GOLD - Don't Believe Your Eyes -- Berkshire Hathaway Isn't a Worthless Stock
2024-06-03 14:55:00 ET
The New York Stock Exchange got it wrong, listing Berkshire Hathaway's (NYSE: BRK.A) (NYSE: BRK.B) A shares as having lost some 99% of their value. That didn't really happen, but that's what the ticker tape was saying (or online quote services in more modern parlance). Luckily it was just a technical issue and it was quickly remedied. But there's still an important lesson here for investors.
In early trading on June 3, 2024 Berkshire Hathaway's A share class was listed as having declined by as much as 99.9%. Basically the "ticker tape" was showing that the A shares had become worthless, which doesn't make logical sense. The current understanding of what happened is that the Consolidated Tape Association had a problem and reverted to a backup system which didn't work quite as smoothly as hoped. In fact, Warren Buffett's Berkshire Hathaway wasn't the only stock that was impacted. It seems like NuScale Power (NYSE: SMR) and Barrick Gold (NYSE: GOLD) were mis-priced, as well.
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Don't Believe Your Eyes -- Berkshire Hathaway Isn't a Worthless Stock