Breaking News: Berkshire Hathaway Plummets 99% as Technical Glitch at New York Stock Exchange Causes Massive Stock Price Volatility
Due to a technical glitch that occurred on Monday, the New York Stock Exchange (NYSE) displayed a drastic drop of nearly 100% in the price of Berkshire Hathaway Class A shares, leading to market confusion. This unexpected decline triggered trading suspensions for multiple stocks.
Contents:
Toggle
Berkshire Hathaway Plunges 99%!
Investigation into Technical Issues
On Monday morning, investors discovered that the price of Berkshire Hathaway Class A (BRK.A) showed a drop of nearly 100%. The incorrect price display was a result of an internal technical glitch in the NYSE trading system.
In addition to this technical issue, it also affected the stocks of Barrick Gold and NuScale Power, which experienced significant and unexpected declines. As a precautionary measure, NYSE suspended trading for these stocks to prevent further market confusion and potential financial losses for investors.
Advertisement – Continue reading below
At 10:11 AM Eastern Time, NYSE issued an update stating that they were investigating the root cause of the technical issue. The problem was related to the upper and lower limit ranges, which are designed to halt trading in case of excessive stock volatility. These mechanisms are crucial for maintaining market stability, but the malfunction caused them to fail and resulted in the erroneous price drop.
Prior to the trading suspension, the trading volume for Berkshire Hathaway Class A (BRK.A) was less than 4,000 trades, indicating that the issue was quickly identified and addressed.
NYSE
Berkshire Hathaway
Related Readings
Berkshire Hathaway Shareholders Meeting Takes Place This Weekend, Buffett Says AI Scams Could Become the Next Major Growth Industry
Japanese Stock Market Hits Historic High, Berkshire Hathaway Profits $8 Billion from Investments in Five Major Trading Companies.
