Billionaire Mike Novogratz says he would work 24x7 to cover Bill Hwang's $30 billion hedge fund liquidation if he were an investigative reporter
Mike Novogratzseems to be especially curious about Archegosboss Bill Hwang's personal wealth.
- He said he would work 24x7 to cover the
hedge fundmanager's story if he were a reporter.
- Hwang is a former hedge fund mogul whose family office is at the center of a massive selling-spree.
"When the facts come out, my sense is the Bill Hwang blow up will be the most spectacular personal loss of wealth in history," the CEO of crypto merchant bank Galaxy Digital said in a tweet. "If I was an investigative reporter, I'd be working 24-7 since this is cover story material. How he quietly got so rich and how fast it all disappeared."Hwang's
After the sell-off, Japanese conglomerate Nomura and Credit Suisse warned of large losses after the hedge fund defaulted on its margin call.Archegos manages the personal wealth of Bill Hwang, who previously worked at one of the earliest hedge funds - Tiger Management. He pleaded guilty to insider trading in 2012 on US charges of wire fraud, according to Bloomberg. Goldman Sachs had even refused to work with him at one point, but changed its mind only about three years ago for unclear reasons, Bloomberg said. The bank has told clients that it expects Archegos-related losses to be immaterial, Bloomberg cited a source with knowledge of the matter as saying.
Some banks banned trading globally with Hwang after his settlement with US regulators in 2012. He was also banned from trading Hong Kong in 2014, the Financial Times reported.Archegos reportedly had $10 billion in assets under management last week.
- If the COVID-19 vaccine prices are too high for some, then why not use direct benefit transfer
- The COVID-19 crisis in India is getting worse with state administrations trying to hoard oxygen
- On Earth Day, companies commit to adopt more sustainable practices in an attempt to safeguard our tomorrow
- Tiger Global makes its first crypto investment in India making Coinswitch Kuber worth half a billion dollars
- Best pulse oximeters to keep a check on your SpO2 readings