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Warren Buffett, arguably the most celebrated investor of the modern era, is stepping back. As the 96-year-old “Oracle of Omaha” transitions to chairman emeritus, his legendary career concludes just as Americans are gambling at record levels—a speculative culture he has spent decades criticizing.
After leading his financial conglomerate for more than six decades, Warren Buffett is stepping down as Berkshire Hathaway chairman, effective immediately. Buffett has transitioned to the role of chairman emeritus and will remain on the company’s board of directors.
Greg Abel took over as CEO of the $1 trillion organization in early 2026. While Buffett continued to visit the office daily, he indicated he is now ready for a slower pace.
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“What I do think is that deciding together, not only as operators, but together with politicians and stakeholders, that a legal market is very important to get that done. We’re not there yet, and that’s what we’re saying.
“An unregulated market doesn’t become a safe market. People will always gamble, so we have to make sure that we have a strong legal market. And so you also need to give us some room to exist. And of course, we need to be regulated. A regulated market is always better than an illegal market.”
She mentions an ongoing lawsuit against Meta, which will be expected to be very challenging. The VNLOK-filed litigation is seeking to take action against the illegal gambling ads allowed to filter through to consumers across Meta’s various platforms.
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On Aug. 26, Tel Aviv District Court Judge Iris Lushi-Abudi rejected Papaya’s motion to pay down the Skillz judgment over 6.5 years with profits from its continuing operations.
Yaron Elhawi, an attorney based in Tel Aviv representing Skillz, said in court filings that Papaya has not proposed a reformulated debt arrangement, nor suggested how it intends to treat Skillz’s debt.
Papaya granted a $10 million dividend to shareholders at the end of 2025.
