June 23, 2024

Image for article titled A technical glitch sent Berkshire Hathaway stock down almost 100% before NYSE fixed the problem

Photo: Fred Prouser (Reuters)

A technical issue at the New York Stock Exchange on Monday morning caused stock in Warren Buffett’s Berkshire Hathaway to plummet nearly 100%, but it was resolved later in the day. Trading was halted for some time, and the NYSE immediately investigated the issue.

As of about 9:50 a.m. Eastern Standard Time on Monday, Berkshire Hathaway’s Class A shares were at $185.10, down 99.97%. Shares of Berkshire Class B were still trading at $410.36 after falling only 0.97%.

CNBC reports that a new software release may have caused the technical issue, citing the Consolidated Tape Association (CTA), the organization used by major exchanges to jointly provide real-time stock quotes.

A little after 11 a.m. EST, the NYSE said the issue was resolved.

“A technical issue involving industry-wide price bands published by the Consolidated Trade Association’s Securities Information Processor triggered “limit-up/limit down” trading halts on up to 40 symbols listed on NYSE Group exchanges,” an NYSE spokesperson said in an email.

“Shortly before noon, the issue was resolved and trading in the impacted stocks resumed.”

The moves did not impact the major market indexes. Warren Buffett owns over 38% of Berkshire’s class A shares, making him the largest shareholder.

In addition to Berkshire Hathaway, Barrick Gold and Nuscale Power also saw dramatic declines on Monday morning.

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *