Bill Hwang

{{Infobox person

| name = Bill Hwang

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| birth_name = Sung Kook Hwang

| birth_date = {{birth year and age |1964}}

| birth_place = South Korea

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| nationality =

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| education = University of California, Los Angeles (BA)
Carnegie Mellon University (MBA)

| occupation = Investor; trader; convicted fraudster

| known for = Archegos Capital Management's 2021 collapse

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| spouse = Becky Hwang

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| children = 1 daughter

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| module = {{Infobox Korean name|child=yes|headercolor=transparent

| hangul = 황성국

| hanja =

| rr = Hwang Seongguk

| mr = Hwang Sŏngkuk

}}

Sung Kook Hwang{{cite press release |title=Four Charged in Connection with Multibillion-Dollar Collapse of Archegos Capital Management |url=https://www.justice.gov/opa/pr/four-charged-connection-multibillion-dollar-collapse-archegos-capital-management |access-date=March 17, 2023 |publisher=The United States Department of Justice |date=27 April 2022 |archive-date=18 March 2023 |archive-url=https://web.archive.org/web/20230318133820/https://www.justice.gov/opa/pr/four-charged-connection-multibillion-dollar-collapse-archegos-capital-management |url-status=live }} ({{Korean|hangul=황성국}}), also known as Bill Hwang, is a South Korean-born American investor, trader and convicted fraudster.{{cite news |last1=Chung |first1=Juliet |last2=Jeong |first2=Andrew |title=Who Is Archegos Fund Manager Bill Hwang? |url=https://www.wsj.com/articles/who-is-archegos-fund-manager-bill-hwang-11617037264 |access-date=28 November 2024 |work=The Wall Street Journal |date=March 29, 2021 |archive-url=https://web.archive.org/web/20210401012636/https://www.wsj.com/articles/who-is-archegos-fund-manager-bill-hwang-11617037264 |archive-date=2021-04-01}}{{Cite news |last=Chatterjee |first=Lawrence Delevingne, Matt Scuffham, Sumeet |date=2 April 2021 |title=Seduced by Archegos' growth, Nomura took a chance on Hwang comeback |language=en |work=Reuters |url=https://www.reuters.com/article/us-usa-markets-blocktrades-banks-insight/seduced-by-archegos-growth-nomura-took-a-chance-on-hwang-comeback-idUSKBN2BP1GD |access-date=March 17, 2023 |archive-date=27 August 2022 |archive-url=https://web.archive.org/web/20220827060611/https://www.reuters.com/article/us-usa-markets-blocktrades-banks-insight/seduced-by-archegos-growth-nomura-took-a-chance-on-hwang-comeback-idUSKBN2BP1GD |url-status=live }} He ran Archegos Capital Management, whose default on March 26, 2021 caused major losses to several notable investment banks. In April 2021, The Wall Street Journal reported that Hwang had lost US$20{{nbsp}}billion over 10 days in late March, imposing large losses on his bankers Nomura and Credit Suisse.{{Cite news |last1=Zuckerman |first1=Gregory |last2=Chung |first2=Juliet |last3=Farrell |first3=Maureen |date=April 1, 2021 |title=Inside Archegos's Epic Meltdown |work=The Wall Street Journal |url-access=subscription |url=https://www.wsj.com/articles/inside-archegoss-epic-meltdown-11617323530 |access-date=March 17, 2023 |archive-date=March 20, 2023 |archive-url=https://web.archive.org/web/20230320142923/http://www.wsj.com/articles/inside-archegoss-epic-meltdown-11617323530 |url-status=live }} On April 27, 2022, he was indicted on federal charges of fraud and racketeering.{{cite news |last1=Ramey |first1=Corinne |last2=Pulliam |first2=Susan |last3=Chung |first3=Juliet |title=Archegos Founder Bill Hwang and CFO Charged With Securities Fraud |url=https://www.wsj.com/articles/archegos-founder-and-cfo-charged-with-securities-fraud-11651059901?mod=hp_lead_pos1 |access-date=March 17, 2023 |website=The Wall Street Journal |url-access=subscription |date=27 April 2022 |archive-date=20 June 2023 |archive-url=https://web.archive.org/web/20230620192255/https://www.wsj.com/articles/archegos-founder-and-cfo-charged-with-securities-fraud-11651059901?mod=hp_lead_pos1 |url-status=live }} The default of Archegos contributed to the eventual collapse of Credit Suisse.{{Cite web |title=Why did Credit Suisse fail, and what does it mean for banking regulation? |url=https://www.economicsobservatory.com/why-did-credit-suisse-fail-and-what-does-it-mean-for-banking-regulation |access-date=2024-04-03 |website=Economics Observatory |language=en |archive-date=2024-04-03 |archive-url=https://web.archive.org/web/20240403122117/https://www.economicsobservatory.com/why-did-credit-suisse-fail-and-what-does-it-mean-for-banking-regulation |url-status=live }}

Early life

Hwang was born in South Korea in 1964.{{cite news |last1=Burton |first1=Katherine |title=God and man collide in rise and fall of Bill Hwang's life on Wall Street |url=https://www.business-standard.com/article/international/god-and-man-collide-in-rise-and-fall-of-bill-hwang-s-life-on-wall-street-121040200099_1.html |access-date=March 17, 2023 |work=Business Standard |date=April 2, 2021 |archive-date=August 24, 2022 |archive-url=https://web.archive.org/web/20220824094600/https://www.business-standard.com/article/international/god-and-man-collide-in-rise-and-fall-of-bill-hwang-s-life-on-wall-street-121040200099_1.html |url-status=live }} He immigrated to Las Vegas in 1982 with his parents. In 1983, Hwang and his mother moved to Los Angeles after the death of his father in 1983. He worked night shifts at McDonalds to support his family and fund his education.{{Cite web |last1=Kelly |first1=Kate |last2=Goldstein |first2=Matthew |last3=Phillips |first3=Matt |last4=Sorkin |first4=Ross |date=3 April 2021 |title=He Built a $10 Billion Investment Firm. It Fell Apart in Days. |url=https://www.nytimes.com/2021/04/03/business/bill-hwang-archegos.html |access-date=18 October 2024 |website=The New York Times |archive-date=16 November 2024 |archive-url=https://web.archive.org/web/20241116052420/https://www.nytimes.com/2021/04/03/business/bill-hwang-archegos.html |url-status=live }}

Hwang earned a Bachelor of Arts in economics/business from the University of California, Los Angeles, and a Master of Business Administration from the Tepper School of Business at Carnegie Mellon University.{{Cite news |last=Mohamed |first=Theron |date=March 29, 2021 |title=The man at the heart of the Archegos fiasco is a 'Tiger cub' and devout Christian who pleaded guilty to insider trading. Meet Bill Hwang. |url=https://markets.businessinsider.com/news/stocks/who-is-bill-hwang-archegos-tiger-cub-christian-insider-trading-2021-3 |archive-url=https://web.archive.org/web/20210917205315/https://markets.businessinsider.com/news/stocks/who-is-bill-hwang-archegos-tiger-cub-christian-insider-trading-2021-3 |archive-date=2021-09-17 |access-date=2025-03-08 |work=Business Insider |language=en}}{{Cite web |title=Bill Hwang |url=https://www.focusonthefamily.com/contributors/bill-hwang/ |access-date=2024-11-16 |website=Focus on the Family |language=en-US |archive-date=2024-05-30 |archive-url=https://web.archive.org/web/20240530074853/https://www.focusonthefamily.com/contributors/bill-hwang/ |url-status=live }}

Career

Hwang began his career at Hyundai Securities in New York, then worked at the now defunct Peregrine Investments Holdings, where he met billionaire hedge fund manager Julian Robertson, who was a client and went to work for Robertson's Tiger Management. Robertson closed the fund in 2000. Still, during his time as its owner, he'd provided some of whom he considered to be his most promising employees, known as the "Tiger Cubs",{{Cite news|title=Bill Hwang and the Fall of Archegos Capital Management|url=https://valueofstocks.com/2022/07/01/bill-hwang/|website=Value of Stocks|date=July 1, 2022|access-date=March 17, 2023|archive-date=March 17, 2023|archive-url=https://web.archive.org/web/20230317154954/https://valueofstocks.com/2022/07/01/bill-hwang/|url-status=live}} with funding to start their hedge funds. Robertson gave Hwang a starting capital of about $25 million to launch his own Tiger Asia Management fund, which grew to over $5 billion at its peak, before suffering "heavy losses" during the 2007–09 Great Recession.{{Cite news |last=Jannarone |first=John |title=Behind the Archegos Meltdown: How Banks Quickly Got Religion about Bill Hwang |url=https://www.yahoo.com/now/behind-archegos-meltdown-banks-quickly-190023768.html |work=IPO Edge |via=Yahoo! |date=March 29, 2021 |access-date=October 4, 2021 |archive-date=October 4, 2021 |archive-url=https://web.archive.org/web/20211004185753/https://www.yahoo.com/now/behind-archegos-meltdown-banks-quickly-190023768.html |url-status=live }}

Insider trading

In 2012, Tiger Asia Management and Hwang admitted to illegally using inside information to trade Chinese bank stocks and agreed to criminal and civil settlements totaling more than US$60 million. Tiger Asia Management, Hwang, Tiger Asia Partners, and former head trader Raymond Park also paid US$44 million in penalties to the Securities and Exchange Commission.{{Cite web|title=Bill Hwang guilty of illegal trading at Tiger Asia Management |url=https://www.scmp.com/business/money/markets-investing/article/1104927/bill-hwang-guilty-illegal-trading-tiger-asia|access-date=March 17, 2023 |website=South China Morning Post|date=14 December 2012 }}

In 2014, Hwang was banned from trading in Hong Kong for four years.

Archegos Capital

In 2012,{{Cite web | date=August 27, 2012 | url=https://www.institutionalinvestor.com/article/b14zpnzrl0m72f/familiar-tale-as-high-flying-bill-hwangs-tiger-asia-closes | website=Institutional Investor | title=Familiar Tale as High-Flying Bill Hwang's Tiger Asia Closes | access-date=March 17, 2023 | archive-date=February 27, 2023 | archive-url=https://web.archive.org/web/20230227180016/https://www.institutionalinvestor.com/article/b14zpnzrl0m72f/familiar-tale-as-high-flying-bill-hwangs-tiger-asia-closes | url-status=live }} Hwang closed Tiger Asia Management, and opened a "family office," which is less regulated than a hedge fund, named Archegos Capital Management. The company managed US$10 billion of funds.

Through the usage of total return swaps, Archegos was able to take highly leveraged positions across multiple companies, as the banks that issued the swaps held the shares on behalf of Archegos. By using swaps, Archegos could circumvent certain disclosure requirements, keeping the scale of its market exposure largely hidden from the public and regulators. In March 2021, losses at Archegos triggered the default and liquidation of positions approaching $30 billion in value, leading to "substantial" losses for Nomura, Credit Suisse, Goldman Sachs, and Morgan Stanley.{{Cite news |last1=Yamazaki |first1=Makiko |last2=Revill |first2=John |last3=Scuffham |first3=Matt |date=28 March 2021 |title=Global bank losses may top $6 billion on Archegos downfall |url=https://www.reuters.com/article/us-usa-markets-blocktrades/large-block-trades-tied-to-archegos-raise-worries-about-trading-this-week-idUSKBN2BK0OR |url-status=live |archive-url=https://archive.today/20240917172703/https://www.reuters.com/article/us-usa-markets-blocktrades/large-block-trades-tied-to-archegos-raise-worries-about-trading-this-week-idUSKBN2BK0OR/ |archive-date=17 Sep 2024 |access-date= |website=Reuters}}{{Cite web |last=Bray |first=Chad |title=Investment banks warn of 'significant' losses following margin calls related to Tiger Asia Management founder's family office |url=https://www.scmp.com/business/banking-finance/article/3127487/investment-banks-warn-significant-losses-following-margin |access-date=March 17, 2023 |website=South China Morning Post|date=29 March 2021}} The firm had held prominent positions in ViacomCBS, Baidu, Vipshop, Farfetch, and others. Before the Archegos collapse, Hwang was believed to be worth $10–15 billion, with his investments leveraged at 5:1.{{Cite web |last=Celarier |first=Michelle |title=The Two Tiger Cubs at the Center of Friday's $35 Billion Meltdown |url=https://www.institutionalinvestor.com/article/b1r550gj7lbfmt/The-Two-Tiger-Cubs-at-the-Center-of-Friday-s-35-Billion-Meltdown |access-date=March 17, 2023 |website=Institutional Investor |date=28 March 2021 |archive-date=23 March 2023 |archive-url=https://web.archive.org/web/20230323053628/https://www.institutionalinvestor.com/article/b1r550gj7lbfmt/The-Two-Tiger-Cubs-at-the-Center-of-Friday-s-35-Billion-Meltdown |url-status=live }}

In March 2021, as Archegos Capital Management faced mounting margin calls due to declining stock prices, several prime brokers, including UBS and Credit Suisse, urged Bill Hwang to liquidate positions to mitigate losses. Despite these appeals, Hwang remained confident in his strategy and resisted immediate liquidation. On a conference call with major banks, he expressed optimism about quickly unwinding positions and restoring stability. However, the situation deteriorated rapidly, leading to forced liquidations and significant financial repercussions for the involved banks.{{Cite news |last1=Dolmetsch |first1=Chris |last2=Van Voris |first2=Bob |date=May 15, 2024 |title='Worst Fear': Archegos Witness Recalls Moment That Doom Appeared |url=https://news.bloomberglaw.com/litigation/worst-fear-archegos-witness-recalls-moment-that-doom-appeared |work=Bloomberg Law |archive-date=December 14, 2024 |access-date=November 2, 2024 |archive-url=https://web.archive.org/web/20241214034324/https://news.bloomberglaw.com/litigation/worst-fear-archegos-witness-recalls-moment-that-doom-appeared |url-status=live }}

In November 2021, Credit Suisse, having taken a hit of $5.5 billion from the Archegos losses, shut down its prime brokerage business.{{Cite web|title=Credit Suisse to exit prime brokerage following Archegos Capital losses|date=4 November 2021 |url=https://www.thetradenews.com/credit-suisse-to-exit-prime-brokerage-following-archegos-capital-losses/|url-status=live|archive-url=https://web.archive.org/web/20211104123523/https://www.thetradenews.com/credit-suisse-to-exit-prime-brokerage-following-archegos-capital-losses/ |archive-date=2021-11-04 }} Texas Capital Bancshares Inc, in which Archegos held a 20% share, plunged after Archegos's collapse.{{Cite news|title=Bill Hwang Made a Huge, Secret Bank Bet Before Archegos Collapse|website=Bloomberg News|date=17 November 2021|url=https://www.bloomberg.com/news/articles/2021-11-17/bill-hwang-made-secret-bank-bet-before-20-billion-loss-archegos-collapse|url-status=live|archive-url=https://web.archive.org/web/20211123092120/https://www.bloomberg.com/news/articles/2021-11-17/bill-hwang-made-secret-bank-bet-before-20-billion-loss-archegos-collapse |archive-date=2021-11-23|access-date=March 17, 2023 }}

In January 2024, Hwang sought to block prosecutors from introducing large quantities of trading data at his upcoming trial, citing their "grave failure" in withholding the data for 17 months.{{Cite news |last=Stempel |first=Jonathan |date=2024-01-09 |title=Archegos founder Hwang seeks sanctions over prosecutors' 'grave failure' on data |url=https://www.reuters.com/legal/archegos-founder-hwang-seeks-sanctions-over-prosecutors-grave-failure-data-2024-01-08/ |access-date=2024-02-10 |work=Reuters |language=en}}

Indictment

On April 27, 2022, Hwang and his former top lieutenant, Patrick Halligan, were arrested and charged with racketeering, conspiracy, securities fraud, and wire fraud as part of a scheme to harm investors.{{Cite news |last=Goldstein |first=Matthew |date=2022-04-27 |title=Federal agents arrest Archegos owner Bill Hwang and a former top lieutenant |language=en-US |website=The New York Times |url=https://www.nytimes.com/2022/04/27/business/archegos-bill-hwang-patrick-halligan.html|access-date=March 17, 2023 |url-access=subscription |issn=0362-4331}} In a 59-page indictment, Manhattan federal prosecutors alleged that Hwang and Halligan schemed to manipulate stock prices. Lawyers for Hwang and Halligan stated that they were innocent of the charges in the indictment. Hwang was released on a $100 million bond, which was secured by two properties and $5 million in cash. Halligan was released on a $1 million bond.{{Cite web |last=Berk |first=Christina Cheddar |date=2022-04-27 |title=Archegos owner Bill Hwang and former CFO Halligan plead not guilty to U.S. fraud charges |url=https://www.cnbc.com/2022/04/27/archegos-owner-hwang-former-cfo-halligan-charged-with-fraud.html |access-date=March 17, 2023 |website=CNBC |language=en |archive-date=2023-01-09 |archive-url=https://web.archive.org/web/20230109154353/https://www.cnbc.com/2022/04/27/archegos-owner-hwang-former-cfo-halligan-charged-with-fraud.html |url-status=live }}

On September 8, 2022, District Judge Alvin Hellerstein set October 2023 as the month when the trial of Hwang and Halligan, both of whom have pleaded not guilty, will begin. Former Archegos head trader William Tomita and ex-Chief Risk Officer Scott Becker have both pleaded guilty and agreed to testify against Hwang and Halligan.{{cite news |last=Van Voris |first=Bob |date=September 8, 2022|title=Bill Hwang Gets October 2023 Trial Over Archegos Collapse |url=https://www.bloomberg.com/news/articles/2022-09-08/bill-hwang-gets-october-2023-trial-date-in-archegos-fraud-case|work=Bloomberg News |access-date=March 17, 2023}} The trial was delayed to February 27, 2024, then to May 6, 2024.{{cite news |last=Dolmetsch |first=Chris |date=January 22, 2024 |title=Bill Hwang's Archegos Fraud Trial Delayed to May 6 From Feb. 27 |url=https://www.bloomberg.com/news/articles/2024-01-22/bill-hwang-s-archegos-fraud-trial-delayed-to-may-6-from-feb-27 |work=Bloomberg News |access-date=January 29, 2024 |archive-date=January 22, 2024 |archive-url=https://web.archive.org/web/20240122220105/https://www.bloomberg.com/news/articles/2024-01-22/bill-hwang-s-archegos-fraud-trial-delayed-to-may-6-from-feb-27 |url-status=live }} On July 10, 2024, a 12-person jury in a federal court in Manhattan found him guilty on 10 out of 11 counts of securities fraud, wire fraud, conspiracy, racketeering, and market manipulation.{{cite news |last1=Goldstein |first1=Matthew |title=Jury Finds Archegos Founder Bill Hwang Guilty of Fraud and Racketeering |url=https://www.nytimes.com/2024/07/10/business/archegos-bill-hwang-guilty.html?smid=nytcore-ios-share&referringSource=articleShare&sgrp=c-cb |work=The New York Times |date=10 July 2024}} His sentencing was scheduled for October 28, 2024, but had been postponed to November 20, 2024.{{Cite news |last=da Silva |first=João |date=11 July 2024 |title=Archegos founder Bill Hwang convicted of fraud |url=https://www.bbc.com/news/articles/c80e47912z2o |url-status=live |archive-url=https://archive.today/20240809104756/https://www.bbc.com/news/articles/c80e47912z2o |archive-date=9 Aug 2024 |work=BBC News}}{{Cite news |date=2024-10-15 |title=Bill Hwang's Sentencing in Archegos Case Postponed to November |url=https://www.bloomberg.com/news/articles/2024-10-15/bill-hwang-s-sentencing-in-archegos-case-postponed-to-november |access-date=2024-10-18 |work=Bloomberg News |language=en |archive-date=2024-11-12 |archive-url=https://web.archive.org/web/20241112105938/https://www.bloomberg.com/news/articles/2024-10-15/bill-hwang-s-sentencing-in-archegos-case-postponed-to-november |url-status=live }}

News of Hwang’s indictment and the collapse of Archegos Capital attracted significant attention in South Korea, his birthplace, where media outlets extensively covered the event as a high-profile case of a Korean-American financier’s fall from prominence in the U.S. financial sector.

On November 11, 2024, Bob Foresman, a former vice chair of UBS, advocated for leniency on behalf of Hwang's case, citing that Hwang's devotion towards his faith and his philanthropic efforts has been ignored in the trial.{{Cite news |date=2024-11-11 |title=Ex-UBS Vice Chair Joins Leniency Calls for Archegos' Bill Hwang |url=https://www.bloomberg.com/news/articles/2024-11-11/ex-ubs-vice-chair-joins-leniency-calls-for-archegos-bill-hwang |access-date=2024-11-12 |work=Bloomberg News |language=en |first=Ava |last=Benny-Morrison}}

On November 20, 2024 in a Manhattan court, Hwang was sentenced to 18 years in prison.{{Cite news |last1=Cohen |first1=Luc |last2=Stempel |first2=Jonathan |date=November 21, 2024 |title=Archegos' Bill Hwang sentenced to 18 years in prison for massive US fraud |url=https://www.reuters.com/legal/archegos-bill-hwang-be-sentenced-massive-us-fraud-2024-11-20/ |work=Reuters}} In response to Hwang's attorneys' request for no prison time, Judge Hellerstein noted such a request to be "ridiculous," and that Hwang's sentence was a "symbol to others that if you don't live by the law, you could be punished very severely by the law."{{Cite news |last=Telesca |first=Jenna |date=November 21, 2024 |title=Archegos Founder Sentenced to 18 Years |url=https://www.wsj.com/finance/archegos-founder-bill-hwang-sentenced-to-18-years-in-prison-1bbef6bc |access-date=November 21, 2024 |work=The Wall Street Journal |pages=A1, A4 |archive-date=November 21, 2024 |archive-url=https://web.archive.org/web/20241121002303/https://www.wsj.com/finance/archegos-founder-bill-hwang-sentenced-to-18-years-in-prison-1bbef6bc |url-status=live }}

On November 21, 2024 Judge Hellerstein said he would consider reducing the prison sentence for Hwang after his lawyer Barry Herke advocated for serving 6 ½ years in home confinement.{{Cite news |last1=Van Voris |first1=Bob |last2=Dolmetsh |first2=Chris |date=November 22, 2024 |title=Bill Hwang Judge Considers Reducing 18-Year Prison Sentence |url=https://finance.yahoo.com/news/bill-hwang-judge-considers-reducing-165248727.html |url-status=deviated |archive-url=https://web.archive.org/web/20241121171831/https://finance.yahoo.com/news/bill-hwang-judge-considers-reducing-165248727.html |archive-date=November 21, 2024 |access-date=November 21, 2024 |via=Yahoo Finance |agency=Bloomberg News}}

Personal life

Hwang is a Christian and his father was a pastor. Hwang and his wife reside in Tenafly, New Jersey{{cite news|title='He never struck me as a big risk-taker': Bill Hwang's big bet blows up|newspaper=Financial Times|date=2 April 2021|url=https://www.ft.com/content/5079572b-ae00-47f9-be75-50b9f64059d0|last1=Aliaj|first1=Ortenca|last2=Platt|first2=Eric|last3=Jung-a|first3=Song|last4=White|first4=Edward|archive-date=10 December 2022|access-date=4 April 2021|archive-url=https://ghostarchive.org/archive/20221210/https://www.ft.com/content/5079572b-ae00-47f9-be75-50b9f64059d0|url-status=live}} and they have a daughter who attended Fordham University in New York City. Despite his immense wealth, Hwang lived modestly, driving a Hyundai SUV and focusing on his faith and relationship with God—a continuation of his upbringing as the son of a pastor. He hosted regular Scripture readings at his foundation’s Midtown Manhattan offices and supported sessions at Metro Community Church. He explained his approach, stating, "I try to invest according to the word of God and the power of the Holy Spirit." This spiritual perspective allegedly influenced both his personal life and investment philosophy, reflecting his claimed commitment to living out his faith.{{Cite news |date=2021-04-08 |title=Bill Hwang Had $20 Billion, Then Lost It All in Two Days |url=https://www.bloomberg.com/news/features/2021-04-08/how-bill-hwang-of-archegos-capital-lost-20-billion-in-two-days |access-date=2024-11-01 |agency=Bloomberg News |language=en |first1=Erik |last1=Schatzker |first2=Sridhar |last2=Natarajan |first3=Katherine |last3=Burton |archive-date=2024-06-14 |archive-url=https://web.archive.org/web/20240614002427/https://www.bloomberg.com/news/features/2021-04-08/how-bill-hwang-of-archegos-capital-lost-20-billion-in-two-days |url-status=live }}

In November 2024, Hwang stated that his net worth was $55 million, significantly less than the $30 billion during his peak.{{Cite news |date=2024-11-18 |title=Once Worth $30 Billion, Hwang Says He's Just a Millionaire Now |url=https://finance.yahoo.com/news/once-worth-30-billion-hwang-175439561.html |access-date=2024-12-01 |agency=Bloomberg News |language=en |first=Chris |last=Dolmetsch |via=Yahoo Finance |archive-url=https://web.archive.org/web/20241120050330/https://finance.yahoo.com/news/once-worth-30-billion-hwang-175439561.html |archive-date=2024-11-20}}

Philanthropy

Hwang co-founded the Grace and Mercy Foundation, a charitable organization, which, by 2018, had reportedly "more than US$500 million in assets."{{Cite news|last=Delevingne|first=Lawrence|title=Comeback quashed for faith-driven investor Bill Hwang|url=https://www.reuters.com/article/us-usa-markets-blocktrades-hwang/comeback-quashed-for-faith-driven-investor-bill-hwang-idUSKBN2BM020|access-date=March 17, 2023 |website=Reuters|date=30 March 2021|agency=Reuters}} Hwang has been noted as one of the largest benefactors of Christian evangelical organizations and causes.{{Cite web |last1=Blair |first1=Leonardo |last2=Reporter |first2=Senior Features |date=2022-05-05 |title=Once top benefactor in Evangelical world, billionaire Bill Hwang could spend life in prison after arrest |url=https://www.christianpost.com/news/evangelical-billionaire-bill-hwang-could-spend-life-in-prison.html |access-date=2023-03-22 |website=The Christian Post |language=en-US |archive-date=2022-10-07 |archive-url=https://web.archive.org/web/20221007004519/https://www.christianpost.com/news/evangelical-billionaire-bill-hwang-could-spend-life-in-prison.html |url-status=live }} Through the Grace and Mercy Foundation, Hwang has made large contributions to Christian organizations such as Focus on the Family, the Museum of the Bible, The King's College, and megachurches such as Brooklyn Tabernacle, Redeemer Presbyterian Church, and Ravi Zacharias International Ministries.