Finance

Warren Buffett does a walkthrough of the Berkshire Hathaway Annual Shareholders Meeting in Omaha, Nebraska, on May 3, 2025.
David A. Grogen | CNBC

Age isn’t just a number for Warren Buffett after all.
The 94-year-old investment legend recently surprised shareholders by announcing his intention to step down as Berkshire Hathaway CEO after an epic 60-year run. The reason behind the decision was the physical effects of aging he has been experiencing, Buffett said in a new interview with The Wall Street Journal.

“I didn’t really start getting old, for some strange reason, until I was about 90,” he told the Journal in a phone interview. “But when you start getting old, it does become — it’s irreversible.”
The Oracle of Omaha, who turns 95 in August, revealed to the paper that he started to lose his balance occasionally, while experiencing issues remembering someone’s name sometimes. His vision also turned less clear when reading newspapers.
It marked an end of an era at Berkshire, which was a failing New England textile mill six decades ago and was transformed into a one-of-a-kind conglomerate with businesses ranging from Geico Insurance to BNSF Railway. Buffett is handing over his reins on a high note as Berkshire shares are near a record high, giving the conglomerate a market cap of nearly $1.2 trillion.
Berkshire’s board voted unanimously to make Greg Abel, now vice chairman of non-insurance operations,  president and CEO on Jan. 1, 2026, and for Buffett to remain as chairman.
Still, Buffett said he remains mentally sharp to make investment decisions when opportunities arise. The value investing icon is known to take advantage of market turmoil and depressed prices to make big purchases.

“I don’t have any trouble making decisions about something that I was making decisions on 20 years ago or 40 years ago or 60 years,” he told the Journal. “I will be useful here if there’s a panic in the market because I don’t get fearful when things go down in price or everybody else gets scared. … And that really isn’t a function of age.”
Click here to read the original WSJ story.

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New York Attorney General Letitia James sued Capital One on Wednesday, accusing the bank of “cheating” customers out of millions of dollars in interest payments.
The suit mimics litigation by the  Consumer Financial Protection Bureau, which was dropped in February under the Trump administration.
“Big banks are not allowed to cheat their customers with false advertising and misleading promises,” James said in a statement.

The logo for consumer lending firm Capital One Financial Corp. is seen on its headquarters in McLean, Virginia, on Jan. 20. 2023.
Win Mcnamee | Getty Images News | Getty Images

New York Attorney General Letitia James sued Capital One on Wednesday, accusing the bank of “cheating” customers out of millions of dollars in interest payments, just months after the Trump administration’s Consumer Financial Protection Bureau dropped a similar suit against the financial institution.
In a complaint filed in Manhattan federal court, James alleged that Capital One marketed its “360 Savings” account as its high-yield savings account, then left those customers in the dark by failing to inform them about its new “360 Performance Savings” product that offered substantially higher interest rates. 

As interest rates rose starting in 2022, the state attorney general’s office said Capital One froze the interest rate of its 360 Savings product at 0.3%, while increasing the rate of the 360 Performance Savings accounts to as high as 4.35%, meaning New York 360 Savings customers lost out on “millions of dollars of interest.”
The suit further alleges that Capital One instructed its employees not to tell 360 Savings customers about the new product “unless they explicitly asked.”
The complaint mimics litigation by the CFPB, which was dropped in February under Trump-era CFPB Acting Director Russell Vought. That suit alleged Capital One’s marketing led U.S. customers to miss out on more than $2 billion in interest.
The dropped CFPB case is among a slew of other enforcement lawsuits that the agency pursued under previous CFPB Director Rohit Chopra, and that have been dismissed by President Donald Trump’s administration.
“Capital One assured high returns with no catches, then pulled the rug out from under their customers and hoped nobody would notice,” James said in a statement Wednesday. “Big banks are not allowed to cheat their customers with false advertising and misleading promises.”

A Capital One spokesperson said in a statement to CNBC that it strongly disagrees with the attorney general’s claims and will “vigorously defend” itself in court.
“Our flagship 360 Performance Savings product was marketed widely, including on national television, and has always been available in just minutes to all new and existing customers without any of the usual industry restrictions,” the spokesperson said.
The bank also disputed the CFPB allegations earlier this year.
The New York suit accuses Capital One of violating state and federal law and seeks “restitution and damages for all affected Capital One customers.”

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Shares of eToro popped in their Nasdaq debut on Wednesday.
The stock and crypto trading app raised almost $310 million in its initial public offering late Tuesday, selling shares above the expected range.
IPOs looked poised for a rebound when President Donald Trump returned to office in January, but tariff concerns put the market on hold.

Omar Marques | Sopa Images | Lightrocket | Getty Images

Shares of stock brokerage platform eToro popped in their Nasdaq debut on Wednesday after the company raised almost $310 million in its initial public offering.
The stock opened at $69.69, or 34% above its IPO. Shares closed up nearly 29% at $67 a share, bringing its total market capitalization to more than $5.4 billion.

The Israel-based company sold nearly six million shares at $52 each, above the expected range of $46 to $50. Almost six million additional shares were sold by existing investors. At the IPO price, the company was valued at roughly $4.2 billion.
Wall Street is looking to the Robinhood competitor for signs of renewed interest in IPOs after an extended drought. Many investors saw President Donald Trump’s return to the White House as a catalyst before tariff concerns led companies to delay their plans.
“We felt that we’re seeing the light at the end of the tunnel of the correction in the markets,” CEO Yoni Assia said of eToro’s decision to go public in an interview with CNBC. The company was looking for a key measure of market volatility known as the CBOE Volatility Index to stabilize in the wake of tariff concerns, he added.
Etoro isn’t the only company attempting to test the waters. Fintech company Chime filed its prospectus with the U.S. Securities and Exchange Commission on Tuesday, while digital physical therapy company Hinge Health kickstarted its IPO roadshow, and said in a filing it aims to raise up to $437 million in its offering.
EToro had previously filed to go public in 2021 through a merger with a special purpose acquisition company, or SPAC, that would have valued it at more than $10 billion. It shelved those plans in 2022 as equity markets nosedived, but remained focused on an eventual IPO.

EToro was founded in 2007 by brothers Yoni and Ronen Assia and David Ring. The company makes money through trading-related fees and nontrading activities such as withdrawals. Net income increased almost thirteenfold last year to $192.4 million from $15.3 million in 2023.
The company has steadily built a growing business in cryptocurrencies. Revenue from crypto assets more than tripled to upward of $12 million in 2024, and one-quarter of its net trading contribution stemmed from crypto last year. That is up from 10% in 2023.
EToro said that for the first quarter, it expects crypto assets to account for 37% of its commission from trading activities, down from 43% a year earlier.
Spark Capital is the company’s biggest outside investor, with 14% control after the offering, followed by BRM Group at 8.7%. CEO Yoni Assia controls 9.3%.

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Europe’s bourses have not shone so brightly in years. Speak to those who analyse them for a living and you will still detect a note of disbelief—they can hardly remember the last time foreign investors were paying them so much attention. Why that should be is no mystery. Measured in dollars, Europe’s Stoxx 600 index has risen by 16% in 2025, compared with 3% for the MSCI World. More

Israel-based stock brokerage platform eToro said it has priced shares at $52 for its IPO, above its expected range of $46 to $50.
The retail trading platform filed for an IPO in March, but as tariff uncertainty rattled markets, the company temporarily shelved ITS plans.
EToro scrapped a prior effort to go public in 2022 through a planned merger with a special purpose acquisition company.

Omar Marques | Sopa Images | Lightrocket | Getty Images

EToro, a stock brokerage platform that’s been ramping up in crypto, has priced its IPO at $52 a share, as the company prepares to test the market’s appetite for new offerings.
The Israel-based company raised nearly $310 million, selling nearly 6 million shares in a deal that values the business at about $4.2 billion. The company had planned to sell shares at $46 to $50 each. Another almost 6 million shares are being sold by existing investors.

IPOs looked poised for a rebound when President Donald Trump returned to the White House in January after a prolonged drought spurred by rising interest rates and inflationary concerns. CoreWeave’s March debut was a welcome sign for IPO hopefuls such as eToro, online lender Klarna and ticket reseller StubHub.
But tariff uncertainty temporarily stalled those plans. The retail trading platform filed for an initial public offering in March, but shelved plans as rising tariff uncertainty rattled markets. Klarna and StubHub did the same.
EToro’s Nasdaq debut, under ticker symbol ETOR, may indicate whether the public market is ready to take on risk. Digital physical therapy company Hinge Health has started its IPO roadshow, and said in a filing on Tuesday that it plans to raise up to $437 million in its upcoming offering. Also on Tuesday, fintech company Chime filed its prospectus with the SEC.
Another trading app, Webull, merged with a special-purpose acquisition company in April.
Founded in 2007 by brothers Yoni and Ronen Assia along with David Ring, eToro competes with the likes of Robinhood and makes money through fees related to trading, including spreads on buy and sell orders, and non-trading activities such as withdrawals and currency conversion.

Net income jumped almost thirteenfold last year to $192.4 million from $15.3 million a year earlier. The company has been ramping up its crypto business, with revenue from cryptoassets more than tripling to over $12 million in 2024. One-quarter of its net trading contribution last year came from crypto, up from 10% the prior year.
This isn’t eToro’s first attempt at going public. In 2022, the company scrapped plans to hit the market through a merger with a special purpose acquisition company (SPAC) during a sharp downturn in equity markets. The deal would have valued the company at more than $10 billion.
CEO Yoni Assia told CNBC early last year that eToro was still aiming for a market debut but “evaluating the right opportunity” as it was building relationships with exchanges, including the Nasdaq.
“We definitely are eyeing the public markets,” he said at the time. “I definitely see us becoming eventually a public company.”
EToro said in its prospectus that BlackRock had expressed interest in buying $100 million in shares at the IPO price. The company said it planned to sell 5 million shares in the offering, with existing investors and executives selling another 5 million.
Underwriters for the deal include Goldman Sachs, Jefferies and UBS.
— CNBC’s Ryan Browne and Jordan Novet contributed reporting
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Coinbase had its best day on the market since the day after President Donald Trump’s election victory in November.
The crypto exchange is getting added to the S&P 500, a move that leads index investors to buy the stock to match the benchmark.

Brian Armstrong, chief executive officer of Coinbase Global Inc., speaks during the Messari Mainnet summit in New York, on Thursday, Sept. 21, 2023.
Michael Nagle | Bloomberg | Getty Images

Coinbase shares soared 24% on Tuesday, their sharpest rally since the day after President Donald Trump’s election victory, following the crypto exchange’s inclusion in the S&P 500.
S&P Global said in a release late Monday that Coinbase is replacing Discover Financial Services, which is in the process of being acquired by Capital One Financial. The change will take effect before trading on Monday.

Stocks added to the S&P 500 often rise in value because funds that track the benchmark will add it to their portfolios. For Coinbase, it’s the latest sharp move in what’s been a volatile few months since Trump was elected to return to the White House.
Coinbase shares rocketed 31% on Nov. 6, the day after the election, on optimism that the incoming administration would adopt more crypto-friendly policies following a challenging and litigious four years during President Joe Biden’s term in office.
The company and CEO Brian Armstrong were key financial supporters in the 2024 campaign, backing pro-crypto candidates up and down the ticket. Coinbase was one of the top corporate donors, giving more than $75 million to a PAC called Fairshake and its affiliates. Armstrong personally contributed more than $1.3 million to a mix of candidates.

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While the start of the Trump term has been mostly favorable to the crypto industry, through deregulation and an executive order to establish a strategic bitcoin reserve, legislation has thus far stalled. That’s due in part to concerns surrounding Trump’s personal efforts to profit from crypto through a meme coin and other family initiatives.
Coinbase has been on a roller coaster as well, plummeting 26% in February and 20% in March as Trump’s tariff announcements roiled markets and pushed investors out of risk. With Tuesday’s rally, the stock is now up about 3.5% for the year.

Since going public through a direct listing in 2021, Coinbase has become a bigger part of the U.S. financial system, with bitcoin soaring in value and large institutions gaining regulatory approval to create spot bitcoin exchange-traded funds.
Bitcoin spiked last week, topping $100,000 and nearing its record price reached in January. The crypto currency surpassed $104,000 on Tuesday.
To join the S&P 500, a company must have reported a profit in its latest quarter and have cumulative profit over the four most recent quarters.
Coinbase last week reported net income of $65.6 million, or 24 cents a share, down from $1.18 billion, or $4.40 a share a year earlier, after accounting for the fair value of its crypto investments. Revenue rose 24% to $2.03 billion from $1.64 billion a year ago.
The company last week also announced plans to buy Dubai-based Deribit, a major crypto derivatives exchange for $2.9 billion. The deal, which is the largest in the crypto industry to date, will help Coinbase broaden its footprint outside the U.S.
WATCH: Bitcoin surges past $100,000 More

Imagine the perfect morning. After sleeping between sheets from MyPillow—a company established by Mike Lindell, a conspiracy theorist—you drink some Black Rifle Coffee, which “serves coffee and culture to people who love America”. You shave with Jeremy’s Razors (“built for rugged jawlines….not feelings”). Then you eat some bacon from Good Ranchers, which pledges to “make the American farm strong again”, before going for a spin on your Harley-Davidson. More

The consumer price index declined to 2.3% in April from 12 months earlier, the lowest reading since February 2021.
However, tariffs levied by President Donald Trump are expected to reignite inflation as soon as next month, according to economists.
Prices declined for categories like gasoline, groceries, apparel, used cars and airline fares during the month from March to April, according to CPI data.

Shipping containers are offloaded from a cargo ship at PortMiami on April 15, 2025 in Miami.
Joe Raedle | Getty Images

Inflation retreated again in April on the back of lower prices for consumer staples like groceries and gasoline, and other items such as used cars and clothing.
The consumer price index, a key inflation gauge, rose 2.3% in April from 12 months earlier, down from 2.4% in March, the Bureau of Labor Statistics reported Tuesday.

It was the smallest annual increase since February 2021, just before pandemic-era inflation started to pop.

However, economists warn it’s not a matter of if, but when, tariffs levied by President Donald Trump start to reignite inflation, at a time when it has nearly been tamed from pandemic-era highs.
“It felt like we could just about declare victory on putting inflation back in the bottle, and it’s back out again,” said Mark Zandi, chief economist at Moody’s.
He expects tariffs to start noticeably impacting inflation in the May CPI report issued next month.
“Soak this report in,” Zandi said. “It’ll be a while before we get another good one.”

How tariffs may affect inflation

Tariffs are a tax on imports from foreign nations, paid by U.S. companies that import the good or service. Businesses negatively affected are expected to pass on at least some of that additional cost to consumers via higher prices.
Trump has imposed — and removed or delayed — tariffs in several tranches during his second term.
Tariff policies currently in effect would cost the average U.S. household an extra $2,800 over the “short run,” according to a Yale Budget Lab report issued Monday. (It doesn’t specify a time frame.)
The speed at which companies raise prices will vary, economists said.

Some may not want to raise them immediately, to avoid alienating consumers. Others may have ample inventory, and can avoid raising prices until their nontariffed inventory runs low. Some may try to raise prices prematurely, in anticipation of higher costs.
A 10% average tariff rate would add as much as 1 percentage point to the consumer price index after about six to nine months, said Joseph Gagnon, senior fellow at the Peterson Institute for International Economics.
That average rate is a “reasonable” guess, given current policy, he said.
Currently, there’s a 10% baseline tariff on most U.S. trading partners, and a higher rate on China of at least 30%. There are also 25% duties on specific products like steel, aluminum, and some automobiles and auto parts, and on certain goods from Canada and Mexico.

Of course, it’s unclear where policy will ultimately land.
Even after a temporary trade deal with China announced Monday, the “core” CPI inflation will still rise to 3.5% by the end of 2025, Stephen Brown, deputy chief North America economist at Capital Economics, wrote in a note Tuesday.

Core inflation — which strips out energy and food prices, which can be volatile categories — was at 2.8% in April.
“I think tariffs are the biggest question mark over the inflation outlook,” said Sarah House, a senior economist at Wells Fargo Economics.
“There’s all this tremendous trade uncertainty and we have higher tariffs pretty much across everything we import,” she added.

‘Signs of tariff effects’ in the CPI

There may have been “some signs of tariff effects” in the CPI report, Brown of Capital Economics wrote.
For example, there was a nearly 9% jump in audio equipment prices and a 2.2% increase in photographic equipment prices just in the month from March to April, according to Brown’s note.
However, “the overall tariff impact was muted,” signaled by a relatively low 0.1% increase in goods prices for the month, he wrote.

Meanwhile, gasoline prices fell slightly — by 0.1% from March to April — on a seasonally adjusted basis, according to the CPI data. They’re down 12% for the year.
Gasoline prices have fallen (or, deflated) in recent months alongside those of oil, from which gasoline is refined. Oil prices have declined amid fear of recession, which would mean lower demand for oil, and greater supply.
More from Personal Finance:How to save on your grocery billStagflation is a looming economic riskAfter UK and China trade deals, tariff rate still highest since 1934
Grocery prices also declined for the month, by 0.4%. Lower fuel costs can translate to reduced costs for transportation of food from farm to store shelves, economists said. A “sharp” monthly fall in egg prices — a 13% decline — also contributed, Brown wrote.
Prices for used cars and trucks also declined, by 0.5% for the month, as did those for apparel (-0.2%) and airline fares (-2.8%).
Inflation for housing, the largest CPI component, has also tamed though remains elevated, at 4% annually.
Broadly, CPI inflation for “services” has gradually declined due to a combination of housing; a weaker labor market in which workers aren’t quitting their jobs as frequently and businesses don’t have to raise wages rapidly; and a lagged effect of “calmer” goods inflation, House said.

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