Archegos Hedge Fund Implodes As Big Banks Take Cover

Wall Street issues another cautionary tale as Archegos Capital Management, a low-key but high stakes hedge fund, ended up imploding. As ViacomCBS, Discovery and other media titans’ stocks crashed Friday, Wall Street banks forced the hedge fund to liquidate its bets. The epic firesale wiped out half of Viacom’s value last week alone, and the bleeding isn’t stopping. 

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