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Know All About Billionaire Investor Who Broke UK Central Bank

By FnF Correspondent | PUBLISHED: 17, Feb 2023, 19:44 pm IST | UPDATED: 17, Feb 2023, 19:44 pm IST

Know All About Billionaire Investor Who Broke UK Central Bank New Delhi: US hedge fund creator George Soros, who is now under the scanner of the ruling BJP, has triggered a row by stating that Prime Minister Narendra Modi is "silent" on the Adani-Hindenburg row and that he will have to "answer questions from foreign investors and in Parliament." His comments triggered a war of words between the BJP and the Congress-led Opposition parties with the ruling side claiming that US tycoon George Soros - an international entrepreneur - has declared his ill intention to intervene in the democratic processes of India.

Soros in a speech on Thursday said that industrialist Gautam Adani is "accused of stock manipulation'' and his stock collapsed like a house of cards after the Hindenburg Report came out. "Adani Enterprises tried to raise funds in the stock market but failed," Soros alleged. Adani Group has been accused by US short-seller Hindenburg of engaging in "brazen stock manipulation and accounting fraud" over decades, a claim that Adani Group has stoutly denied.

Terming Modi and Adani as "close allies," whose "fate is intertwined", the 92-year-old billionaire investor said, "This will significantly weaken Modi`s stranglehold on India`s federal government and open the door to push for much-needed institutional reforms." "I may be naive, but I expect a democratic revival in India," Soros said in his remarks delivered at the 2023 Munich Security Conference.

US-based short seller, in its report on January 24, raised concerns about shares of Adani group companies having a possibility of declining from their current levels owing to high valuations, "brazen stock manipulation", and "accounting fraud", among others. After the report came out, the share prices of companies in the Adani Group dropped significantly. The continued sell-offs in the group`s stocks led its flagship firm, Adani Enterprises Limited, to cancel a fully subscribed Rs 20,000 crore follow-on public offer.

Soros is an American billionaire philanthropist, who has been accused of using his wealth and influence to shape politics and funding regime change. Known as a Modi-baiter, Soros has also been very critical of Chinese President Xi Jinping and former US President Donald Trump. In 2020, the billionaire investor pledged USD 1 billion to fund a new university network to tackle the spread of nationalism. 

According to a Forbes Magazine report, George Soros has amassed a huge fortune – a net worth of USD 6.7 billion as of February 17, 2023. He is among the wealthiest people in the world. He had also reportedly doated billions of USD dollars to Open Society Foundations.

Born in Budapest, George Soros had to face a lot of struggles in his early childhood days. He also managed to survive the Nazi occupation of Hungary. He settled in the United Kingdom in 1947 and completed his BSc from the London School of Economics. However, he had to work as a railway porter and waiter to fund his studies at the London School of Economics.

Soros began his career in the 1950s and took several jobs at banks in the UK and the US. It was in 1969, that he created his Soros Fund, and launched the second one in 1970 at a seed value of USD 12 million. The value of the fund in 2011 was estimated to be around USD 25 billion. However, before that, he worked at a London merchant bank. Soros moved to New York City in 1956 where he started off as an analyst of European securities.

He is also largely blamed for the collapse of the UK Central Bank - The Bank of England - in 1992 because he short-sold USD 10 billion worth of pounds that made him a profit of USD 1 billion. For the unversed, the term short selling means buying a commodity for a lesser price and selling it at high prices. Soros is known to be “progressive and liberal” in his view regarding politics. 

He has been accused of playing a role in speculative attacks on Thailand's currency (baht) in 1997 though he has categorically denied the charge. His name was linked with the financial crisis in Asia that year. The then Malaysian prime minister, Mahathir bin Mohamad, blamed him for the devaluation of the Ringgit.

In 2010, Soros donated USD 100 million to Human Rights Watch in 2010. He has often faced criticism from the Conservatives and the Republicans mainly due to his liberal views and inclination towards the Democratic Party.

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