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Bloomberg

One of World’s Greatest Hidden Fortunes Is Wiped Out in Days

(Bloomberg) — From his perch high above Midtown Manhattan, just across from Carnegie Hall, Bill Hwang was quietly building one of the world’s greatest fortunes.Even on Wall Street, few ever noticed him — until suddenly, everyone did.Hwang and his private investment firm, Archegos Capital Management, are now at the center of one of the biggest margin calls of all time — a multibillion-dollar fiasco involving secretive market bets that were dangerously leveraged and unwound in a blink.Hwang’s most recent ascent can be pieced together from stocks dumped by banks in recent days — ViacomCBS Inc., Discovery Inc. GSX Techedu Inc., Baidu Inc. — all of which had soared this year, sometimes confounding traders who couldn’t fathom why.One part of Hwang’s portfolio, which has been traded in blocks since Friday by Goldman Sachs Group Inc., Morgan Stanley and Wells Fargo & Co., was worth almost $40 billion last week. Bankers reckon that Archegos’s net capital — essentially Hwang’s wealth — had reached north of $10 billion. And as disposals keep emerging, estimates of his firm’s total positions keep climbing: tens of billions, $50 billion, even more than $100 billion.It evaporated in

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