Warren Buffett has stage 1 prostate cancer

Berkshire Hathaway's CEO Warren Buffett revealed on Tuesday that he is suffering from stage 1 prostate cancer, according to Reuters.

The 81-year-old billionaire and philanthropist said his condition "is not remotely life-threatening or even debilitating in any meaningful way."

In a letter to investors, he said he would begin a two-month treatment of daily radiation in mid-July, according to Bloomberg. The treatment would not have a profound effect on his routine, except for limiting his ability to travel, he said.

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Buffett was diagnosed on April 11, after a routine check, and an MRI received today showed no other signs of cancer in his body.

In his letter, Buffett said, "I feel great – as if I were in my normal excellent health – and my energy level is 100 percent."

He added, "I will let shareholders know immediately should my health situation change. Eventually, of course, it will; but I believe that day is a long way off," according to MSNBC.

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There has been much speculation on who would succeed Buffett at Berkshire Hathaway. In February, he announced that he had chosen someone to take his place as chief executive but he did not name the person. He confirmed to CNBC on Tuesday that the succession plan had not changed with the latest news.

Buffett was the inspiration behind the Obama administration's push for the Buffett rule, which would have increased the tax rate on the wealthiest Americans to 30 percent, a move Democrats said would level the income tax field. Buffett said it was not fair for his secretary to pay a higher rate of tax than he did.

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