Warren Buffett’s face—always smiling, whether he’s slurping  a milkshake, brandishing a lasso, or palling around with fellow multibillionaire Bill Gates—has graced the cover of Fortune more than a dozen times. And it’s no wonder: Buffett has been a towering figure in both business and 

investing for much of his—and Fortune’s—95 years on earth. (The magazine first hit newsstands in February 1930; Buffett was born that August.) As Geoff Colvin writes in this issue, Buffett’s investing genius manifested early, and he bought his first stock at age 11. By Colvin’s calculations, over the 60 years since Buffett took control of his company, Berkshire Hathaway, its returns have outpaced the S&P 500 by more than 100 to one.  

Buffett has always had a special relationship with Fortune, particularly with legendary writer and editor Carol Loomis, who profiled him many times, and to whom he broke the news of his paradigm-shifting moves in philanthropy in 2006 and 2010. The end of an era is upon us, as Buffett on Dec. 31 will step down from his role as Berkshire’s CEO. We’re grateful to have been along for the ride. 

Cover photographs by David Yellen (2009), and Art Streiber (2010)

Cover photographs by Michael O’Neill (2003), and Ben Baker (2006)

Cover photographs by Michael O’Neill

Cover photographs by Alex Kayser (1986) and Michael O’Neill (1998)

Tamera Fenske is the chief supply chain officer (CSCO) for Kimberly-Clark, who oversees a massive global team of 22,665 employees—around 58% of the global CPG manufacturer’s workforce. She’s in charge of optimizing the company’s entire supply chain, from sourcing raw materials for Kimberly-Clark products including Kleenex and Huggies, to delivering the final product into customers’ shopping carts. 

It’s a job that’s essential to most top businesses operating at such a massive scale; around 422 of the Fortune 500 have chief supply chain officers, according to a 2025 Spencer Stuart analysis. However, most of these slots are awarded to white men; only about 18% of executives in this position are women, and 12% come from underrepresented racial and ethnic backgrounds. It’s one of the C-suite roles with the least female representation, right next to chief financial officers, chief operating officers, and CEOs. 

In fact, Fenske is one of just 76 Fortune 500 female executives who have “chief supply chain officer” on their resumes. However, the executive tells Fortune it’s an unfortunate fact she “doesn’t think about” too often—if anything, it motivates her further.

“Anytime someone tells me I can’t do something, it makes me want to work that much harder to prove them wrong,” Fenske says. 

The first time Fenske noticed she was one of few women in the room

Fenske has spent her entire life navigating subjects dominated by men—something she didn’t even consider until college. 

Her father, aunts, uncles, and grandfather all worked for Dow Chemical, so she grew up in a STEM-heavy household. Naturally, she leaned into math and science as well, eventually pursuing a bachelor’s in environmental chemical engineering at Michigan Technological University. It was there that her eyes first opened to the reality that she was one of few women in the room. 

“It definitely was going to Michigan Tech, where I first realized the disparity,” Fenske said, adding that there was around an eight-to-one male-to-female ratio. “As you continue through the higher levels and the grades, it becomes even more tighter, especially as you get into your specialized engineering.” 

Once joining the world of work, it wasn’t only Fenske who noticed the lack of women in senior roles—some bosses would even point it out. 

The Fortune 500 boss is paying it forward—for both men and women

After Fenske graduated from Michigan Tech, she got her start at $91 billion manufacturer 3M: a multinational conglomerate producing everything from pads of Post-It notes to rolls of Scotch tape. Fenske was first hired as an environmental engineer in 2000. Promotion after promotion came, but all people could seem to focus on was her gender.

“It would come to light when I moved relatively quickly through the ranks. Some of my bosses would say, ‘You’re the age of my daughter,’ and different things like that. ‘You’re the first woman that’s had this role at this plant or in this division,’” Fenske recalls. Over the course of 2 decades, she rose through the company’s ranks to the SVP of 3M’s U.S. and Canada manufacturing and supply chain. 

And anytime she was asked about her gender? She’d flip the questions back at them while standing her ground. “I would always try to spin it a little bit and ask them questions like, ‘Okay, so what is your daughter doing?’…I always try to seek to understand where they are coming from, but then also reinforce what brought me to where I am.”

Now, three years into her current stint as Kimberly-Clark’s CSCO, the 47-year-old is paying it back—but not just to the women following in her footsteps.

“I never saw myself as necessarily a big, ground-breaker pioneer, even though the statistics would tell you I was,” Fenske says. “I tried to give back to women and men, to be honest. Because I think men [are] one of the strongest advocates for women as well. So I think we have to teach both how to have that equal lens and diverse perspective.”

The details, discussed by SpaceX’s board of directors on Thursday at its Starbase hub in Texas, could change based on interest from insider sellers and buyers or other factors, said some of the people, who asked not to be identified as the information isn’t public. SpaceX is also exploring a possible initial public offering as soon as late next year, one of the people said. 

Another person briefed on the matter said that the price under discussion for the sale of some employees and investors’ shares is higher than $400 apiece, which would value SpaceX at between $750 billion and $800 billion. The company wouldn’t raise any funds though this planned sale, though a successful offering at such levels would catapult it past the record of $500 billion valuation achieved by OpenAI in October.

Elon Musk on Saturday denied that SpaceX is raising money at a $800 billion valuation without addressing Bloomberg’s reporting on the planned offering of insiders’ shares. 

“SpaceX has been cash flow positive for many years and does periodic stock buybacks twice a year to provide liquidity for employees and investors,” Musk said in a post on his social media platform X. 

The share sale price under discussion would be a substantial increase from the $212 a share set in July, when the company raised money and sold shares at a valuation of $400 billion. The Wall Street Journal and Financial Times earlier reported the $800 billion valuation target.

News of SpaceX’s valuation sent shares of EchoStar Corp., a satellite TV and wireless company, up as much as 18%. Last month, EchoStar had agreed to sell spectrum licenses to SpaceX for $2.6 billion, adding to an earlier agreement to sell about $17 billion in wireless spectrum to Musk’s company.

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The world’s most prolific rocket launcher, SpaceX dominates the space industry with its Falcon 9 rocket that lifts satellites and people to orbit.

SpaceX is also the industry leader in providing internet services from low-Earth orbit through Starlink, a system of more than 9,000 satellites that is far ahead of competitors including Amazon.com Inc.’s Amazon Leo.

Elite Group

SpaceX is among an elite group of companies that have the ability to raise funds at $100 billion-plus valuations while delaying or denying they have any plan to go public. 

An IPO of the company at an $800 billion value would vault SpaceX into another rarefied group — the 20 largest public companies, a few notches below Musk’s Tesla Inc. 

If SpaceX sold 5% of the company at that valuation, it would have to sell $40 billion of stock — making it the biggest IPO of all time, well above Saudi Aramco’s $29 billion listing in 2019. The firm sold just 1.5% of the company in that offering, a much smaller slice than the majority of publicly traded firms make available.

A listing would also subject SpaceX to the volatility of being a public company, versus private firms whose valuations are closely guarded secrets. Space and defense company IPOs have had a mixed reception in 2025. Karman Holdings Inc.’s stock has nearly tripled since its debut, while Firefly Aerospace Inc. and Voyager Technologies Inc. have plunged by double-digit percentages since their debuts.

SpaceX executives have repeatedly floated the idea of spinning off SpaceX’s Starlink business into a separate, publicly traded company — a concept President Gwynne Shotwell first suggested in 2020. 

However, Musk cast doubt on the prospect publicly over the years and Chief Financial Officer Bret Johnsen said in 2024 that a Starlink IPO would be something that would take place more likely “in the years to come.”

The Information, citing people familiar with the discussions, separately reported on Friday that SpaceX has told investors and financial institution representatives that it’s aiming for an IPO of the entire company in the second half of next year.

Read More: How to Buy SpaceX: A Guide for the Eager, Pre-IPO

A so-called tender or secondary offering, through which employees and some early shareholders can sell shares, provides investors in closely held companies such as SpaceX a way to generate liquidity.

SpaceX is working to develop its new Starship vehicle, advertised as the most powerful rocket ever developed to loft huge numbers of Starlink satellites as well as carry cargo and people to moon and, eventually, Mars.