Technical issues on the New York Stock Exchange caused Buffett’s Class A shares to fall on Monday Berkshire Hathaway It seems to be down almost 100%.
These stocks and barrick gold and Newcastle Powerthere was also a dramatic decline.
The New York Stock Exchange said in an update at 10:11 a.m. ET that it was investigating technical issues related to its price limits, a mechanism that prevents excessive movements in stocks. It’s unclear how many stocks were affected by the issue.
At the time of the suspension, fewer than 4,000 transactions were recorded for Berkshire Class A shares that day. Class B shares continued to trade, down less than 1% on Monday morning.
These moves do not appear to have had an impact on average prices in major markets.
Normally, Berkshire’s original Class A shares are among the most expensive on Wall Street. Last week, sales per home were about 45% higher than the March 28 all-time closing high of $634,440 for the U.S. median Class A home.
This is because Buffett has never split stocks and he hopes to attract investors who are investment-oriented and have a long-term perspective. Disciples of Ben Graham say many Berkshire shareholders use their shares as savings accounts.
Berkshire Hathaway issued Class B shares in 1996 at a price equivalent to one-thirtieth of Class A shares to meet the needs of small investors who wanted a small share of Buffett’s performance.
According to FactSet data, Buffett is Berkshire Hathaway’s largest shareholder, owning more than 38% of Class A shares. The “Oracle of Omaha” has pledged to donate the wealth he amassed in Berkshire, the Omaha-based conglomerate he has run since 1965.
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