A little-known private investment firm with estimated total Friday positions of over $100 billion saw its wealth evaporate Monday, damaging large investment banks.
“Archegos Capital Management,” a firm set up as a family office to reportedly bypass regulation, did not meet its margin commitments, CNN reported. This led to a forced liquidation of its positions worth $20 billion, an enormous shock that plunged the stocks of ViacomCBS (VIACA) and Discovery (DISCA) by more than 25%.
Thanks Dad!
