NEW YORK, Aug. 28 (Xinhua) — Warren Buffett’s Berkshire Hathaway surpassed 1 trillion U.S. dollars in market value on Wednesday, becoming the first non-tech firm in the United States to cross the milestone.
The company thus has joined the trillion-dollar club along with six other U.S. tech titans: Apple, Nvidia, Microsoft, Google parent Alphabet, Amazon, and Facebook parent Meta.
To date, Berkshire’s shares have rallied more than 28 percent in 2024, far above the S&P 500’s 18 percent gain.
The milestone “is a testament to the firm’s financial strength and franchise value,” said Cathy Seifert, Berkshire analyst at CFRA Research. “This is significant at a time when Berkshire represents one of the few remaining conglomerates in existence today.”
Buffett, chairman and CEO, has transformed Berkshire from a small textile company into one of the world’s most valuable firms, which spans vast sectors including insurance, railroad, retail, manufacturing and energy.
Dubbed the “Sage of Omaha,” Buffett has run the Omaha, Nebraska-based firm since 1965. He turns 94 years old on Friday.
