Hedge funds pocket $1.7bln as Wirecard goes bust – ZAWYA

Hedge funds pocket $1.7bln as Wirecard goes bust – ZAWYA

Hedge funds pocket $1.7bln as Wirecard goes bust Hedge funds pocket $1.7bln as Wirecard goes bust | ZAWYA MENA Edition HomeWealthFundsArticleHedge funds pocket $1.7bln as Wirecard goes bust The 10 hedge funds have made hundreds of millions between the company announcing its mammoth accounting hole on June 18    LONDON- Coatue Management and nine other hedge funds likely earned more than 1.5 billion euros ($1.7 billion) this week on bets against Wirecard after the German payments firm collapsed on Thursday.Wirecard shares crashed to 2.5 euros on Thursday from 104.5 euros a week ago, before the company revealed a $2.1 billion hole in its accounts.That has landed Coatue Management, the hedge fund with the largest short position, a 271 million euro profit on paper, according to Reuters calculations.Wirecard shares crashed to 2.5 euros on Thursday from 104.5 euros a week ago, before the company revealed a $2.1 billion hole in its accounts.LONDON- Coatue Management and nine other hedge funds likely earned more than 1.5 billion euros ($1.7 billion) this week on bets against Wirecard after the German payments firm collapsed on Thursday.That has landed Coatue Management, the hedge fund with the largest short position, a 271 million euro profit on paper,