For months, a mysterious stick trader known as 50 Cent has been placing small “bets” that the stock market would go crazy. Those bets paid off last week during the massive stock market sell off.
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A trader known for buying small options -usually costing about 50 cents – on the Cboe Volatility Index, or VIX, won big after months of losing last week when the index doubled in single day.
50 Cent, who shares a nickname with the famous rapper, earned roughly $400 million so far this month, according to data compiled by Macro Risk Advisors. Even with previous losses, he is estimated to have netted $180 million in profits.
Who Is 50 Cent?
The Financial Times revealed last May that the trades came via Ruffer LLP, a respected fund whose client roster includes the Church of England.