Today when there was a technical glitch, I put a market order on BRK A share, I had less than 500 in my cash account so thought if I’d get filled it would be great. But it filled me above 700k, almost had a heart attack when looking at my account which was displaying -700k. Broker said it’s under review. What do I do? What are the possibilities? Am I doomed or can I benefit from it? Attaching a screenshot as well.
https://i.redd.it/0xcn6vuj1g4d1.jpeg
Posted by OneWeek8880
25 Comments
You are extremely fucked because you actually paid $700k for a stock that’s not trading at 700k. You will be liquidated and deeply in debt to IBKR.
Bahaha you should’ve used a “limit order”. LMAO 🤣
One of us! One of us!!!!
Double shifts at Wendy’s 
Wait for Warren’s all back SUV cavalry.
And I thought I was regarded 
it was a glitch so have them reverse the order. If they wouldn’t than have them fill your order at the lower price of $230.
and don’t forget the margin interest of 5k a month.
You’re the 3rd guy to whom this has happened to post on wsb today, first advice would be to check what happens to the other two. I would also call your broker tonight and ask to talk to someone senior and discuss the situation with them and see what they suggest.
The most likely outcome is that this is too late and you’ll have to sell the share and eat the loss. The best outcome is if NYSE agrees to amend the price of the transactions above a certain threshold, but honestly it is unlikely to happen as the trades happened hours ago.
Given the magnitude of the loss and the fact that it seems to have happened to a bunch of people, you could also look for legal advice.
These trades *should* be reversed due to a systems error with the NYSE. They’re reversing trades for people who got a BRK.A share for $185, they *should* also be reversing trades for anyone who exceeded their purchasing power with a market order (dummy), as your broker never should have executed a market trade order in excess of your PP (your tiny purchasing power) which can just be cash or cash + margin (doubt you have that much margin avail).
Contact your broker to report it as an erroneous trade (it should already be flagged imo)
this is what bankruptcy is for
The consequences: you lost $100,000
The benefits: good lesson to learn and your wife just called me
Good news… you will never have to worry about depositing a paycheck ever again (see: garnishment).
The glitch argument may save you but let’s be real, you know what you were tryna pull and there’s a chance you are absolutely fucked
You’ve clearly made a mistake by putting a market price order but IBKR is insanely irresponsible to have filled this order on an account with $500 cash
Warren Buffett is going to come to your house and feast upon your youthful blood and organs.
You are now a millionaire (prob) congrats!
I expect that you will get liquidated tomorrow with a massive negative balance and then IBKR will likely have to do something there. My thought is that you set a market order when it was at 187 or something which IBKR accepted because it was trading that low, but since no one was selling at that actual price you got the fill at actual market price which was 700K which totally screwed up the IBKR system.
Call IBKR and figure it out ASAP.
Easy. Buy 99 more shares and sell covered calls. Duh.
Lol bro you’re out $75k.
Lawyer up op you might actually make money by being dumb
You’ll get your money back op. Either way, you didn’t authorize such margin limits to begin with.
This is highly beneficial, as you can now take your 1 share of BRK A to a bank as a collateral for a $400k loan. Just tell your broker the check is in the mail and come up with a $400k YOLO tomorrow
If you owe the bank $100 that’s your problem. If you owe the bank $1 million that’s the banks problem. IBKR fucked up, now some poor bastard at IBKR gets to make it back $5 a go behind a wendy’s dumpster.