Bill Hwang, the the New York based investor born in South Korea will be remembered in history as the ‘biggest loser’. The investor had lost 20 billion US dollar ( Rs. 1,49,484 crore ) in just two days. Archegos Capital Management owned by him had faced a sudden implosion in march this year. It is considered as one of the most spectacular failures in modern financial history: No individual has lost so much money so quickly.
Hwang, an alumnus of famed hedge fund Tiger Management, took around US dollar200 million in 2013 and turned it into a US dollar 20 billion net worth firm. But his ill fate started as some of Hwang’s highly leveraged bets started to go wrong and his banks sold huge chunks of his investments. The sales knocked around US dollar 35 billion off the value of various US media and Chinese tech firms in a day.
Post Your Comments