New York Stock Exchange (NYSE) experienced technical issues on Monday morning (June 3), causing Berkshire Hathaway, Warren Buffet’s company, to briefly plunge nearly 100% and triggering trading halts for dozens of stocks.
Berkshire Hathaway’s Class A shares, after closing at $627,400 last Friday afternoon, dropped by 99.97% to $185.10 shortly before 10 a.m.
A spokesperson for the New York Stock Exchange stated in a release that due to a technical problem related to industry-wide price bands, trading of the company’s stock and 39 other stocks was halted.
The spokesperson said, “Shortly before noon, the issue was resolved, and trading for the affected stocks resumed. NYSE is reviewing potential impact on trades.”
After trading resumed for Berkshire, the stock briefly soared to over $700,000 before settling around $626,000 in the afternoon on Monday.
Other stocks halted due to technical issues, according to the NYSE, included AMC Entertainment Holdings, Chipotle Mexican Grill, and GameStop Corp.
GameStop’s stock surged on Monday morning, as an account connected to Keith Gill, known as “Roaring Kitty,” posted a screenshot on Reddit implying he purchased nearly $116 million worth of the video game retailer’s shares.
By Monday afternoon, GameStop’s stock had risen by 30%, while another meme stock, AMC, increased by 15%.
This article referenced reporting from “Congressional Hill Report”.