Class A shares of Berkshire Hathaway stock were halted by the New York Stock Exchange after prices dropped more than 99%. Trading was halted as of about 9:50 a.m. ET on Monday at a price of $185.10, down 99.97% for the day. Berkshire Class B shares had fallen only 0.97% to $410.36 and were still trading.
Why did Berkshire Hathaway trade at a 99% discount?
The NYSE will cancel trades after a glitch caused halts for 40 stocks, including Berkshire Hathaway. The glitch caused Berkshire Hathaway to appear to trade at a 99% discount. The technical issue lasted two hours and was linked to the Consolidated Tape Association's software.
What happened to Berkshire's class B shares?
Trading in Berkshire’s Class B shares was unaffected by the glitch. In a statement published online, the NYSE said that it was investigating a “technical issue” related to its “limit-up, limit-down bands,” a fail-safe system instituted to automatically halt trading if a stock or index surpasses certain volatility limits.
