Good morning. It's Monday, May 5, and we're covering a legendary investor's retirement, SpaceX's new city, and much more. First time reading? Join over 4 million intellectually curious readers. Sign up here.
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Famed investor Warren Buffett will step down as CEO of Berkshire Hathaway by the end of the year. The 94-year-old made the announcement at the company's annual shareholder meeting, a widely anticipated event referred to as the "Woodstock of Capitalism" (see overview). Buffett seeks to install Greg Abel, vice chairman of noninsurance operations, as his replacement.
Born and raised (and still residing) in Omaha, Nebraska, Buffett took the lead at Berkshire Hathaway—then a struggling textile company—in 1970. Since then, the company has grown into a wide-ranging conglomerate with controlling shares in roughly 70 companies. Known for his dedication to value investing (which emphasizes finding undervalued stocks), the company has delivered average returns of almost 20% since Buffett took over. More recently, the company has stockpiled cash, with close to $350B on hand.
Buffett's longtime business partner, Charlie Munger, passed away at age 99 in late 2023. Explore the best resources from across the internet on Buffett's life and career here.
Editor's note: The 1440 Business & Finance newsletter covered the life and times of Warren Buffett in January. Want weekly deep dives and human-curated resources on similar topics each week? Sign up here for free. |
Hundreds of Texas voters approved the establishment of a SpaceX city over the weekend. Starbase, Texas—a roughly 1.5-square-mile coastal area on the state's southernmost tip—will operate as its own municipality, pending certification of Saturday's election results. Learn more about the SpaceX campus here.
More than 500 people reside within the proposed town borders, most of them employed by SpaceX. The overwhelming vote in favor of incorporation (212-6) enables Starbase to create its own zoning laws, raise revenue, hire local officials, and block roads for rocket launches. Saturday's vote also selected the town's first mayor—engineer Bobby Peden—alongside two commissioners, all SpaceX employees or family members.
SpaceX uses the area on Boca Chica Beach to test its 400-foot-tall Starship—the world's largest and most powerful rocket. SpaceX CEO Elon Musk hopes to use Starship for an inaugural mission sending humans to Mars as soon as 2028. Learn more about SpaceX from 1440 Topics here (w/video). |
Tonight is the annual benefit for the Metropolitan Museum of Art's fabrics and textile wing, the Costume Institute, an event colloquially referred to as the Met Gala. Vogue's livestream of the red carpet will begin at 6 pm ET (watch here).
The Met Gala was first launched in 1948 as a midnight dinner at New York's luxury Waldorf Astoria hotel. It has since become one of the biggest nights in fashion. Each year's theme is named after the Costume Institute's corresponding spring collection, in this case, "Superfine: Tailoring Black Style." The collection is inspired by Monica L. Miller’s 2009 book, "Slaves to Fashion," on the history of Black dandyism and the rise of Black fashion.
This year, Vogue's Editor-in-Chief Anna Wintour—who has organized the gala since the 1990s—is joined by co-chairs Colman Domingo, Lewis Hamilton, A$AP Rocky, and Pharrell Williams, with LeBron James serving as an honorary co-chair. An estimated 450 of the most prominent people across pop culture and entertainment are expected to attend. |
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Sports, Entertainment, & Culture |
> Sovereignty edges race favorite Journalism to win 151st Kentucky Derby; the Preakness Stakes, the second leg of horse racing's Triple Crown, is set for May 17 (More) | See photos of this year's Derby hats (More) |
> Jury selection begins today in the trial of Sean "Diddy" Combs on charges of sex trafficking and racketeering; Combs turned down a plea deal last week (More) |
> Bomb attack thwarted at free Lady Gaga concert at Rio de Janeiro's world-famous Copacabana Beach; concert drew a record crowd of more than 2 million attendees (More) |
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> National Science Foundation to cap indirect costs—funding attached to research and development grants to support operations and administrative functions—at 15%; follows similar efforts at the Department of Energy and National Institutes of Health (More) |
> Common gut fungus is found to help treat certain types of fatty liver disease; study sheds light on the complex influence of the gut microbiome on the body (More) | Gut microbiome 101 (More) |
> Sperm cells switch to a hyperactive swimming state in warmer temperatures, new study finds; research may help lead to new fertility treatments (More) |
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> US stock markets close higher Friday (S&P 500 +1.5%, Dow +1.4%, Nasdaq +1.5%), with the S&P 500 notching its ninth consecutive day of gains, the longest winning streak since November 2004 (More) |
> OPEC+ countries reportedly agree to hike oil output to nearly 1 million barrels per day in April, May, and June; decision comes despite oil prices reaching a four-year low last month amid concerns over a trade war and economic slowdown (More) |
> Apple ends policy barring cryptocurrency apps from directing their users to off-app payment systems; decision follows judge's April 30 ruling the company's behavior violated a 2021 injunction (More) |
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> Yemen's Houthi rebels fire missile at Israel's main international airport in Tel Aviv, wounding eight people; Israeli Prime Minister Benjamin Netanyahu vows to respond (More) |
> Australian Prime Minister Anthony Albanese, of the center-left Labor Party, becomes the country's first prime minister to win reelection in 21 years; conservative opposition leader Peter Dutton loses parliamentary seat (More) | Singapore's People’s Action Party extends 66-year rule (More) |
> Newark Liberty International Airport in New Jersey experiences air traffic control staffing issues, prompting hundreds of flight delays; United Airlines cancels all round-trip flights from the airport, impacting 35 flights per day (More) |
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It’s Time to Listen to Your Gut |
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