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Berkshire Hathaway Shares Plunge 99% in Trading Glitch
Technical Error Causes Confusion
On Monday, a technical issue caused the A-class shares of Warren Buffett's Berkshire Hathaway to display an incorrect price, showing a near 100% loss on trading websites.
The Misinformation
The glitch resulted in the NYSE displaying Class A shares down 99% from their previous close, showing a price of $185.10. This inaccurate information caused significant confusion among investors and market watchers.
Trading in Berkshire Class A shares was halted at around 9:50 am ET due to the erroneous price display, with the shares actually trading at their usual price of approximately $470,000 per share.
Correction and Resumption
The NYSE quickly corrected the error, and trading resumed shortly after the halt. Class A shares of Berkshire Hathaway Inc resumed trading at $185,100, a discount of only 0.97% to Friday's closing price.
Conclusion
This trading glitch serves as a reminder of the importance of accurate market information and the potential for technical errors to disrupt the financial markets. The quick resolution of the issue highlights the resilience of the market's infrastructure and the ability to correct errors efficiently.
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