Still doesn’t add up. According to the rumor, a trader at Citi mistakenly typed a “b” instead of an “m” - I’ve heard 6B, 16B and 15B. It’s also mixed up whether the context was $16B of shares or 16B total shares, but typically one sells a certain number of shares at a target price, not sell a certain $$ volume.
$16B represents about 10% of P&G’s total market cap. 16B shares represents over 300% of P&G’s total outstanding and over 100,000% of its daily average trading volume.
Huh? Someone accidentally puts in a trade selling 10% of all of P&G, and no person or QA or approval process asks if that’s what you really mean?
Today P&G plummeted by 25% before recovering to “just” a 2+% drop. 25% is dramatic, but it doesn’t seem like a very animated reaction from all those other P&G stockholders who just watched some fat cat insider run onto the trading floor with his hair on fire, selling about 10,000% - 100,000% above the daily average trading volume in a split second, while screamin OMG-run-for-the-hills-this-thing’s-gonna-blow-sky-high.