Good Morning! Today’s edition is 988 words, a 4-minute read.

What’s on tap: 

• Cryptocurrency kidnappings

• Lady Gaga concert bombing foiled

• Inside a home made from a mountain

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Big Story

Warren Buffett Calls His Exit

Warren Buffett, 94, surprised shareholders at Berkshire Hathaway's annual meeting by announcing he'll ask the board to appoint Greg Abel as CEO at year's end.

• The news came unexpectedly during the final minutes of the meeting in Omaha, where thousands of shareholders had gathered to hear Buffett's insights.

• Buffett is stepping away on a high note - Berkshire shares just reached a new peak with a market cap of nearly $1.2 trillion. While transitioning leadership, Buffett plans to "hang around" as a resource, but emphasized that final decisions on operations and capital deployment will rest with Abel. The investing legend won't sell a single share of his $160+ billion stake, calling this "an economic decision" because he believes Berkshire will perform better under Abel's management.

• Abel, a Canadian executive with 25 years at Berkshire, joined when the conglomerate acquired MidAmerican Energy in 2000. He has committed to maintaining Buffett's patient value investing approach with Berkshire's $347 billion cash reserves.

Big Story

Welcome to Starbase

Elon Musk's SpaceX facility in South Texas has officially become a city named "Starbase" after residents (mostly SpaceX employees) voted overwhelmingly in favor, 212 to 6.

• The new 1.6-square-mile municipality will be led by SpaceX VP Bobby Peden as mayor, who ran unopposed along with two commissioners also tied to the company. The governance structure gives SpaceX significant control over local planning, taxation (up to 1.5% property tax), and potentially beach access during rocket launches if pending state legislation passes.

• Residents and environmental groups have organized protests to protect continued access to Boca Chica Beach, which has cultural significance for local communities. As one protester noted, "It's not just important, it's sacred."

• The move continues Musk's pattern of relocating operations from California to Texas, citing more favorable regulations. Unlike his Austin-area developments, Starbase includes company housing where an estimated 500 people now live.

Big Story

Crypto Kidnappings

French police are investigating a series of cryptocurrency millionaire kidnappings after rescuing a 60-year-old man on Saturday night who was held for ransom.

• Attackers severed one of his fingers while demanding €5-7 million from his cryptocurrency-wealthy son. Five suspects in their 20s were arrested during the rescue operation at a house south of Paris.

• The incident is part of a pattern of cryptocurrency-related kidnappings across Western Europe. Similar brutal tactics were used in January when David Balland, co-founder of the billion-dollar crypto firm Ledger, was abducted with his partner. Kidnappers cut off one of Balland's fingers and demanded a €10 million cryptocurrency ransom before police rescued him.

• Other recent cases include the December 2024 abduction of a crypto influencer's father in eastern France, where the victim was found tied up in a car trunk after being doused with gasoline. Additional cryptocurrency-related kidnappings have been reported in Spain and Belgium over the past five months.

Quick Stories

US News

• The head of Chicago's Art Institute, James Rondeau, is under investigation after allegedly stripping on a flight to Europe. He reportedly mixed alcohol with meds before the incident. (More)

• Mike Pence is getting the JFK Profile in Courage Award for refusing to reject the 2020 election results and facing death threats on January 6 while protecting the constitutional transfer of power. (More)

• Five guards were injured in a Virginia prison attack, with three stabbed. Officials say most attackers were MS-13 gang members who entered the US illegally. All six inmates had violent crime convictions. (More)

World

• A Houthi missile from Yemen hit near Tel Aviv's Ben Gurion Airport Sunday, forcing brief flight groundings. It is Israel’s first failed missile interception since mid-March. (More)

• Thousands of Islamists protested in Dhaka, Bangladesh, on Saturday against proposed women's rights reforms, especially property rights. Hefazat-e-Islam leaders claimed these changes contradict Sharia law. (More)

• Brazilian authorities arrested two people connected to an alleged plot to detonate homemade explosives at Lady Gaga's free Copacabana Beach concert. (More)

Business & Economy

• US stock markets closed higher on Friday (S&P +1.47%, Nasdaq +1.51%, Dow +1.39%). A better-than-expected nonfarm payrolls report boosted the S&P to its longest winning streak in over two decades. (More)

• Temu has stopped shipping from China to dodge Trump's new tariffs, now only selling items from US warehouses. Their spokesperson says prices remain unchanged as they shift to "local fulfillment." (More)

• Starbucks CEO Niccol is hiring more baristas and cutting back automation plans after finding staff reductions didn't work. He's betting this investment will reverse five straight quarters of falling sales. (More)

Sports & Entertainment

• Scottie Scheffler won the CJ Cup Byron Nelson with a historic performance. He shot a final-round 63 to finish at 31-under, tying the PGA Tour's lowest 72-hole score ever. (More)

• Sovereignty won the 151st Kentucky Derby in sloppy conditions, giving trainer Bill Mott his second Derby win. (More)

• Marvel's "Thunderbolts*" kicked off summer with a strong $76 million domestic opening weekend, landing the third highest debut of 2025 so far. (More)

Science, Health, & Tech

• HHS Secretary RFK Jr. will require new vaccines to undergo placebo testing. Experts worry this could delay vital vaccines while Kennedy claims it ensures safety. Current flu shots might be exempt. (More)

• Hungarian archaeologists discovered six ancient metal hoards on a volcanic hill, unearthing over 300 artifacts dating back to 1400 BC, including jewelry, weapons, and amber beads. (More)

• Scientists discovered that magnetar flares may create heavy elements like gold. A 2004 burst likely produced metals equal to a third of Earth's mass during a seconds-long "starquake." (More)

Extra Credit

🏠️ Watch: Inside a California home made from the mountain it stands on.

🏖️ A list of Europe’s 50 best beaches.

🎓️ The 10 worst-paying college majors, 5 years after graduation.

🐚 Tiny new species of snail named after Picasso.