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Friday, June 21, 2024

NYSE Glitch Shows Berkshire Hathaway Tumbled 99.9% Monday

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A New York Stock Exchange glitch sent the trading floor into chaos Monday after posting incorrect prices for several stocks. Some were shown plummeting, including Warren Buffett’s Berkshire Hathaway, which incorrectly showed a 99% drop.

“A technical issue with industry-wide price bands published by the CTA SIP triggered halts in a number of stocks listed on the NYSE Group exchanges this morning,” the NYSE explained in a statement. “Impacted stocks have since reopened (or are in the process of reopening) and the price bands issue has been resolved.”

Related: Berkshire Hathaway Sold Paramount Stock, Lost ‘Quite a Bit’

The glitch was fixed around 11 a.m., the statement said, though as of late afternoon Monday, multiple stocks were still placed on a trading halt, per the exchange’s website.

Berkshire Hathaway’s A-shares were affected by the bug though the company’s B-shares were mainly unaffected aside from a 1% drop in valuation.

The company’s A-shares were listed at $185.10 amid the setback, which would’ve put the company down over 99.9% after closing at $627,400 on Friday. Berkshire’s A-shares reopened for trading just after 11:30 a.m.

Related: Read Warren Buffett’s Annual Letter to Berkshire Shareholders

Other stocks affected include Chipotle and Horace Mann Educators, both halted for volatility. At least 40 different stocks were impacted by the technical issue.

NYSE’s parent company, Intercontinental Exchange, told CNN that there is no indication that the glitch was caused by cybercriminals or a cyberattack.



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