NYSE Glitch Causes Berkshire Hathaway Stock to Plummet 100% in Wild Trading Session

New York, NY – A technical glitch on Monday at the New York Stock Exchange (NYSE) resulted in an unusual plummet of nearly 100% in the A-class shares of Berkshire Hathaway, the conglomerate owned by investment tycoon Warren Buffett. Trading was paused for the affected shares, including those of Barrick Gold and Nuscale Power, which also experienced significant drops due to the issue.

In response to the incident, the NYSE announced at 10:11 a.m. ET that they were investigating a technical problem related to the limit up and limit down bands, which are designed to halt trading for stocks with excessive volatility. The extent of the impact on other stocks remains unclear at this time. When trading halted for Berkshire’s A-class shares, there were less than 4,000 recorded trades for the day, while trading for the B-class shares continued, only seeing a decrease of less than 1% on that Monday morning.

Despite the turmoil surrounding the A-class shares, the episode did not seem to influence the overall value of the major market indexes. Normally, Berkshire’s original Class A shares boast one of the highest price tags in the market. In the previous week, each share was sold for approximately 45% more than the median price of a home in the United States. The Class A shares reached an all-time closing high of $634,440 on March 28, reflecting Buffett’s strategy of not splitting the stock in order to attract long-term, investment-minded shareholders.

In 1996, Berkshire introduced Class B shares at a price equivalent to one thirtieth of a Class A share, catering to smaller investors who desired a smaller stake in Buffett’s company. As the majority shareholder of Berkshire, Buffett owns over 38% of the Class A shares, according to data from FactSet. The legendary investor, known as the “Oracle of Omaha,” has pledged to donate his fortune, accumulated through his leadership of the Omaha-based conglomerate since 1965.

The glitches on Wall Street served as a reminder of the complexities and risks involved in trading, showcasing the importance of reliable systems to maintain the integrity of the financial markets. Market participants and investors were left to navigate the uncertainty brought on by the technical issue and monitor the situation for updates and further developments.