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T. Boone Pickens, Founder & Chairman of BP Capital Management. Photo: Riccardo Savi / Getty Images for Concordia Summit

Oilman and energy trader T. Boone Pickens, 89, said he is closing the hedge fund he's run for the past 20 years, BP Capital, per the WSJ. He cited his deteriorating health and the fund's weak financial performance.

Why it matters: It's the end of an era for a key energy figure, but separately, and more broadly, his decision to wind down the fund reflects the struggles being felt industry-wide. Several other commodity funds have also closed recently as a result of low returns and falling oil prices.

Pickens plans to make the announcement in a letter, obtained by the WSJ, that is set to publish shortly:

“It’s no secret the past year has not been good to me, from a health perspective or a financial one,” he wrote in the letter. “If you are lucky enough to make it to 89 years of age like I have, those things tend to put life in perspective ... Trading oil is not as intriguing to me as it once was.”

What's next: The letter said the fund will move toward a family office structure. Meanwhile, two of Pickens’s top lieutenants, Brian Bradshaw and David Meaney, will jointly launch a new energy fund, Assert Capital Management, next week. Pickens will be an investor.

Go deeper

House votes to ban imports from Xinjiang over forced labor concerns

House Speaker Nancy Pelosi. Photo: Anna Moneymaker/Getty Images

The House voted 428-1 on Wednesday to pass a bill that would ban all imports from the Chinese region of Xinjiang unless the U.S. government determines that the products were not made with forced labor.

Why it matters: Both the Trump and Biden administrations, as well as several foreign parliaments, have recognized China's repression of Uyghurs and other Muslim minorities in Xinjiang as genocide.

Mark Meadows sues Pelosi, Jan. 6 committee

Then-White House chief of staff Mark Meadows speaks with reporters after a meeting with Senate Majority Leader Mitch McConnell on Nov. 18, 2020. Photo: Tom Williams/CQ-Roll Call, Inc via Getty Images

Former White House chief of staff Mark Meadows sued House Speaker Nancy Pelosi and all nine members of the Jan. 6 select committee on Wednesday.

Why it matters: The move comes less than a day after the committee moved to hold Meadows in contempt for refusing to cooperate with its investigation of the Capitol riots.

2 hours ago - Technology

The four key moments from Instagram's Hill hearing

Adam Mosseri. Photo: Yasin Ozturk/Anadolu Agency via Getty Images

Instagram head Adam Mosseri testified before Senate lawmakers Wednesday and was pressed on the app's impacts on young children and teens.

Why it matters: Legislation to protect kids online is one area Congress has shown it's willing to regulate, as Axios previously reported. Wednesday's back-and-forth gave momentum to lawmakers eager to make more rules for social media platforms and how children and teens can use them.