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Soros buys stocks linked to Bill Hwang's Archegos collapse: Bloomberg News

Stock MarketsMay 15, 2021 07:30PM ET
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2/2 © Reuters. FILE PHOTO: FILE PHOTO: Billionaire investor George Soros speaks to the audience at the Schumpeter Award in Vienna, Austria June 21, 2019. REUTERS/Lisi Niesner/File Photo/File Photo 2/2

(Reuters) - Billionaire George Soros' investment firm, Soros Fund Management bought shares of ViacomCBS (NASDAQ:VIAC) Inc, Discovery (NASDAQ:DISCA) Inc and Baidu Inc (NASDAQ:BIDU) as they were being sold off during the meltdown of Bill Hwang's Archegos Capital Management, Bloomberg News reported on Saturday.

The fund bought $194 million of ViacomCBS, Baidu stock valued at $77 million, as well $46 million of Vipshop (NYSE:VIPS) Holdings Ltd and $34 million of Tencent Music Entertainment Group (NYSE:TME) during the first quarter, the report said https://bloom.bg/2RUQQJZ citing a regulatory filing released on Friday.

The company didn't hold the shares prior to Archegos's implosion, a person familiar with the fund's trading told Bloomberg.

Archegos, a family office run by ex-Tiger Asia manager Bill Hwang was highly exposed to ViacomCBS, whose shares plunged in March, leaving the hedge fund facing a massive margin call from its prime broker banks. Archegos was unable to meet the call to secure the equity swap trades that the banks had partly financed.

Global banks lost nearly $10 billion from the Archegos fallout. Credit Suisse (SIX:CSGN), Nomura Holdings (NYSE:NMR) and Morgan Stanley (NYSE:MS) were some of the banks that were hit.

Soros buys stocks linked to Bill Hwang's Archegos collapse: Bloomberg News
 

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Comments (6)
Patron Silver
Patron Silver May 16, 2021 11:13AM ET
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that's his investing style and strategy. u guys need to go back to ur Qanon forums
Rick Baier
Rick Baier May 16, 2021 9:26AM ET
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There is a big pit in H waiting for this evil man.
Mart Bab
Rubberduck1973 May 16, 2021 8:58AM ET
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Just make shore he pays tax like any other person
Al Gore
Al Gore May 15, 2021 11:05PM ET
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evil
Mart Bab
Rubberduck1973 May 15, 2021 11:05PM ET
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I bought some too. Does that make me evil?
Felipe Daniel
Felipe Daniel May 15, 2021 9:58PM ET
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Soros owns the whole Democratic Party
Pilot TwoFive
Pilot TwoFive May 15, 2021 9:58PM ET
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“Marxist party” Fixed it for you
Kenneth nelson
grasshopper May 15, 2021 9:29PM ET
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Sorus is a Crook
 
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