Warren Buffet’s Berkshire Hathaway Just Closed at a Record

Shares of Berkshire Hathaway closed at a record above $500,000 on Wednesday as shares roared back.

Warren Buffett’s Berkshire Hathaway class A shares achieved a key milestone when they hit an all-time closing high of half a million dollars.

The class A shares gained 1.3%, rising for a fourth straight day to close at $504,400. Shares of the Omaha-based company have already rallied more than 11% this year.

“I think a rotation into value names, coupled with Berkshire’s exposure to the energy and utility space … and investors’ enthusiasm for Berkshire’s aggressive share buybacks drove the shares’ performance,” remarked Cathy Seifert, a Berkshire analyst at CFRA Research.

With the increase in price, Berkshire’s market cap was above $730 billion and became the only non-tech company on the list of 10 most valuable U.S. public companies.

It was in 1996 that Berkshire issued convertible Class B shares for one thirtieth of Class A share price initially. The affordable share class allows investors to purchase a piece of the company directly instead of buying a fraction of a share through unit trusts or mutual funds.

Berkshire’s Class B shares closed at $336.11 apiece on Wednesday, rising a similar 12% this year.

Berkshire has supported the stock by repurchasing a record $27 billion of its own shares in 2021.

Disclaimer: We have no position in any of the companies mentioned and have not been compensated for this article.