Read the write-up of Bill Hwang net worth, earnings, age, wife, children, family, parents, credit suisse, house, legal issues as well as other information you need to know.
Introduction
Bill Hwang is an American New York-based investor on Wall Street. The Wall Street Journal reported that Hwang lost US$20 billion over 10 days in late March 2021, imposing large losses on his bankers Nomura and Credit Suisse. On April 27, 2022, he was indicted on federal charges of fraud and racketeering in the same matter.
Biography
| Name | Bill Hwang |
| Net Worth | $10 billion |
| Salary | $100 million+ |
| Occupation | Investor |
| Age | 58 years |
| Height | 1.75m |
Bill Hwang whose real name is Sung Kook Hwang was born in 1964 (age 58 years) in South Korea. His father is a pastor but his mother’s work hasn’t been disclosed yet.
Education
Bill Hwang holds an economics degree from UCLA and an MBA from the Tepper School of Business at Carnegie Mellon University. He is the co-founder of the Grace and Mercy Foundation, a charitable organization. In 2018, the foundation had more than US$500 million in assets. Hwang’s offices are located in Manhattan.
Career
Bill Hwang began his career at Hyundai Securities in New York, after which he worked at the now-defunct Peregrine. At Peregrine, he met Julian Robertson as one of his clients. Hwang went to work for Robertson’s Tiger Management.
Julian Robertson closed his hedge fund in 2000 but handed Hwang about $25 million to launch his own fund, Tiger Asia Management, which grew to over $5 billion at its peak.
Check Out: Jerome Powell net worth
Robertson’s former protégés are known as the Tiger Cubs, and Hwang was considered one of the most successful among them. Tiger Asia suffered heavy losses in the Great Recession.
In 2012, Tiger Asia Management and Bill Hwang paid a $44 million settlement to the U.S. Securities and Exchange Commission in relation to insider trading. In 2014, Hwang was banned from trading in Hong Kong for four years.
Archegos Capital Management: credit issues
Bill Hwang closed Tiger Asia Management in 2012 and opened a family office, Archegos Capital Management, which managed US$10 billion of family money. As a family office, they were less regulated than a hedge fund.
In March 2021, the losses at Archegos Capital Management triggered the default and liquidation of positions approaching $30 billion in value, leading to substantial losses to Nomura and Credit Suisse, as well as Goldman Sachs and Morgan Stanley. The firm had large positions in ViacomCBS, Baidu, Vipshop, Farfetch, and others.
Credit Suisse exited its prime brokerage business as a result of losing $5.5 billion. Archegos had a 20% share of Texas Capital Bancshares Inc., and their share increased 93% but plunged after Archegos’ collapse.
Before the losses, Bill Hwang was believed to have a wealth of $10 billion–$15 billion with his investments leveraged 5:1.
On April 27, 2022, Bill Hwang and his former top lieutenant, Patrick Halligan, were arrested and charged with racketeering conspiracy, securities fraud, and wire fraud as part of a scheme to harm investors.
Check Out: Cathie Wood net worth
In a 59-page indictment, Manhattan federal prosecutors alleged that Hwang and Halligan schemed to manipulate stock prices. Lawyers for Hwang and Halligan stated that they were innocent of the charges in the indictment.
Bill Hwang was released on a $100 million bond, which was covered on margin with $5 million. As of 2022, Hwang stands at an appealing height of 1.75m and has a good body weight that suits his personality.
Wife
Bill Hwang is married to his longtime wife Becky Hwang, they had their wedding in the 1900s. Hwang and his wife Becky live in a private house in Tenafly, New Jersey. He has a daughter, Joanne Hwang, who attended Fordham University in the Bronx, NY. He is a Christian and his father was a pastor.
Bill Hwang net worth
How much is Bill Hwang worth? Bill Hwang net worth is estimated at around $10 billion. His main source of income is from his career as an investor. Hwang salary with other career earnings are over $100 million+ annually. His successful career has earned him some luxurious lifestyles and some fancy car trips. He is one of the richest and influential investors in the United States.