(The Roy’s Report) A multi-billionaire, who’s a trustee at Fuller Seminary and has given millions to Christian ministries and schools, has lost his fortune in a matter of days and now is at the center of a major Wall Street fiasco.
Bill Hwang, founder and co-CEO of Archegos Capital Management, quietly built a multibillion-dollar empire using derivatives—risky investments that speculate on which direction the market will go.
Last week, the market turned in the opposite direction from how Hwang had bet. And now Hwang is at the center of what Bloomberg calls “one of the biggest margin calls of all time—a multibillion-dollar fiasco involving secretive market bets that were dangerously leveraged and unwound in a blink.”