2024-08-29 23:07:28
Warren Buffett’s investment fund “Berkshire Hathaway” (Berkshire Hathaway) today reached a market capitalization of 1 trillion dollars, becoming the first non-tech company in the United States to cross this threshold, reported CNB.
Shares of the Omaha, Nebraska-based conglomerate are up more than 27 percent in 2024. The $1 trillion mark was crossed just two days before Buffett, known as the “Oracle of Omaha,” turns 94.
The fund’s shares rose 1.2 percent in today’s trading, bringing its market capitalization up to $1 trillion, according to FactSet data, BTA reported.
Meanwhile, Berkshire Hathaway has sold $981.9 million worth of shares in Bank of America over the past few days, as the conglomerate continues to reduce its stake in the second-largest US bank. Since mid-July, Berkshire Hathaway has parted with the bank’s shares for about $5.4 billion.
The conglomerate sold about $24.7 million worth of shares in the second-largest U.S. bank between Aug. 23 and Aug. 27, according to filings with regulators yesterday.
Shares of Bank of America were down 0.5 percent in premarket trading today. They have fallen in price by 4.8 percent in the last month.
Buffett, one of the world’s most respected investors, began investing in Bank of America in 2011, when Berkshire Hathaway bought $5 billion worth of preferred stock.
Buffett’s investment in the financial institution came amid concerns from some investors about the bank’s capital needs.
The stock selloff marked a reversal from last year, when Buffett praised Bank of America and CEO Brian Moynihan.
Despite the latest share sale, Berkshire remains the bank’s largest shareholder, owning 903.8 million shares worth $35.85 billion, according to yesterday’s closing price.