Warren Buffett’s investment giant, Berkshire Hathaway Inc., faced a staggering 99% drop in share value during the initial moments of trading on Wall Street. The financial world watched in shock as Berkshire Hathaway’s Class-A shares, a cornerstone of the company’s market worth, plummeted due to a severe technical glitch.
This unforeseen error prompted the New York Stock Exchange to immediately halt trading of Berkshire Hathaway stock, leaving investors bewildered by the abrupt and extreme decline.
The NYSE has confirmed that the drastic fall was the result of a technical issue specifically related to the upper and lower price limits, mechanisms put in place to prevent excessive market volatility. This glitch not only affected Berkshire Hathaway but also impacted other stocks such as Barrick Gold and Nuscale Power, compounding the market disruption.
This incident is the second occurrence in a week where technical issues have disrupted U.S. markets. Just last Thursday, the S&P 500 encountered similar problems when prices couldn’t be printed due to dissemination issues with Dow Jones.
As a result, investors are now on high alert, scrutinizing the reliability of trading systems and seeking assurances from market regulators to prevent future occurrences.
