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Bill Hwang Had $20 Billion, Then Lost It All in Two Days
The fast rise and even faster fall of a trader who bet big with borrowed money.
(This story was originally published on April 8, 2021. Today, Archegos founder Bill Hwang and CFO Patrick Halligan were arrested and charged with 11 criminal counts, including racketeering conspiracy and securities fraud. Federal prosecutors said Hwang used Archegos as an “instrument of market manipulation and fraud,” inflating its portfolio from $1.5 billion to $35 billion before its spectacular collapse, causing massive losses for banks and investors.)
Before he lost it all—all $20 billion—Bill Hwang was the greatest trader you’d never heard of.