Published on May 6, 2024 at 06:39. / Modified on May 6, 2024 at 06:40.
Planet finance
Every week, our journalist takes a closer look at financial news and the mechanisms hidden behind the facade and the announcement effects
He was the best trader anyone had ever heard of. Until late March 2021, when Archegos Capital Management suddenly imploded, causing a $5.5 billion loss for Credit Suisse and likely accelerating the bank’s downfall. The boss of Archegos, Bill Hwang, left practically his entire fortune of 20 to 30 billion there in two days – no one had ever lost so much money in such a short time, according to Bloomberg. The fallen financier will be tried from this Wednesday, May 8 in New York.
His rise had been almost as rapid, as he began investing in stocks in 2013 with nearly $200 million from a closed hedge fund. A sum increased tenfold in eight years in the greatest discretion, and illegally, according to the New York prosecutors of what promises to be one of the most followed financial trials in a long time.
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