Shares in some of the world’s biggest companies have suddenly plunged due to an apparent technical issue at the New York Stock Exchange.
Shares in the renowned investment firm Berkshire Hathaway seemed to have plummeted by a staggering 99.97% because of the issue. The shares of Berkshire Hathaway are typically among the highest-priced on Wall Street, but on Monday, they appeared to have lost almost all their value. Trading in the affected companies was halted due to this extreme volatility.
The technical problem also impacted other major corporations such as Chipotle. It remains unclear how many companies in total were affected by this issue. The New York Stock Exchange (NYSE) has announced that it is investigating the situation.
An NYSE spokesperson explained that the issue seems to be related to Limit Up-Limit Down (LULD) bands. These bands are generally used to ensure that trades do not occur significantly higher or lower than a given price. The exact cause of the malfunction is still under review.
This dramatic drop in share values has caused concern among investors and traders alike, who are now awaiting further clarification from the NYSE. The exchange’s investigation will hopefully shed light on the extent of the problem and offer solutions to prevent such occurrences in the future.
While the NYSE works to resolve this technical problem, investors and market analysts are waiting with bated breath for clearer answers. This incident highlights the fragility of even the most robust financial systems.