On Monday, Warren Buffett’s Berkshire Hathaway (NYSE:BRK, BRK.B)) pulled ahead of Elon Musk’s Tesla (NASDAQ:TSLA) in market value, showing just how much earnings matter in the stock market.
According to Forbes, Berkshire’s stock climbed 4.1%, pushing its market cap to about $1.08 trillion, while Tesla’s shares slipped 2.2%, bringing its valuation down to roughly $1.04 trillion. That swap placed Berkshire in the seventh spot on the S&P 500, nudging Tesla down to eighth.
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What’s Behind the Market Shift?
Berkshire’s rise comes on the back of a strong fourth-quarter. The company posted $14.52 billion in pretax profit—far exceeding Wall Street’s $12 billion estimate.
It also wrapped up 2024 with a staggering $334 billion in cash reserves, up from $325 billion the previous quarter, according to Cashreview. …
