Warren Buffett’s conglomerate holding company, Berkshire Hathaway, became the first non-tech company in the United States to reach a $1 trillion market valuation on Tuesday morning.
According to a report from CNN, shares of Berkshire Hathaway briefly surged, pushing the conglomerate’s market value to the $1 trillion mark.
Only technology giants have so far reached this valuation, including Apple, Nvidia, and Microsoft — each valued at more than $3 trillion — as well as Alphabet, Amazon, and Meta, which are all trading above the $1 trillion threshold.
Although Microsoft, founded in 1975, is the oldest tech company in this exclusive club, Berkshire Hathaway predates them all. It was established in 1839 as a textile manufacturing company.
Warren Buffett, the company’s renowned CEO, acquired a majority stake in Berkshire Hathaway in 1965 and has since transformed it into one of the world’s most successful investment conglomerates.
Despite Berkshire Hathaway’s recent milestone, Buffett, who turns 94 this Friday, has tempered expectations for the company’s future growth. In his annual letter to investors earlier this year, he warned that the days of “skyrocketing performances” are likely behind them.
He noted that while Berkshire “should do a bit better than the average American corporation” and operate with “materially less risk of permanent loss of capital,” anything beyond “slightly better” would be “wishful thinking.”
However, since Buffett’s letter was published on February 24, the company’s shares have climbed more than 13% and are up a substantial 28% for the year to date.