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By Elisabeth Buchwald, CNN
2 minute read
Updated 12:44 PM EDT, Thu August 29, 2024
Warren Buffett, CEO of Berkshire Hathaway, at the 2019 annual shareholders meeting in Omaha, Nebraska.
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 Wednesday, shares of Berkshire Hathaway (BRK.A) (BRK.B) closed high enough to give the conglomerate holding company a market value above $1 trillion. Topping the list of the most valuable companies are Apple and Microsoft, which are both worth more than $3 trillion. Other companies trading above $1 trillion include Nvidia, 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, Buffett, who will turn 94 on Friday, warnedin his annual letter to investorsthat more skyrocketing performances are likely a thing of the past.
“Berkshireshoulddo a bit better than the average American corporation and, more important,shouldalso operate with materially less risk of permanent loss of capital,” he wrote. “Anything beyond ‘slightly better,’ though, is wishful thinking.”
In the letter, he also said, “we have no possibility of eye-popping performance.”
However, since his February 24 letter was published, shares of the company are up more than 14%, and year to date they’re up a whopping 29%.
Warren Buffett smiles during an interview in Omaha, Nebraska, in May 2018.
Buffett was born in Omaha, Nebraska, on August 30, 1930. He was the only son of Laila and Howard Buffett. Howard was a US congressman.
A young Buffett, far left, is seen with his grandfather, Ernest, as well as his cousins and two sisters.
Laila Buffett poses with her three children -- from left, Roberta, Warren and Doris.
Warren Buffett stands in front of his childhood home in Omaha.
Buffett teaches a class at the University of Nebraska-Omaha.
Buffett married his first wife, Susan, in 1952. They had three children together: Peter, Howard and Susan. The latter two are seen here with their parents.
Buffett and his wife pose at the beach with their three children.
Buffett poses for a photo in 1980.
Buffett testifies before a House subcommittee after the Salomon Brothers investment bank was caught in a treasury bond scandal in 1991. Buffett took over as the company's chairman of the board to guide it out of troubles with the Federal Reserve System.
Buffett attends one of Berkshire's annual shareholders meeting. Seated with him here are his daughter Susan, left, and his wife Susan. Buffett's wife died in 2004.
Buffett arrives at an Omaha Dairy Queen to autograph books and chat with Berkshire Hathaway shareholders in 2002. Many people were in Omaha for Berkshire Hathaway's annual shareholders meeting, which has been described as "the Woodstock of Capitalism."
Buffett attends a GEICO ceremony in Trenton, New Jersey, in 2004.
Buffett joins California Gov. Arnold Schwarzenegger during a meeting of Wall Street investors in New York in 2004. Buffett advised Schwarzenegger's gubernatorial campaign in 2003.
Buffett sits atop a fake bull at the Berkshire Hathaway annual meeting in 2006.
Buffett stacks his chips at a charity poker tournament in Omaha in 2006.
Buffett plays the ukulele with a band during the Berkshire Hathaway meeting in 2007. He learned the instrument decades ago.
Buffett stands in front of a portrait of himself, painted by Michael Israel, in 2008.
Buffett throws out the first pitch before a Kansas City Royals baseball game in 2008.
Buffett sits with Girl Scouts in Omaha in 2008.
Buffett uses a large paddle to play table tennis in 2010.
Buffett and Microsoft Chairman Bill Gates enjoy a meal together at the Hollywood Diner in Omaha in 2010. That year, the two launched The Giving Pledge, which encourages the world's billionaires to dedicate the majority of their wealth to philanthropic causes.
Buffett is sworn in to testify before the Financial Crisis Inquiry Commission in 2010. The bipartisan committee was created by Congress to investigate the causes of the financial crisis.
President Barack Obama awards the Presidential Medal of Freedom to Buffett in 2011. "Today, we know Warren Buffett not only as one of the world's richest men, but also one of the most admired and respected," Obama said. "Unmoved by financial fads, he has doggedly sought out value, put his weight behind companies with promise and demonstrated that integrity isn't just a good trait -- it is good for business."
Buffett is mobbed by journalists and shareholders during Berkshire Hathaway's annual shareholders meeting in 2011.
Buffett talks with his son Peter before the start of the shareholders meeting in 2011.
Buffett poses for a photo in Omaha in 2012.
Buffett and his second wife, Astrid, arrive at the White House for a state dinner honoring British Prime Minister David Cameron in 2012. The next month, Buffett confirmed that he had been diagnosed with Stage 1 prostate cancer. He underwent radiation treatments and told Berkshire Hathaway shareholders that the cancer was "not remotely life-threatening."
Buffett looks out at Omaha in 2012.
Buffett wears a Woodrow Wilson High School jacket as he attends an event in Washington, DC, in 2012. Buffett graduated from the Washington high school in 1947.
Buffett is photographed for Forbes magazine in 2012.
Buffett listens as his son Howard speaks during an interview in New York in 2013. Buffett and his late first wife, Susan, gave and pledged billions to each of their three children to fund charitable foundations. Howard, an Illinois farmer, picked global hunger as his target.
Buffett spins a basketball with the help of Chris "Handles" Franklin, one of the Harlem Globetrotters, at the Berkshire Hathaway shareholders meeting in 2013. At left is football star Ndamukong Suh.
Buffett and Berkshire Hathaway Vice Chairman Charlie Munger are seen on a giant screen during the Berkshire Hathaway shareholders meeting in 2013.
Buffett arrives for a conference in Sun Valley, Idaho, in 2014.
Buffett introduces products to shareholders before their annual meeting in 2014.
Buffett goofs off with Cleveland Cavaliers mascot Moon Dog prior to an NBA game in 2014.
Buffett does an interview in 2015.
Buffett listens as presidential candidate Hillary Clinton speaks during an event in Omaha in 2015. Buffett said at the rally that he was supporting Clinton's bid for president because they share a commitment to help the less affluent.
Buffett attends the world premiere of "Becoming Warren Buffett," a documentary about his life, in 2017.
Buffett attends Forbes' 100th anniversary gala in New York in 2017.
Buffett walks through the exhibit hall during Berkshire Hathaway's shareholders meeting in 2019.
Buffett speaks during Berkshire Hathaway's virtual shareholders meeting in May 2020.
Warren Buffett's life in pictures
In recent months, Berkshire Hathaway has been in selling mode. It cut its stake in Apple (AAPL) by 50% last quarter. Then on Tuesday, the company disclosed it had sold nearly 25 million shares of Bank of America (BAC) worth close to $1 billion.
But the company has also made some new purchases. It recently acquired stakes in cosmetics store chain Ulta Beauty (ULTA)and aircraft parts maker Heico (HEI).
Berkshire Hathaway continues to maintain many of its top holdings, including a 21.3% stake in American Express (AXP), a 9.3% stake in Coca-Cola (KO) and a 6.5% stake in Chevron (CVX), as of June 30. It also owns Geico, BNSF Railway and Dairy Queen, among several other companies.
This story has been updated with additional context.
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