison briefly overtook Musk as the richest person on the planet in September, but Musk has since relegated the Oracle founder back to second pl
Billionaires
Bridgewater founder Dalio sells stake, exits board
Bridgewater Associates founder Ray Dalio has sold his remaining stake in the company, capping a years-long leadership transition. Dalio will also step down from Bridgewater’s board. He retired as CEO in 2017, and as chairman in 2021. “We wanted to update you that Bridgewater recently repurchased the last remaining ownership shares held by Dalio-related entities,” wrote Bridgewater CEO Nir Bar Dea and co-chair Mike McGavick in a letter to clients. “I see these vital people [Bar Dea and chief investment officers Bob Prince, Greg Jensen, and Karen Karniol-Tambour] continuing to modernise Bridgewater, guided by both the same highly effective 50-year-old principles that took it from nothing to quite something and new traditions developed by the next generation,” Dalio said on LinkedIn. Dalio will retain his investments in Bridgewater’s funds, according to the Wall Street Journal. The Brunei Investment Agency, Brunei’s sovereign wealth fund, has reportedly acquired a stake of almost 20% in Bridgewater following Dalio’s sale. The fund redeemed money from its investment in a Bridgewater vehicle to do so, though it will continue to invest in all of Bridgewater’s strategies. While Bridgewater’s assets under management decl

Billionaires
'Legacy': Famed jeweller Michael Hill dies aged 86
Michael Hill Jewellers founder Sir Michael Hill died this morning aged 86. Michael Hill announced the passing of its founder in an ASX and NZX statement, expressing condolences to his family. Michael, alongside his wife, Lady Christine, started the jeweller in Whangarei, New Zealand in 1979, and soon grew it to be a global retailer in Australia, New Zealand and Canada. His first love lay with music instead of jewellery; however, he was told to pivot after he was told he was too old to start reaching the pinnacle of his craft as a violinist at age 17. This led him to work at his uncle's family-owned jewellery store, which sparked a passion that led to international awards for his window displays and creating bold advertising. “To every endeavour he pursued, Michael brought a deep sense of purpose, an enduring curiosity, open-mindedness and creativity that challenged all of us to embrace ever more lofty goals and be unconstrained in our thinking – a legacy that will continue to inspire us,” Rob Fyfe, Chairman of Michael Hill, said in the ASX announcement. New Zealand’s Prime Minister, Christopher Luxon, has also paid tribute to the late founder. “Sir Michael not only built a globally recognised brand, but also i
Billionaires
Australia’s millionaire tax dodgers spark global debate
In a revelation that’s reigniting a debate over wealth and fairness, the Australian Taxation Office (ATO) has confirmed that 91 Australians earning over $1 million in 2022–23 paid zero income tax. These high-net-worth individuals collectively claimed $390 million in deductions, with nearly three-quarters of that — $291 million — channelled into tax-deductible charitable donations. The average donation among the 19 most generous donors reached a staggering $15.4 million. Meanwhile, this elite cohort also claimed $62.8 million in deductions for managing their tax affairs, averaging nearly $691,000 per person. The data underscores a stark geographic and economic divide. Australia’s wealthiest taxpayers are concentrated in Sydney’s eastern suburbs — Darling Point, Edgecliff, Rushcutters Bay, and Point Piper — where the average taxable income in postcode 2027 reaches $279,712. These enclaves of affluence contrast sharply with the broader population, where average wages rose just 2.6% to $74,240, while tax bills climbed faster than incomes amid inflation and the end of key offsets. The Australia Institute’s chief economist, Greg Jericho, argues the findings expose a systemic imbalance. “At a time when we’re debating super
Billionaires
Bezos-Sanchez wedding: Venice set to bank US$1.1bn
Venice is poised to reap an estimated US$1.1 billion economic windfall from the ultra-luxurious wedding of Amazon founder Jeff Bezos and media executive Lauren Sánchez, according to Italy’s Ministry of Tourism. The three-day celebration, which drew 200 A-list guests including Bill Gates, Oprah Winfrey, and Leonardo DiCaprio, has been hailed by officials as a “concrete driving force” for the city’s struggling tourism sector. The projected impact — equivalent to nearly 68% of Venice’s annual tourism turnover — includes both direct spending and global media exposure. The wedding itself reportedly cost between $46 million and $55 million, with lavish details including a full buyout of the Aman Venice hotel, Michelin-starred catering, Murano glass gifts, and private water taxis ferrying guests across the canals. The couple also pledged €3 million (US$3.2 million) in donations to local environmental and cultural institutions, including UNESCO Venice and the lagoon research group CORILA. Despite the economic boost, the event sparked protests from residents and activists who criticised the city’s overreliance on elite tourism. They also criticised the symbolic takeover of public space by ultra-wealthy visitors. For inves
Billionaires
Oracle of Omaha Buffett gives away more of his fortune
Warren Buffett, the world’s most favoured investor, has donated US$6 billion (A$9.2 billion) of Berkshire Hathaway shares to five charities. The announcement was made by the diversified investment company that the 94-year-old has run since 1965. The donation of about 12.36 million Berkshire Class B shares lifted Buffett's donations above $60 billion since he started giving away his fortune in 2006. He donated:9.43 million shares to the Gates Foundation943,384 shares to the Susan Thompson Buffett Foundation; and 660,366 shares to charities led by his children Howard, Susie, and Peter: the Howard G. Buffett Foundation, Sherwood Foundation and NoVo Foundation.Buffett still owns 13.8% of Berkshire's stock. His $152 billion net worth prior to Friday's donations made him the world's fifth-richest person, according to Forbes magazine. Known as the Oracle of Omaha for his extraordinary investment skills and success and his longtime home town, Buffett said the foundation had received Berkshire shares worth substantially more than his net worth in 2006. He had not sold any A or B shares, and had no plans to sell his remaining A shares that were worth about $145 billion, more than 99% of his net worth. “Nothing extraordi