No, you can't buy Berkshire stock at a 99% discount
What specific event led the NYSE to cancel trades for 40 stocks, including Berkshire Hathaway?
The New York Stock Exchange (NYSE) canceled trades for 40 stocks, including Berkshire Hathaway, due to a technical glitch that occurred during a software update. This glitch caused trading halts and displayed odd trades, showing a 99% drop in the value of several companies, including Berkshire Hathaway. The technical issue was linked to the Consolidated Tape Association's software and lasted for about two hours.
How did the glitch affect the trading price of Berkshire Hathaway Class A shares?
The glitch at the New York Stock Exchange caused Berkshire Hathaway Class A shares to appear to trade at a 99% discount. The shares were priced at $185.10, a significant drop from their actual value of around $620,000 per share. This led to a trading halt, and the NYSE later canceled all trades made at or below $603,718.30. After the issue was resolved, the shares resumed trading at $648,000, up 3.3% on the day.
What was the duration of the technical issue that caused the trading halt at the NYSE?
The technical issue that caused the trading halt at the NYSE lasted for about two hours. The glitch was related to the Consolidated Tape Association's software and affected around 40 stocks, including Berkshire Hathaway. The issue was resolved by about 11:45 a.m.