Buffett’s Berkshire Hathaway hits $1 trillion market value, first U.S. company outside of tech to do so
From CNBC: 2024-08-28 10:22:04
Warren Buffett’s Berkshire Hathaway hits $1 trillion market cap, surpassing tech companies with a 28% rally this year. With a defensive stance, he sold Apple shares, raising a record $277 billion cash pile. Buffett’s massive influence on market sentiments is underscored by decisions to raise funds and invest in Treasury bills.
UBS analyst predicts Berkshire’s market value to exceed $1 trillion, with strong Q2 earnings driven by robust investing income and underwriting results. Insurance sector performance, post-pandemic, supports growth expectations. Current price targets set at $759,000 per A share.
Berkshire Hathaway’s original Class A shares are among the highest-priced stocks on Wall Street, soaring 68% above the median home price in the U.S. Buffett’s refusal to split stock aims to attract quality investors, viewing shares as a long-term investment. Class B shares introduced in 1996 for smaller investors.