Warren Buffett, CEO of Berkshire Hathaway, at the 2019 annual shareholders meeting in Omaha, Nebraska. Johannes Eisele/AFP/Getty Images
On Wednesday, August 28, 2024, Warren Buffett’s Berkshire Hathaway reached a historic milestone. The company’s shares soared, pushing its market value over the $1 trillion mark. This achievement makes Berkshire Hathaway the first non-technology company in the United States to join the elite group of trillion-dollar corporations. It now stands alongside giants like Apple, Microsoft, Nvidia, Alphabet, Amazon, and Meta.
Berkshire Hathaway, founded in 1839 as a textile manufacturing company, has grown under Buffett’s leadership since he took a majority stake in 1965. Unlike the other trillion-dollar companies, which are all relatively newer tech firms, Berkshire Hathaway has a long history, making its inclusion in this exclusive club remarkable.
Buffett, who turns 94 on August 30, 2024, had previously expressed caution in his annual letter to investors in February. He warned that Berkshire’s future performance might not match the sky-high expectations of the past. “We have no possibility of eye-popping performance,” Buffett wrote. Yet, despite his cautious outlook, Berkshire’s shares have risen more than 14% since February, with a 29% increase so far this year.
Berkshire Hathaway has been selling off some of its holdings in recent months. The company reduced its Apple stake by 50% and sold nearly $1 billion worth of Bank of America shares. However, it has also made new investments in Ulta Beauty and Heico, showing that the conglomerate remains active in the market.
Berkshire continues to hold significant stakes in major companies like American Express, Coca-Cola, and Chevron. Its portfolio also includes full ownership of well-known brands such as Geico, Dairy Queen, and BNSF Railway.
Buffett, often referred to as the “Oracle of Omaha,” remains one of the most respected and admired figures in the business world. As his 94th birthday approaches, his company’s latest achievement adds another impressive chapter to his legacy.
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