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Monday, August 10, 2020

Investor Odey speculated on the fall of Wirecard. He made hundreds of millions

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The exact amount of the profit is not yet completely clear, but it will be between 25 and 30 million euros, said the German newspaper Frankfurter Allgemeine Sonntagszeitung, which quoted Odey.

The once celebrated German fintech Wirecard ended in insolvency this week. The reason was that he lacked almost two billion euros in his accounts.

Odey is known for his bearish opinion, which means that he often speculates on stock market crashes or individual stocks. In recent years, therefore, he has suffered significantly.

Now, however, he is succeeding when, in addition to successful speculation on Wirecard shares, he also profited from the bankruptcy of the owner of shopping centers in Britain, Intu Properties. The British newspaper The Daily Mail stated that the profits of its fund were at least 75 million pounds.


The German company Wirecard, which lost 1.9 billion euros, declared insolvency

The bankruptcy of the German company Wirecard also affected domestic users whose payment cards were blocked.

For example, 40,000 clients of the domestic company Twisto have blocked cards. The company switched to another provider and will start sending new cards to clients from Monday. Another domestic company Fidoo or EET’s eKasa system from O2 also has a problem due to Wirecard. There are millions of blocked cards across Europe.

The Wirecard crash is a huge scandal, as the company that was part of the Frankfurt DAX index went bankrupt for the first time. There are only thirty titles in it.


Vladan Gallistl: Will Wirecard become the new Enron?

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