Warren Buffett: Berkshire Hathaway becomes the first non-IT company with a market cap of Rs 1 lakh crore
New Delhi| Berkshire Hathaway, the company of veteran investor Warren Buffett, has achieved a new and important achievement. It has become the first non technology U.S. company, with a market value that has crossed $1 trillion. The company’s shares rose 0.8%, pushing its market capitalization past the trillion dollar (one trillion dollars) mark for the first time on Wednesday. The company had a great year, with its shares rising 30% in 2024. This is better performance than the S & P 500’s gain of 18% so far. The surge has added more than $200 billion to Berkshire’s market capitalization this year alone, a record for the firm. This, however, contrasts greatly with the nearly $2 trillion increase in value of Nvidia, another market giant. Omaha, Nebraska-based Berkshire Hathaway has now joined a select group of companies that have reached this milestone. The group of $1 trillion companies was previously dominated by technology giants such as Alphabet, Meta Platforms Inc, and Nvidia Corp.
Although Berkshire is not a tech company, its stock performance this year has not lagged far behind the so-called ‘Magnificent Seven’. Magnificent Seven’ are shares whose shares have risen to 35% in 2024. Warren Buffett, considered one of the greatest investors of all time, has spent decades transforming Berkshire Hathaway from its beginnings as a textile manufacturer into a vast business empire. He did this work in collaboration with long-time business partner Charlie Munger. Munger died in November last year at the age of 99.
