On the morning of Monday, June 3, 2024, at approximately 9:50 am EDT, the price of Berkshire Hathaway Class A shares (“BRK A”) suddenly plummeted in the space of a few seconds from approximately $622,000 per share to approximately $185 per share. This occurred as part of an unspecified technical issue at the New York Stock Exchange (“NYSE”). This technical issue and dramatic price event led NYSE to promptly halt BRK A from trading.
News of BRK A’s anomalous price drop quickly spread across social media. Some of the clients of the various brokerage subsidiaries of Interactive Brokers Group, Inc. (together with its subsidiaries, the “Company”), in an apparent attempt to take advantage of this “opportunity,” submitted market buy orders during the trading halt, presumably expecting those orders to be filled at approximately $185/share when trading resumed.
Without any further notice and without…
