Berkshire Hathaway, the investment giant led by billionaire Warren Buffett, has made history by becoming the first non-tech company in the U.S. to hit a $1 trillion market cap.

On August 28, the company’s Class A shares rose 0.7%, closing at $696,502, while Class B shares increased 0.9% to $464. This pushed Berkshire Hathaway’s market value beyond the $1 trillion mark for the first time in its history.

A Non-Tech Milestone

Berkshire Hathaway joins an elite group of U.S. companies that have surpassed a trillion-dollar market cap, including Apple, Nvidia, Microsoft, Alphabet, Amazon, and Meta Platforms. However, Berkshire stands out as the first non-tech firm to achieve this feat.

Buffett’s Legacy

This milestone comes just days before Warren Buffett’s 94th birthday. Buffett has led Berkshire Hathaway since 1965, transforming it from a struggling textile company into a diversified conglomerate with holdings in industries such as insurance, railroads, energy, and food services.

In the first half of this year, Berkshire reported operating profits of $22.8 billion, reflecting a 26% increase from the same period in 2022. Additionally, the company boasts a stock portfolio worth over $300 billion, with Apple being its largest investment. As of June 30, Berkshire’s cash reserves stood at $276.9 billion.

A Low-Risk Empire

“Buffett has built Berkshire into a very systematic, low-risk conglomerate. With so many businesses under its belt, they’ll always have strong performers,” said Steve Check, director of Check Capital Management, a firm with nearly $700 million invested in Berkshire shares.

Exceptional Growth

Since Buffett took control of Berkshire, its shares have risen more than 56,000 times, with an average annual gain of 20%, nearly double the S&P 500’s growth rate over the same period. Buffett, who still owns 14% of the company, has donated more than half of his stake to charity since 2006. As of now, his net worth is estimated at $146 billion, placing him as the sixth-richest person in the world.

Berkshire Hathaway’s remarkable journey to a trillion-dollar valuation cements Buffett’s legacy as one of the most successful investors in history.