Chris Bryant, Columnist

John Paulson’s Piano Man Gig Pays Off With Steinway IPO

The hedge fund manager has been a sensitive owner of the legendary keyboard maker and its share sale should deliver him a long-overdue payday

April 22, 2022 at 5:49 AM UTC

By Chris Bryant

Chris Bryant is a Bloomberg Opinion columnist covering industrial companies in Europe. Previously, he was a reporter for the Financial Times.

Make Music New York — Photographer: Kris Connor/Getty Images North America

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Hedge fund boss John Paulson made $20 billion for himself and clients betting against the U.S. housing market in 2008 but subsequently struggled to repeat that success. With his net worth pared back to less than $5 billion, Paulson & Co. returned what remained of investors’ cash in 2020.

Now, he’s finally poised to strike paydirt again thanks to an unusual wager on an underappreciated gem — Steinway Musical Instruments Holdings Inc.