NYSE Stock Price Glitch Resolved: Berkshire Hathaway Down 99.97% – What Happened?

New York – The New York Stock Exchange experienced technical difficulties on Monday, causing trading halts for major stocks and resulting in Berkshire Hathaway’s stock plummeting by 99.97%. However, the exchange has since resolved the issue and all systems are now operational.

The parent company of NYSE, Intercontinental Exchange, confirmed that the glitch was not caused by a cyberattack. Instead, a technical issue with industry-wide price bands triggered trading halts for up to 40 symbols listed on NYSE Group exchanges. The Consolidated Tape Association’s Security Information Processor (SIP) publishes these price bands.

CTA acknowledged an issue related to a new software release and resolved it by switching to a secondary data center operating on an older version of the software. This incident resulted in several stocks, including Chipotle and Berkshire Hathaway, being paused earlier in the day for trading outside the limit up-limit down bands.

Berkshire Hathaway’s Class A shares were mistakenly listed at $185.10, leading to a loss of 99.97%, despite closing at $627,400 on the previous Friday. NYSE decided to cancel all erroneous trades for Berkshire between 9:50 am ET and 9:51 am ET at or below $603,718.30. The exchange’s ruling is final and not eligible for appeal.

Despite the technical issues impacting specific stocks, the broader stock market remained mostly unaffected, trending lower due to concerns about economic growth. Apart from Berkshire Hathaway, most halted stocks and exchanged traded funds (ETFs) experienced only slight fluctuations.

During the incident, Barrick Gold and NuScale Power also showed drastic price changes, with Barrick trading at just 25 cents before returning to normal levels and NuScale dropping to 13 cents before recovering to $8.29. This story will continue to be updated with any additional developments and context.