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Bill Hwang built a $10 billion investment firm. It fell apart in days
9 Apr, 2021 06:00 AM
9 minutes to read
Bill Hwang borrowed heavily from Wall Street banks to become the single largest shareholder in ViacomCBS. Then the price dropped. Photo / Getty Images
Bill Hwang borrowed heavily from Wall Street banks to become the single largest shareholder in ViacomCBS. Then the price dropped. Photo / Getty Images
New York Times
By: Kate Kelly, Matthew Goldstein, Matt Phillips and Andrew Ross Sorkin
Banks were eager to do business with Bill Hwang and his Archegos Capital Management until he ran out of money. Until recently, Bill Hwang sat atop one of the biggest and perhaps least-known
New-yorkUnited-statesJapanHong-kongNew-jerseyBeverly-hillsCaliforniaChinaHollywoodSanta-monicaSouth-koreaTenaflyBill Hwang built a $13b investment firm. It fell apart in days.
Banks were eager to do business with the veteran investor and his Archegos Capital Management â until he ran out of money.
The meltdown of Bill Hwangâs firm had ripple effects on Wall St.Â
David Rowe
Apr 8, 2021 â 6.32am
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Until recently, Bill Hwang sat atop one of the biggest â and perhaps least-known â fortunes on Wall Street. Then his luck ran out.
Hwang, a 57-year-old veteran investor, managed $US10 billion ($13 billion) through his private investment firm, Archegos Capital Management. He borrowed billions of dollars from Wall Street banks to build enormous positions in a few American and Chinese stocks. By mid-March, Hwang was the financial force behind $US20 billion in shares of ViacomCBS, effectively making him the media companyâs single largest institutional shareholder. But few knew about his total exposure, since the shares were mostly held through complex finan
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