Odey Makes at Least $28 Million Betting Against Wirecard
Odey Makes at Least $28 Million Betting Against Wirecard
(Bloomberg) -- Fund manager Crispin Odey made at least 25 million euros ($28 million) from betting against shares in scandal-hit payment company Wirecard AG.
The exact amount is not yet clear, but will be between 25 million and 30 million euros, German newspaper Frankfurter Allgemeine Sonntagszeitung reported, citing the British hedge-fund manager as saying on Sunday.
Once lauded as one of Germany’s fintech stars, Wirecard filed for insolvency last week after saying that 1.9 billion euros previously reported as cash on its balance sheet probably doesn’t exist. The company said on Saturday its business activities will continue as it expects a provisional administrator to be appointed shortly.
Odey, known for his bearish views, is recovering from sharp losses over the past five years as bets that markets would fall misfired. In March, he pulled off the second-best monthly gain in his hedge fund since Odey Capital Management started trading almost three decades ago.
Separately, British newspaper The Daily Mail reported on Saturday that Odey has made at least 75 million pounds ($92.5 million) from the demise of U.K. shopping mall owner Intu Properties Plc, which collapsed into administration last week.
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