"Investors who purchased shares in Warren Buffett’s Berkshire Hathaway yesterday at a huge discount will see their trades canceled following a technical issue on the stock exchange.
On June 3, a data glitch led the global conglomerate’s stock price to fall to $185 a share, having previously closed at over $620,000. The drop meant a more than 99% discount on the Warren Buffett-led company.
This means a trader who snapped up just $925 worth of the stock at the rock-bottom price would now see their investment worth over $3 million today.
While it hasn’t been confirmed how many people purchased the Class A stock during the technical error—which lasted for around an hour and a half—the New York Stock Exchange (NYSE) has swiftly undone their trades.
In an update posted at 9 p.m. last night, NYSE said it would “bust” all the “erroneous” trades of Berkshire Hathaway stock at or below $603,718.30 a share.
The issue, the exchange added, is related to a problem at the Consolidated Tape Association (CTA), which provides real-time information about quotes and trades on the exchange. The CTA oversees part of the Securities Information Processor (SIP) which consolidates all protected bid/ask quotes and trades into a single data stream.
The CTA said it experienced problems with price banding which “may have been related to a new software release” on SIP. As a result the CTA has reverted to the previous version of the software. The CTA did not immediately respond to Fortune’s request for comment.
During the blip, the NYSE placed halts on certain trades, and will seek to determine which are erroneous and thus eligible to be canceled. The technical issue has now been resolved, it added, with all tickers trading as normal.
Traders who didn’t hop on a discounted Berkshire Hathaway stock but did buy heavily discounted shares in other brands will also be subject to having their trades struck off—with the ruling not eligible for appeal.
Other tickers that were impacted include American restaurant chain Chipotle (CMG), mining company Barrack Gold Corporation (GOLD) and meme stock darling" *redacted*.
[Full Article](https://fortune.com/2024/06/04/warren-buffett-berkshire-hathaway-discount-deals-canceled/)
NYSE to “bust” all the “erroneous” trades of Berkshire Hathaway stock at or below $603,718.30 a share
byu/Geoffs_Review_Corner inwallstreetbets
Posted by Geoffs_Review_Corner
20 Comments
Another day, another technical glitch causing chaos in the markets. This time, it was a data error that caused a massive dip in Warren Buffett’s Berkshire Hathaway stock price, causing a frenzy of trading activity as people thought they were getting a bargain. But
Interestingly, the full article (yeah I actually read it) didn’t say anything about shares purchased well over the $603K stock price.
Also, if you can’t get past the paywall of the article try: https://12ft.io/
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damn that one guy at $648k is fucked LMAOO
It’s always due to a new software release….
If you buy at lower price, it’s a glitch and your trade is cancelled.
If you buy at a higher price, hey yo that’s legitimate trade so you can’t cancel it !
Hey hey heeeey…wassup wassup wassup berkshiiiiiiiireeeee.
can you sue them for this?
Wow it’s their fault they should be assuming responsibility instead of treating those impacted like they did something criminal. Messed up how the rich get to blame their victims yet the poor have to pay for their own mistakes
To be fair it’s only worth about $3 anyway 
I wanna see a lawsuit…
personally i don’t see why not. if some algorithm is stupid enough to dump the stock at $605k per share then whoever bought it has every right to buy.
But if I made a purchasing error , they wouldn’t reverse shit.
NYSE should be footing the bill.
But who would sell a 600k stock for 900$?
A guy who filled at 700k just said his trade was also reversed. So it looks like they are at least reversing the ones that speak up.
I’m no lawyer but it seems to me that loaning 700k to a random cash account error or not might have some legal implications depending on the situation/locale.
I tried buying 1k of barrick but i kept getting an error that said limit order too aggressive. I was not being aggressive. I was being happy to buy at a discount. My aggression came after my order wouldnt fill
So if you already had a small Berkshire holding previous to this, it doesn’t mean much, right?
So what about all those other Flash Crash episodes where millions traded hands with no consequences? Look the other way? But when it’s Chinese Buffet’s company, all of a sudden it’s “different”? What makes one glitch not the same as another…
I want to know if anyone bought low and dumped high, maybe also transferred the money out after, that’s the dream YOLO
Expected and honestly how it should be, it’s how it’s to keep trust in the system