Warren Buffett’s Berkshire Joins $1 Trillion Club By Investing.com

Investing.com — Warren Buffett’s Berkshire Hathaway (NYSE: ) hit a historic milestone on Wednesday, becoming the first non-tech U.S. company to reach $1 trillion in market capitalization.

Shares of the Omaha conglomerate are up more than 30% in 2024, significantly outperforming . This impressive feat comes just days before Buffett, often called the “Oracle (NYSE: ) of Omaha,” celebrates his 94th birthday.

On Wednesday, Berkshire’s stock climbed to an all-time high, pushing the company’s market value past the $1 trillion mark.

Unlike the other members of the trillion-dollar club — Apple, Nvidia (NASDAQ: ), Microsoft (NASDAQ: ), Alphabet (NASDAQ: ), Amazon (NASDAQ: ) and Meta — Berkshire Hathaway is distinguished by its focus on traditional industries . .

The company owns a diversified range of businesses. However, Berkshire’s significant investment in Apple (NASDAQ: ) has contributed significantly to its recent growth.

Buffett took control of Berkshire in the 1960s and has since built it into a vast empire with interests in insurance, railroads, retail and energy. The company is renowned for its strong balance sheet and substantial cash reserves.

Recently, Buffett has taken a more cautious approach, selling a large amount of stock — including half of Berkshire’s Apple holdings — and raising a record $277 billion in cash by the end of June.

On Wednesday, it was revealed that Berkshire has sold more shares of Bank of America in recent days as the company continues to reduce its stake in the US lender.

According to regulatory filings, Berkshire has sold about $5.4 billion worth of Bank of America stock since mid-July. According to a regulatory filing on Tuesday, between Aug. 23 and Aug. 27, the company reportedly sold about 24.7 million shares of the lender.