Warren Buffett's Berkshire joins the $1 trillion club

The Omaha-based conglomerate's stock has surged over 30% in 2024, significantly outpacing the S&P 500. This impressive feat comes just days before Buffett, often referred to as the 'Oracle (NYSE:ORCL) of Omaha,' celebrates his 94th birthday.

On Wednesday, Berkshire's shares climbed to an all-time high, pushing the company's market value past the $1 trillion mark.

Unlike the other members of the trillion-dollar club—Apple, Nvidia (NASDAQ:NVDA), Microsoft (NASDAQ:MSFT), Alphabet (NASDAQ:GOOGL), Amazon (NASDAQ:AMZN), and Meta—Berkshire Hathaway is distinguished by its focus on traditional industries.

The company owns a diverse array of businesses. However, Berkshire's significant investment in Apple (NASDAQ:AAPL) has also been a significant contributor to its recent growth.

Buffett took control of Berkshire in the 1960s and has since transformed it into a vast empire with interests in insurance, railroads, retail, and energy. The company is renowned for its strong balance sheet and substantial cash reserves.

Recently, Buffett has adopted a more cautious approach, selling off a large amount of stock—including half of Berkshire's Apple holdings—and amassing a record $277 billion in cash by the end of June.

On Wednesday, it was revealed that over the past few days, Berkshire has sold more shares of Bank of America as the company continues to trim its stake in the U.S. lender.

According to regulatory filings, Berkshire has sold around $5.4 billion worth of Bank of America shares sales since mid-July. According to a regulatory filing on Tuesday, between August 23 and 27, the company is said to have sold roughly 24.7 million shares of the lender.