NEW YORK: Warren Buffett’s Berkshire Hathaway holding company crossed $1 trillion in market value Wednesday, making it the first non-tech firm on Wall Street to pass the milestone.
Buffett, who turns 94 on Friday, has been chair of Berkshire Hathaway since 1970, transforming it from a small textile company into one of the world’s most valuable firms, and turning him into one of the world’s richest men.
On Wednesday, Berkshire Hathaway’s market capitalization crossed $1 trillion in early trading, putting it in an exclusive club alongside tech titans like Apple, Nvidia and Microsoft.
The company’s Class A shares closed up 0.8 percent, and its Class B shares closed up 0.9 percent, leaving it with a total market value of just over $1 trillion.
It is the only publicly-traded, non-tech firm other than Saudi Arabia’s state-owned oil company, Saudi Aramco, to hit such heady heights. Electric vehicle maker Tesla, which previously hit a $1 trillion market capitalization, is considered to be a technology company by many analysts.
The Nebraska-based firm’s portfolio spans a vast array of sectors, including insurance, railroads and retail.
Buffett, who has been dubbed the “Sage of Omaha,” popularized a dispassionate, long-term approach to investing that ran counter to the short-term thinking of many market players at the time.
Buffett has been in a selling mood of late, convincing Berkshire Hathaway to dump large quantities of stock in some of its biggest holdings, including Apple and Bank of America, accumulating vast cash reserves.
The firm has plowed its growing cash pile into government bonds to such an extent that it now owns more short-term US Treasury bills than the Federal Reserve.
Buffett’s Berkshire Hathaway hits $1 trillion market value
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Buffett’s Berkshire Hathaway hits $1 trillion market value
- Berkshire Hathaway is the only publicly-traded, non-tech firm other than Saudi Aramco, to hit such heady heights
- The firm has plowed its growing cash pile into government bonds and now owns more short-term US Treasury bills than the Federal Reserve
North Korea’s KCNA: Japan’s ambition for nuclear weapons should be curbed
- In October, US President Donald Trump said he has given South Korea approval to build a nuclear-powered submarine, after his visit to the Asian ally for a summit on trade deala with South Korean President Lee Jae Myung
SEOUL: North Korea said Japan’s ambition for possession of nuclear weapons should be “thoroughly curbed,” state media KCNA reported on Sunday.
Japan is showing the intention to possess nuclear weapons explicitly by saying it needs to review the three non-nuclear principles, KCNA said citing a commentary of North Korea’s foreign-policy official.
Japan began making such comments actively as soon as the United States approved a request from South Korea for building a nuclear submarine, the media said.
In October, US President Donald Trump said he has given South Korea approval to build a nuclear-powered submarine, after his visit to the Asian ally for a summit on trade deala with South Korean President Lee Jae Myung.
