How a Chinese metal tycoon imploded the nickel market — and walked away with billions

New York Most investors don't lose an $11 billion bet and walk away unscathed, but a Chinese metal tycoon known as"Big Shot" has done exactly that.

Xiang Guangda made a massive bet over the past few years that the price of nickel would fall, but in March of this year, futures for the metal shot up 250%, a jump that could have bankrupted him and his metals company, Tsingshan Holding Group, the world's largest nickel producer. Now he's walking away with little damage, even as other stakeholders are still picking up the pieces of the fallout.

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cnni /  🏆 326. in ZA

Yup sure he did

when you lose high enough, the banks have to bail you out.

The 'free' market where the rich now dictate whether they'll take losses

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