Traders who scooped up Warren Buffett’s Berkshire Hathaway shares at a massive $620,000 discount during glitch will have their deals canceled by the NYSE

Investors who bought shares of Warren Buffett’s Berkshire Hathaway yesterday at a deeply discounted price will have their transactions canceled following a technical problem on the stock market.

On June 3, a data glitch caused the global conglomerate’s stock price to plummet to $185 per share, after closing at more than $620,000. This drop means a discount of more than 99% on the company led by Warren Buffett.

This means that a trader who acquired just $925 worth of shares at the lowest price would now see their investment worth more than $3 million today.

Although it was not confirmed how many people purchased Class A shares during the technical error, which lasted about an hour and a half, the New York Stock Exchange (NYSE) quickly reversed their trades.

In an update released last night at 9 p.m., the NYSE announced that it would “eliminate” all “erroneous” trades in Berkshire Hathaway stock priced at or below $603,718.30 per share.

The problem, the exchange added, is linked to a problem within the Consolidated Tape Association (CTA), which provides real-time information about quotes and transactions on the exchange. The CTA oversees a portion of the Securities Information Processor (SIP) that consolidates all quotes and protected bid/ask transactions into a single data stream.

The CTA said it had encountered price distribution issues that “could be related to a new software version” on SIP. As a result, the CTA reverted to the previous version of the software. The CTA did not immediately respond to The wealth request for comment.

During this period, the NYSE has suspended certain transactions and will seek to determine which are in error and therefore can be reversed. The technical problem has now been resolved, he added, and all tickers are trading normally.

Traders who did not purchase Berkshire Hathaway shares at a discount, but purchased shares of other brands at a deep discount, will also be likely to have their trades delisted, with the decision not subject to appeal.

Other tickers that have been affected include American restaurant chain Chipotle (CMG), mining company Barrack Gold Corporation (GOLD) and meme stock favorite GameStop (GME).

For Berkshire Hathaway, the good news is that its Class B shares (BRK.B) were not affected by the ticker issue and its Class A shares closed at over $631,000 per share.

Berkshire Hathaway did not immediately respond to The wealth request for comment.

Costly mistakes

The Berkshire Hathaway mega-deal is one of several setbacks at various international stock markets – and it is unlikely to be the last.

The story continues

Last week, live data from the S&P 500 and Dow Jones Industrial Average disappeared from traders’ screens for about an hour, the Financial Times reported. The system later returned to normal, but the cause of the outage is under investigation.

Even though the NYSE problem was resolved with limited consequences, the same cannot be said of an incident at the LSE that cost Wall Street giant Citigroup tens of millions.

In May 2022, a London trader bypassed hundreds of warning notifications to create a basket worth $444 billion.

While $255 billion was held up by Citi’s internal management systems, a basket worth $189 billion was still released onto global markets.

A total of $1.4 billion worth of shares were sold on various European exchanges before the trader canceled the order. Citi was fined nearly $70 million by the U.K. Financial Conduct Authority over this surveillance and related matters.

This story was originally featured on Fortune.com