George Soros who known as "The man who broke the Bank of England" in 1992.
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Tuesday, 14 May 2019
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George Soros, Hon FBA is a Hungarian-American investor and philanthropist. As of February 2018, he had a net worth of $8 billion,having donated more than $32 billion to his philanthropic agency, Open Society Foundations.
1969, 1970
George Soros began his business career by taking various jobs at merchant banks in the United Kingdom and then the United States, before starting his first hedge fund, Double Eagle, in 1969. Profits from his first fund furnished the seed money to start Soros Fund Management, his second hedge fund, in 1970. Double Eagle was renamed to Quantum Fund and was the principal firm Soros advised. At its founding, Quantum Fund had $12 million in assets under management, and as of 2011 it had $25 billion, the majority of Soros's overall net worth.
1992
George Soros is known as "The Man Who Broke the Bank of England" because of his short sale of US$10 billion worth of pounds sterling, which made him a profit of $1 billion during the 1992 Black Wednesday UK currency crisis. Black Wednesday occurred in the United Kingdom on 16 September 1992.
By September 16, 1992, the day of Black Wednesday, Soros's fund had sold short more than $10 billion in pounds, profiting from the UK government's reluctance to either raise its interest rates to levels comparable to those of other European Exchange Rate Mechanism countries or float its currency. Finally, the UK withdrew from the European Exchange Rate Mechanism, devaluing the pound. Soros's profit on the bet was estimated at over $1 billion. He was dubbed "the man who broke the Bank of England"
He made over $1 billion and gained a bad name for himself.
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References
https://en.wikipedia.org/wiki/George_Soros
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