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Berkshire Hathaway hit $1 trillion market value, making it the first US non-tech company to achieve the milestone

  • CNN
  • August 28, 2024
New York

CNN

 — 

There's a new member of the $1 trillion company club in the US, and for the first time, it isn't a technology company.

On Tuesday morning, shares of Berkshire Hathaway (BRK.B) briefly rose high enough to give the conglomerate holding company a market value of $1 trillion. Topping the list of the most valuable companies are Apple, Nvidia and Microsoft, which all are worth more than $3 trillion. Other companies trading above $1 trillion include Alphabet, Amazon and Meta.

Among those companies, Microsoft, which was founded in 1975, is the oldest. Berkshire Hathaway, meanwhile, was founded in 1839 as a textile manufacturing company. Its current CEO, Warren Buffett, took a majority stake in the company in 1965.

At the start of the year, 93-year-old Buffett warned in his annual letter to investors that more skyrocketing performances are likely a thing of the past.

"Berkshire do a bit better than the average American corporation and, more important, also operate with materially less risk of permanent loss of capital," he wrote. "Anything beyond ‘slightly better,' though, is wishful thinking."

However, since his February 24 letter was published, shares of the company are up more than 13%, and year-to-date they're up a whopping 28%.

This is a developing story and will be updated.