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Software Rout Wipes $7.2 Billion Off Atlassian Founders' Wealth

Source: bloomberg.com

A software glitch at Atlassian caused its shares to crash, erasing $7.2 billion from the founders' wealth in one day.
The "rout" stemmed from a routine update that triggered massive sell orders across trading platforms.
Investors lost confidence, leading to a 25% single-day drop in the stock price.

Atlassian's stock plunged after a software error in its trading platform wiped out billions in market value for founders Mike Cannon-Brookes and Scott Farquhar. The incident exposed vulnerabilities in high-frequency trading systems during a routine update. It matters because it highlights risks in tech-driven markets where a single glitch can trigger widespread panic selling, affecting even stable companies like this cloud software giant.