Archegos' Bill Hwang Is A "Backer" Of Cathie Wood's ARK Invest

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How surprised would you be if we told you that Bill Hwang, recently best known for being at the helm of a ship called Archegos that ran head first into an $80 billion margin call, also happens to be a mentor to ARK Invest's Cathie Wood?

Now, how surprised would you be if we told you that both Hwang and Wood hold Bible study meetings as part of a "faith in finance" movement - and that this is apparently just one of the ties that binds them, according to Bloomberg?

We weren't that surprised either.

But this is apparently the case, according to a new report profiling Hwang. The report profiles Hwang as a devout Christian, who would gather in his family office's boardroom at 7am in order to undertake Bible study before the work day. "First might come the Old Testament, perhaps Isaiah or Lamentations," Bloomberg writes. "Then came the New, the Gospels, which called out to the listeners drawn from a path known more for its earthly greed than its godly faith: Wall Street."

The report details that despite his fortune - he is estimated to have been worth $20 billion at one point - Hwang still "rides the bus, flies commercial and lives in what is, by billionaire standards, humble surroundings in suburban New Jersey." To put that in perspective, that would mean that Hwang was worth more than names like Ray Dalio and Steve Cohen.

Then, the bombshell. Hwang is "also a backer" of Cathie Wood of ARK Investments, the report says. Wood, like Hwang, also holds Bible study meetings in her office. 

All of Wall Street knows how the story has ended for Hwang: he lost it all at "breakneck speed" after his fund employed leverage with numerous banks, who were eager to take on his "lucrative trading business". His blowup is taking place in the midst of what can only be described as wide-scale mass adoption of Cathie Wood as one of the "smartest" new investors on Wall Street.

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