Riches to Rags: Trader Lost Billions of Dollars in 48 Hours

Korean-born investor and the founder of Archegos Capital Management, billionaire Bill Hwang suffered a major setback after all funds were imploded, which made him lose billions of dollars within two days.

Starting in 2013, the veteran stock trader used to borrow billions of dollars from Wall Street banks for investing in the stocks of American and Chinese markets.

Slowly and gradually, the downfall started at the end of March this year soon after Hwang’s highly leveraged bets started to go wrong and the banks started to sell heavy amounts of his investments.

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However, such an implosion of funds is considered one of the most striking downfalls in modern financial history, where an investor has lost billions of dollars after the collapse of funds.

Sung Kook Hwang immigrated to the United States (US) from South Korea in 1982 and raised by his widowed mother.

After completing his masters, Hwang moved to New York and later he landed as an analyst at an American hedge fund.

The personality of a Korean-born investor was different as soon as he became the financial whale with a dominant presence in the market.

The veteran stock trader very smartly concealed his identity as well as the size of his positions that made it difficult for the firms that have financed their investments to view the big picture.

Although, several successful businesspersons have invested their assets in businesses, real estate, complex investments, sports teams, and artwork.

But the net worth of the hedge fund manager was $20 billion, which is almost as liquid as a government stimulus check.

According to Bloomberg, the early investments of Archegos Capital Management included Amazon, Expedia, LinkedIn, and Netflix.