Bill Hwang, who often was referred to as the big whale of Wall Street, had an image of an investor who could never go wrong. Interestingly, despite having a portfolio worth several billion, Hwang was hardly known outside a small circle. So, when the cracks in his empire first appeared in March 2021, everyone outside the circle was interested to know about him. Hwang's family company Archegos Capital Management had defaulted on loans used to build a $100 billion portfolio. The news came as havoc for Hwang and banks started dumping his portfolio. In just two days, he ended up losing $20 billion -one of the biggest financial losses in the history of humankind in a span of just 2 days.
At his peak, Hwang's worth briefly crossed the $30 billion mark. With a person having that kind of money, you would expect a larger-than-life image where there would be luxury cars, penthouses, and expensive outfits, but Hwang is nothing like that. According to Bloomberg, even when Hwang had everything going right, he did not go overboard in spending and lived in a rather humble setup.
And even after his fortunes took a massive plunge, he lives in the same New Jersey house where he has lived for years. There's no dramatic story of exile and Hwang has been spending most of his time relaxing and reflecting at his residence in a tidy borough of 15,000, beyond The Palisades cliffs that rise above the Hudson River. There’s no rally of cars and his black Mercedes is parked in the driveway of his house. The tree-softened street where Hwang lives has houses that sell for over a few million dollars — an amount modest for a once billionaire like him.
Hwang has been maintaining a very low profile and is hardly seen making any public appearance. He has not even visited his favourite restaurants in the town for some time now. However, Hwang was seen chauffeuring his family in town.
However, his former employees say that while this presents a picture where he shows that it's been hard coping for him with the loss, he still could have over a billion dollars through private investment other than his investment company.