Bessent leads Soros Fund black Wednesday bet against British pound

Bessent is a leading member of the Soros Fund Management team during the Black Wednesday sterling crisis. The fund bets against the British pound as currency traders sell faster than the Bank of England can buy, forcing the U.K. to withdraw from the European Exchange Rate Mechanism. The Quantum Fund clears more than $1 billion in profit on the trade. The event earns Soros the nickname "the man who broke the Bank of England" and solidifies Bessent's reputation as a top global macro investor.