Billionaire Warren Buffett's corporation surpasses $1 trillion mark

Billionaire Warren Buffett has been Chairman of the Board of Directors of Berkshire Hathaway since 1970, helping the company from a small textile company to become one of the most valuable corporations in the world and himself one of the richest people in the world.

AFP reported that Berkshire Hathaway's market capitalization surpassed $1,000 billion in trading on August 28, becoming the first Wall Street company to do so after technology giants such as Apple, Nvidia and Microsoft.

Berkshire Hathaway's Class A shares closed up 0.8% while Class B shares rose 0.9%.

Globally, Saudi Aramco, the state-owned oil company, is the only non-tech public company to reach that valuation. Electric carmaker Tesla’s market capitalization has also surpassed the $1 trillion mark, but many analysts consider it a tech company.

Berkshire Hathaway invests in many industries, from insurance to retail and railroads. Billionaire Warren Buffett is considered a legendary investor, specializing in long-term investments instead of short-term ones like most people. The 94-year-old billionaire is also a famous philanthropist, spending billions of dollars on charity.

Recently, Mr. Buffett began selling large amounts of shares in some of the largest companies such as Apple and Bank of America. Berkshire Hathaway then used the money to buy government bonds. According to AFP, the group now owns more short-term US government bonds than the Federal Reserve.