Once High-Flying Tiger Cub Stumbles Again on Leveraged Bets
- Bill Hwang was a rising star at the legendary Tiger Management
- His family office was behind $20 billion of forced selling
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He was a hot-shot disciple of the hedge-fund legend Julian Robertson -- one of the stars to strike out on his own from the vaunted Tiger empire. Now Bill Hwang is at the center of an extraordinary spree of giant stock trades that’s reverberated through financial markets and set Wall Street abuzz.
Morgan Stanley and Goldman Sachs Group Inc., along with other major banks, forced the liquidation of more than $20 billion of holdings for Hwang’s New York-based Archegos Capital Management on Friday, according to people familiar with the transactions. Among the sales were shares of ViacomCBS Inc., GSX Techedu Inc., Farfetch Ltd. and Discovery Inc.