Summary List Placement
Bill Hwang’s Archegos fund was reportedly hit by margin calls, sparking a brutal sell-off.
The “Tiger cub” is deeply religious and believes he’s doing God’s work by investing.
Hwang previously pleaded guilty to insider trading and was slapped with a trading ban.
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Bill Hwang is the talk of the financial world after several Wall Street banks reportedly slapped his family office with margin calls last week, declared him in default when he didn’t pay up, and executed a $20 billion fire sale of his positions that hammered stocks including ViacomCBS and Discovery.
The deeply religious founder and co-CEO of Archegos Capital Management has run into trouble before. He pleaded guilty to insider trading in 2012, forked over $60 million to settle related charges, and closed down his fund. He was also banned from trading securities in Hong Kong for four years in 2014.
Here’s a quick look at Hwang’s life so far.
A religious upbringing
Hwang was born in the mid-1960s and raised as a devout Christian. His father was a church pastor and his mother served as a missionary in Mexico, he said in a 2018 interview promoting communal bible readings.
The fund manager smiles a …read more
Source:: Businessinsider – Finance