CNBC reports that the CNBC Million Dollar Portfolio Challenge will be suspended until October 30. The contest was scheduled to run from September 19 to November 25. From the CNBC website:It came to our attention that there was a technical glitch in the current trading system, which a handful of players found and exploited to jump to the top of the leaderboard. The contest accidentally allowed what our rules specifically prohibited…Upon relaunch, all player accounts will be reset to their opening balance…All winners from the first five weeks, including this week, will retain their prizes.
So everyone who’s been losing fake money in the game is happy because now they’re back to breakeven. If only real-world investing were could be so fair. But it isn’t.
The biggest losers in this are those who were on the leaderboard, well on their way to winning the grand prize of a million dollars or the runner-up prize: a Maserati. Suddenly, the leaders are back to par, thanks to an unfortunate electronic redistribution of imaginary wealth.
Could you imagine if something like this happened on real brokerage accounts?
Anyways, here’s CNBC’s Brian Sullivan: