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t. e. Black Wednesday, or the 1992 sterling crisis, was a financial crisis that occurred on 16 September 1992 when the UK Government was forced to withdraw sterling from the (first) European Exchange Rate Mechanism (ERM I), following a failed attempt to keep its exchange rate above the lower limit required for ERM participation.
Soros describes "Black Wednesday", the time he made 1 billion dollars selling the British pound short, as well as the roughly $600 million he once lost speculating on the yen in February 1994. In simple terms, "Black Wednesday", was a formal devaluation of the British pound by around 20% against the dollar, the German Mark, and other currencies ...
As noted by Kaufman, in England, where Soros's hedge funds profited up to a billion dollars from speculating on the value of the pound sterling, Soros was for a period heavily criticized for damaging the British economy as a result of his speculation on the likely devaluation of that currency on September 16, 1992, the date now known as "Black ...
If Soros were worried about the markets, he would short them to make money if they fell -- just as he did when he made $1 billion shorting the British sterling pound during a single day in 1992 ...
George Soros Net Worth: $8B* Soros has a net worth of $8 billion*, according to Forbes. His most legendary money move might have been when he bet against the British pound’s strength in 1992 .
George Soros [a] HonFBA (born György Schwartz on August 12, 1930) [1] [2] is a Hungarian-American [b] businessman, investor, and philanthropist. [7] [8] As of October 2023, he had a net worth of US$6.7 billion, [9] [10] having donated more than $32 billion to the Open Society Foundations, [11] of which $15 billion has already been distributed, representing 64% of his original fortune.
Philanthropist billionaire George Soros confirmed that he is handing control of his $25 billion empire to his son Alex.. Soros, 92, has a net worth of $6.7 billion, according to Forbes, and is one ...
Managing the Quantum Fund with George Soros. Stanley Freeman Druckenmiller (born June 14, 1953) [ 1] is an American billionaire investor, philanthropist and former hedge fund manager. He is the former chairman and president of Duquesne Capital, which he founded in 1981. He closed the fund in August 2010, [ 2] at which time it had over $12 ...