Olivia Asher is a reporter at the New Herald Tribune covering breaking news for the Digital Trends Desk. Before joining the newsroom in 2022, she covered criminal justice issues at the Orlando Plain Dealer.
June 3 , 2024
NEW YORK - The New York Stock Exchange said Monday that a technical glitch that caused the stock price of Donald Trump's media company to briefly plummet nearly 100% has been resolved.
For a brief period Monday morning, data feeds showed Trump Media & Technology Group's stock, which trades under the ticker TMTG, falling from around $16 per share to just 4 cents. The bizarre plunge of 99.97% sparked confusion and concern among investors before being identified as an apparent glitch.
The NYSE acknowledged the "inaccurate pricing information" in a statement Monday, saying the issue impacting TMTG and a handful of other listed securities was caused by a "data feed configuration issue." The exchange operator said the underlying issue has now been addressed.
“We are continuing our investigation into the root cause of the issue in order to enhance our defensive measures against inadvertent feed configurations," the NYSE said.
Trump Media did not immediately respond to a request for comment on the pricing snafu.
The artificial plunge in TMTG's share price highlighted the potential risks of technical errors in an increasingly computerized financial world where trades are executed at lightning speed based on data feeds. While such glitches are relatively rare, they can sow chaos and confusion if not promptly identified and resolved. The NYSE said it is reviewing its procedures "to ensure the highest level of operational resiliency and data feed quality."
Market experts said the incident underscored the fragility of the trading systems underpinning U.S. stock markets, despite their overall reliability.
"Even with all the safeguards and redundancies built into the system, you can still have these kinds of bizarre technical failures that really shake confidence," said Joseph Saluzzi, co-head of equity trading at Themis Trading. While the TMTG stock plunge proved to be an erroneous blip, Saluzzi noted that such pricing errors can quickly trigger real-world trading activity as computer-driven funds automatically buy and sell based on the fed data.
“Within that window of mispricing, there's a lot of damage that can be done very quickly," he said. "These issues need to be addressed and prevented from happening again."
The NYSE's statement indicated the pricing issue affected a "subset" of securities beyond just TMTG, though it did not specify which other stocks were impacted. A spokesperson for the exchange's parent company, Intercontinental Exchange Inc., declined to provide further details.
The incident comes just over a year after the NYSE suffered a more widespread glitch that caused wild pricing swings and trading halts in hundreds of securities shortly after the opening bell. That April 2022 episode was also attributed to a technical issue that was ultimately resolved, though it underscored the potential for cascading disruptions when such problems occur.
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