Warren Buffett, the legendary investor who transformed Berkshire Hathaway into a colossal conglomerate, announced he will retire as CEO at the close of 2025, handing the reins to Vice Chairman Greg Abel.

“I think the time has arrived where Greg should become the chief executive officer of the company at year end,” Buffett, 94, declared on Saturday at Berkshire’s annual meeting in Omaha.

While the move caught most of Berkshire’s board by surprise, Buffett noted that his two children, who serve as directors, had been informed in advance.

Abel, 62, has worked as vice chairman since 2018 and was formally named Buffett’s intended successor in 2021. Accepting the responsibility, Abel told shareholders, “I couldn’t be more humbled and honored to be part of Berkshire as we go forth.”

Buffett confirmed he has “zero” plans to sell any of his Berkshire stock, stating that nearly all of it will be donated after his passing.

The announcement marks the close of Buffett’s astonishing six-decade journey at Berkshire, which began as a struggling textile firm and grew into a $1.16 trillion powerhouse spanning multiple industries. Today, Buffett’s personal fortune sits at $168.2 billion, the vast majority held in Berkshire shares, according to Forbes.

Cole Smead of Smead Capital Management summed up the moment, recalling that after hearing Buffett’s news, he told his father Bill Smead, “Well, it’s the end of an era. It’s sad, but it’s life.”

So far this year, Berkshire’s stock has surged 19%, far outperforming the S&P 500’s 3% decline. Investors have long trusted Buffett’s steady hand, seeing Berkshire as a shelter from economic turbulence and trade policy uncertainty.

But some wonder what’s next. “The question going forward is: will Berkshire still have a Buffett premium when Buffett is not there?” asked CFRA Research analyst Cathy Seifert. “You’re buying a stock and you’re also getting the investing prowess of a legend. With that legend gone, what is the value?”

Abel, who has increasingly overseen the company’s 189 operating businesses, suggested he plans to be more hands-on. “More active, but hopefully in a very positive way,” he said of his upcoming leadership style.

Buffett was confident in Abel’s ability, telling shareholders, “The fact that you can do pretty well doesn’t mean you couldn’t do better, and Greg can do better.”

Apple CEO Tim Cook echoed that faith, posting on X: “There’s never been someone like Warren, and countless people, myself included, have been inspired by his wisdom… There’s no question that Warren is leaving Berkshire in great hands with Greg.”

Berkshire’s famed annual shareholder weekend, dubbed “Woodstock for Capitalists,” draws tens of thousands to Omaha. While the company will keep the tradition alive, many predict attendance will wane without Buffett.

Buffett and his late business partner Charlie Munger, who passed in 2023, turned Berkshire into a sprawling enterprise with nearly 200 businesses, from Geico and BNSF Railway to Dairy Queen and See’s Candies. The company’s stock portfolio, worth $264 billion at last count, includes major holdings like Apple, American Express, and Bank of America.

Buffett, revered as the “Oracle of Omaha,” became synonymous with disciplined, value-driven investing. Despite his vast wealth, he famously stayed in the Omaha home he purchased for $31,500 in 1958.

Abel’s path to the top started in 1992 at MidAmerican Energy, which later became Berkshire Hathaway Energy. After leading the business for a decade, he rose through the ranks to become Buffett’s heir apparent.

Even as Buffett’s net worth could have soared higher, he began gifting away his fortune in 2006, with most of his remaining Berkshire shares expected to fund a new charitable trust overseen by his children Susie, Howard, and Peter.

Abel’s future challenges are clear: sustaining Berkshire’s growth without overpaying for deals, managing a massive cash reserve, and deciding whether to introduce dividends. Meanwhile, Howard Buffett, 70, is set to become non-executive chairman to help maintain the company’s core culture.

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As we enter 2025, many Americans are focusing on ways to improve their financial well-being. According to a WalletHub survey, 52% of Americans plan to make finance-related New Year’s resolutions, with goals ranging from saving more money to finding better job opportunities. Below are some of the top financial resolutions for 2025 and tips to help achieve them. Remember, this is not financial advice but a guide based on WalletHub’s findings [CLICK THE “NEXT” BUTTON TO GO TO NEXT PAGE].

Make a Realistic Budget & Stick to It 

Creating and maintaining a budget is essential for financial health. Use tools like budgeting apps to track spending and identify areas where you can cut back. Reviewing your budget weekly ensures you stay on course toward your financial goals.

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Walmart has announced significant changes to its diversity, equity, and inclusion (DEI) policies, joining a growing list of corporations reassessing their approaches to so-called “woke” initiatives. The retail giant confirmed adjustments to how it monitors products and reviews grants for community events, responding to longstanding internal discussions and external activist pressure.

Anti-woke activist and filmmaker Robby Starbuck, known for campaigning against corporate DEI policies, revealed on social media that he recently engaged with Walmart executives. “We had productive conversations to find solutions,” Starbuck shared, emphasizing that he had planned to highlight what he described as “wokeness” at Walmart.

Among the changes, Walmart will review its grants for Pride events to ensure they do not fund inappropriate or sexualized content targeting children. The company also clarified that products violating its policies, such as chest binders marketed to children, have been removed. While Walmart stated these changes were already in progress, it acknowledged feedback from activists like Starbuck.

In a statement to FOX Business, Walmart emphasized its commitment to inclusivity: “We’ve been on a journey and know we aren’t perfect, but every decision comes from a place of wanting to foster a sense of belonging, to open doors to opportunities for all our associates, customers, and suppliers, and to be a Walmart for everyone.”

Additionally, Walmart confirmed it would not extend its Racial Equity Center beyond its original five-year plan launched in 2020. The retailer will also stop using terms like “LatinX” and “DEI” in favor of “belonging,” reflecting a shift in messaging aimed at connecting with a broader audience.

The company has also decided to end its participation in the Human Rights Campaign Corporate Equality Index, an annual survey measuring policies for LGBTQ+ employees. Walmart joins other corporations, including Ford and John Deere, in reevaluating their involvement in the index.

Starbuck welcomed these developments as a major victory, stating, “Walmart is the single largest employer in the United States. Removing wokeness from Walmart has both downstream effects on suppliers and sets the tone for corporate America.” He added, “I won’t stop until wokeness is a relic of the past.”

Walmart reiterated that its decisions aim to align with the needs of its associates and customers. While the company refrains from commenting on politics, it remains focused on fostering a sense of belonging across its operations.

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A former diversity program manager for Facebook and Nike, who admitted to orchestrating kickback schemes that resulted in the theft of $5 million, is now headed to federal prison.

The U.S. Attorney’s Office for the Northern District of Georgia announced that Barbara Furlow-Smiles, 38, has been sentenced to five years and three months in prison for her fraud schemes. She has also been ordered to pay restitution of $4,981,783.58 to Facebook’s parent company, Meta, and $121,054.50 to Nike.

“Furlow-Smiles shamelessly violated her position of trust as a DEI executive at Facebook to steal millions from the company utilizing a scheme involving fraudulent vendors, fake invoices, and cash kickbacks,” said U.S. Attorney Ryan K. Buchanan. “After being terminated from Facebook, she brazenly continued the fraud as a DEI leader at Nike, where she stole another six-figure sum from their diversity program. Her prison sentence reflects the consequences of her decision to orchestrate an intricate scheme to defraud two of her employers for personal profit.”

Furlow-Smiles, who led diversity, equity, and inclusion (DEI) programs at Facebook from January 2017 to September 2021, was responsible for developing and executing DEI initiatives. Prosecutors revealed that she linked PayPal, Venmo, and Cash App accounts to credit cards provided by Facebook and used those accounts to pay friends, relatives, former interns, nannies, babysitters, a hairstylist, and others for services that were never rendered.

Following her termination from Facebook, Furlow-Smiles took on a role as a DEI senior director at Nike from November 2021 to February 2023, where she continued her fraudulent activities, stealing more than $120,000.

“As Lead Strategist at Facebook, Furlow-Smiles’ employer put an extreme amount of trust in her, only to have that trust completely violated,” stated Keri Farley, special agent in charge of FBI Atlanta. “After she was fired, she carelessly continued her fraudulent schemes at Nike, thinking she was untouchable. As a result, she not only threw away a lucrative career, but will serve time behind bars for her excessive greed.”

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A recent analysis by the New York Post has shown that fast food prices have seen an uptick in California following the implementation of new legislation that introduces a $20 minimum wage for employees at restaurant chains with 60 or more locations nationwide, with the exception of bakeries that produce and sell their own bread. This legislative change encapsulated in AB 1228 and signed by far-lft Democrat Governor Gavin Newsom last September not only raises wages but also forms a “Fast Food Council” tasked with potential further wage increases and setting working condition standards.

Notably, Burger King witnessed one of the most significant price jumps, with the Texas Double Whopper meal escalating from $15.09 to $16.89 on April 1st, marking an almost 12% increase. Similarly, the Big Fish meal saw a 53% rise from $7.49 to $11.49. Other menu items across various chains experienced more modest hikes, ranging from 25 cents to a dollar.

However, the Post’s investigation found that not all chains adjusted their prices in response to the wage increase. For instance, Chick-fil-A, Wendy’s, and McDonald’s maintained their prices, despite one McDonald’s franchise owner expressing to CNNBusiness the challenges posed by the sudden wage surge. “As a business owner, when you’re dealing with this kind of extraordinary overnight change, you know, a 25% increase in wages,… (no) stone has to remain unturned,” said McDonald’s franchisee Scott Rodrick. “And so we have looked at price, although I can’t charge $20 for a Happy Meal. My customers’ appetite to absorb menu board prices is not unlimited.”

In 2022, the median hourly wage for fast-food workers in the U.S. stood at $13.43, while their counterparts in California earned slightly more, averaging $16.60, per the Bureau of Labor Statistics. With the new wage law, the annual income for these workers would amount to $41,600.

Fox News Digital reached out to several fast-food chains, including Burger King, In-N-Out, Hart House, Wendy’s, Chick-fil-A, and McDonald’s for comments on the price adjustments, but responses were pending at the time of the report.

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Forbes just updated its 2024 “World’s Billionaires List,” and some major shifts happened. 45th President Donald Trump climbed the list, while celebrities like Taylor Swift were just added. But who made the top rankings?

Here are the rankings for the world’s top ten richest billionaires: 

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Automakers have been under scrutiny for collecting driving data from their customers and sharing it with insurance companies, leading to changes in insurance policies for some drivers, as revealed in a recent report. 

Companies like General Motors and Ford are utilizing internet-connected vehicles to monitor driving behaviors, including hard braking and acceleration, which are then shared with data brokers such as LexisNexis and Verisk. These brokers compile “consumer disclosure reports” that insurance companies access to evaluate driver risks and adjust insurance rates or coverage accordingly.

One driver, Kenn Dahl, experienced a significant insurance premium increase after his driving habits were tracked through his leased Chevrolet Bolt, expressing feelings of betrayal upon discovering his data was being used in this manner. 

Automakers and data brokers assert that customer consent is obtained for data collection, though it is often buried in the fine print of agreements, leading many consumers to consent unknowingly.

Concerns over privacy and the extensive data collection capabilities of modern vehicles have been raised by organizations like Mozilla, which has highlighted the potential for this information to be shared not just with insurance companies but also law enforcement. 

The issue has caught the attention of lawmakers, with Senator Ed Markey pushing for stronger consumer privacy protections and an investigation into automakers’ data practices by the Federal Trade Commission.

In response to the revelations, Ford clarified that it does not share connected vehicle data with LexisNexis or Verisk and that any partnerships for usage-based insurance programs have not been implemented. 

Consumers concerned about their data can check what information their vehicle collects by using their vehicle identification number (VIN) and request their consumer disclosure reports from LexisNexis and Verisk to understand better the data being shared.

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Democrats are furious after the news that Capital One and Discover Financial Services are merging, consolidating the credit card market and increasing financial stability for both institutions.

That didn’t make the leftists happy, leading far-left Democrat Sen. Elizabeth Warren of Massachusetts to send a letter to the Office of the Comptroller of the Currency (OCC) and the Federal Reserve (Fed) to block the merger.

Here are all the names of congressional representatives joining Warren to try to attack the free market:

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Wendy’s, the renowned burger chain with a vast network of 6,000 outlets across the country, has unveiled plans to introduce variable menu pricing next year based on the time of day. This innovative pricing strategy means that popular items like the Baconator could see a price increase of $1 during peak dining hours.

Zach Brown, an economics professor at the University of Michigan, explained to “Good Morning America” the shift from traditional static pricing to dynamic pricing enabled by algorithms. This approach allows for price adjustments throughout the day or even within an hour to reflect demand changes.

Wendy’s CEO Kirk Tanner announced a significant investment of $20 million in advanced digital menu boards capable of real-time price updates. This move aligns with the dynamic pricing models already employed by various service industries, including ridesharing apps like Uber and Lyft, as well as airlines and hotels. Brown noted that this strategy not only boosts profits during high-demand periods but also encourages customers to dine during off-peak times when prices are lower.

Despite the potential benefits, the announcement has met with some skepticism from the public. One user on X, previously known as Twitter, criticized the concept, equating surge pricing to price gouging.

In response to the mixed feedback, Wendy’s stated that the goal of dynamic menu pricing is to remain competitive and adaptable, enticing customers with excellent value for their favorite meals while enhancing the overall experience for both customers and staff.

Industry observers speculate that this move by Wendy’s could set a precedent for other fast-food giants, such as McDonald’s and Burger King. Should Wendy’s dynamic pricing model prove successful in boosting its financial performance, it could lead to broader adoption of similar pricing strategies across the fast-food sector.

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Microsoft has come under scrutiny for highlighting in its latest diversity report that it compensates its white employees less than its racial minority counterparts in comparable positions. The report draws attention to the fact that Asian staff members receive higher compensation than both Black and White employees, holding similar job titles, levels, and experience.

In its 2023 Diversity and Inclusion Report, Microsoft champions its commitment to “pay equity,” revealing that racial minorities eligible for rewards receive $1.007 in total compensation for every dollar that white employees earn in the same roles. The report details that Black and African American employees are paid $1.004, while Asian employees receive $1.012 for each dollar earned by their white colleagues with equivalent job titles, levels, and experience.

The document explains that the figures reflect total compensation, encompassing base salary, annual bonuses, and stock awards. Additionally, the report highlights Microsoft’s efforts to embed progressive ideologies within its workforce, with 96.4 percent of employees acknowledging some level of understanding of “allyship.”

This approach to compensation aligns with a broader trend among major corporations to emphasize diversity, equity, and inclusion (DEI) initiatives over the principle of equality. A notable example includes Disney, which faced a federal civil rights complaint accusing the company of basing employee bonuses on diversity metrics. The complaint charges Disney with intentional discrimination against white American men, Christians, and Jews based on their race, sex, and religion.

The complaint was lodged by America First Legal, as reported by Breitbart News. The organization, led by Stephen Miller, a former official in the Trump administration, criticized Disney’s shift from its historically family-friendly image to one promoting “divisive bigotry.” Miller called for Disney to halt these practices immediately.

Breitbart News pledges to continue its coverage of the impact of DEI initiatives and the broader implications of what it terms “woke capitalism.”

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