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Billionaire hedge fund hot-shot Daniel Loeb, the founder of $10 billion Third Point LLC, made $500 million profit off of a Greek Government Bond bet, the Financial Times' Sam Jones reports citing sources familiar.
Loeb's Third Point, which had amassed a $1 billion position in GGB's, bet that Greece would get to stay in the eurozone, according to the FT.
He tendered most of his position on Monday during a debt buyback deal by Athens, the report said.
However, he's still holding on to part of the position because his hedge fund believes the GGB's could rally next year, according to the FT.
Loeb first disclosed the position in GGB's back in September.
Read the full FT piece on how Loeb was able to make $500 million on GGB's >
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