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Berkshire Hathaway BRK.A-0.02% CEO Warren Buffett just got an early birthday present.
Berkshire Hathaway, Buffett’s sprawling Omaha-based conglomerate, reached a market capitalization of $1 trillion Wednesday, becoming the first U.S. company outside of the tech sector to reach the milestone.
Shares of Berkshire climbed 1% Wednesday morning to hit the milestone, with shares trading at a whopping $698,901 apiece. For reference, the median sale price of a home in the United States was $439,455 in July.
This year alone, Berkshire has added around $200 billion in market value. The company’s stock rally has outpaced gains by the S&P 500 so far in 2024, returning nearly 29%, compared with the index’s 19%.
Buffett, the legendary investor known as “the Oracle of Omaha,” is turning 94 years old Friday.
Berkshire now joins the likes of Apple AAPL-3.62%, Nvidia NVDA+2.88%, Google GOOGL+1.44%, Microsoft MSFT-0.04%, Amazon AMZN+2.09%, and Meta META+0.85% with its thirteen-figure market value. Elon Musk’s Tesla TSLA-0.55% had previously crossed the $1 trillion threshold, but lost ground after a series of sales misses and other missteps.
Read more: Warren Buffett’s Berkshire Hathaway holds more U.S. Treasury bills than the Federal Reserve
In recent months, Berkshire has grown its cash pile to a record $276.9 billion, according to the company’s regulatory filings. The conglomerate has been on a selling spree of late, reducing its stake in Apple for three consecutive quarters now. In the last quarter, it halved its massive stake in Apple to hold $84.2 billion in the iPhone-maker’s stock. That sale could cost Buffett an estimated $15 billion in taxes this year.
Buffett has also continued to trim its stake in Bank of America. Most recently, it sold $981.9 million worth of the bank’s stock, bringing its total gains from the series of sales to $5.4 billion.
As of June 30, Apple, Bank of America, and the American Express Company are Berkshire’s largest holdings.