Regardless of the exact percentage ownership, which you note in detail, there is an obvious control of UP aspect reflected in its HQ being in Omaha. Locally we now see UP hardware mixed with BNSF rolling stock. It all works to keep me suspicious that maybe somebody is getting too big? They broke up ATT and I didn’t even have a phone yet?
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Union Pacific has been headquartered in Omaha since their inception July 1, 1862 long before Buffet.
With Buffet’s company being a Top 10 investor in the company and having much political sway with Obama’s third-term, just like he did with Obama’s first two terms, it is not inconceivable that the two RR would share the cost transporting of cars over their respective lines while reaping the monopolistic revenue. Buffet is a big WEF Great Reset old man who, more than likely enjoys the power his company gives him, and will be long gone before the devastation he wants with the WEF/Davos/Great Reset happens if it ever comes to fruition. He is more than happy to force the ESG nonsense/religion on companies he has a say in just like the BlackRock and Vanguard. His company, like the others, may fall within the definition of a Transcontinental Criminal Organization under some of the E.O. s and PEADs Trump implemented before the election theft.
This IMO is why he is one of the shadow power brokers that helped steal the election from Trump. He is corrupted by the power his company has afforded him.
Omaha has been the de facto home of UP since the 1860's, though it actually had to have (by law) its eastern terminus across the river in Council Bluffs, IA. (Nobody headquarters in Council Bluffs... like Sioux City, it is one of the Rodney Dangerfields of prairie burgs.) The operating side increasingly is concentrated elsewhere, but Omaha has stayed UP's birthplace (so to speak). Chicago and Omaha were two cities the transcons coveted, but the money that controls UP is - and always has been - via NYC/Wall Street, whether the shareholders are Oakes and Oliver Ames or Vanguard.
Omaha is to New York City as York was to London: a nabob might have to endure such a provincial dump now and again as part of doing business, but by-and-large, only minions actually live there.
On any given day, between Chicago and Omaha, one will see locomotives from every Class 1 railroad on most of the busy trackage. "Run-through power" has been a thing for 30 years or more, and since the dawn of railroading, railcars can show up anywhere the tracks are standard gauge. Any car accountant since the 1840's would attest to just how far from home a railcar can get.
The difference in the handling of AT&T and Microsoft is a classic case of government dictating winners and losers. The "public" is always among the latter.