The Man who built over $20 billion in personal wealth and lost it all

Posted: Jan 17, 2025

  • Bill Hwang
  • South Korean immigrant to the U.S.
  • Worked at McDonald's
  • Started hedge fund Tiger Asia, then Archegos Capital Management
  • Used leverage and swaps for bets on tech and media stocks
  • When ViacomCBS stock dropped, Archegos couldn't meet margin calls
  • $30 billion in value lost, banks like Credit Suisse and Nomura suffered
  • Hwang's refusal to hedge or cut losses led to downfall
  • Exposed risks in Wall Street's prime brokerage system
  • Lesson: fortune built on faith and borrowed money can crumble instantaneously




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