How Mike Ashley Lost GBP200 Million Spread Betting! 😱

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How Mike Ashley Lost GBP200 million Spread Betting! How much did Mike Ashley lose on his HBOS huge bet in 2008? OK.

Mike Ashley is famous for SportsDirect, House of Fraser and his ownership of the Newcastle United club. In 2008 he reportedly lost GBP200 million - a massive amount of money spread betting the banks during the Financial Crisis. OK.

As we know in 2008 the banks suffered a brutal crisis - banks were getting hammered particularly HBOS which was getting bashed. Around 2007 it was sitting at around 1100p and then in 2008 it went down to around 700p. Reportedly during the start of 2008 Mike went long HBOS.

Long at 600p
if closed at 400p then loss = GBP160 million
if closed at 300p - then loss = GBP240 million.

The point is that if you trade at GBP800,000 a point you're pretty vulnerable. This is a great lesson - the market will take whatever money you have - if you want to risk a thousand pounds it will take it, if you want to risk millions it will take it! Likewise it can reward you accordingly!

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