"NYSE Fixes Strange Error That Temporarily Erased Nearly All of Berkshire Hathaway's Market Value"

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The New York Stock Exchange (NYSE) announced on Monday that a technical issue causing major stocks, including Berkshire Hathaway, to display drastically incorrect prices has been resolved. This glitch, which briefly showed Berkshire Hathaway's value plummeting by 99.97%, was linked to a mechanism designed to prevent extreme price swings.

Intercontinental Exchange, the parent company of NYSE, confirmed that there was no indication of a cyberattack causing the glitch. Instead, the issue stemmed from industry-wide price bands managed by the Consolidated Tape Association’s (CTA) Security Information Processor (SIP). The CTA noted that the problem might have been related to a new software release and was resolved by switching to a secondary data center using an older software version.

Earlier in the day, dozens of stocks, including Chipotle and Berkshire Hathaway, experienced trading halts due to prices falling outside the limit up-limit down bands. For nearly two hours, Berkshire Hathaway’s Class A shares were erroneously listed at $185.10, a dramatic drop from its closing price of $627,400 on Friday. The NYSE later decided to cancel all erroneous trades for Berkshire between 9:50 am ET and 9:51 am ET at or below $603,718.30, a ruling that is not open to appeal.

Joe Saluzzi, co-founder of Themis Trading, expressed skepticism about the NYSE's explanation, pointing out the unusual nature of the trades. Trading data showed a sudden drop to $185.10 without the gradual price changes typically expected in such scenarios.

Despite the technical issues, the broader stock market remained mostly unaffected, moving lower due to economic growth concerns. Most halted stocks and exchange-traded funds (ETFs) showed only minor changes. However, notable discrepancies included Barrick Gold, which was incorrectly displayed at 25 cents before returning to normal levels, and NuScale Power, which briefly appeared at 13 cents before stabilizing.

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