Bill Hwang is CEO and founder of Archegos Capital Management and a trustee at Fuller Theological Seminary. | YouTube/FULLER studio
The evangelical community could lose one of their biggest benefactors after Bill Hwang, a devout Christian and founder of the more than $10 billion Archegos Capital Management investment firm, triggered the liquidation of positions approaching $30 billion in value, and tanked the shares of two major investment banks.
“When the facts come out, my sense is the Bill Hwang blow up will be the most spectacular personal loss of wealth in history,” former hedge fund manager and current CEO of Galaxy Investment Partners, Michael Novogratz, noted in a tweet Monday.
RZIM rebranding
Michael F. Haverluck, Steve Jordahl (OneNewsNow.com)
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The ministry founded by Ravi Zacharias is reorganizing since the late Christian apologist was found to have been leading a secret life of sexual sin, leaving victims and family members devastated and bereft.
At the end of a long and successful public ministry, and as he struggled with the cancer that would eventually take his life, accusations of sexual misconduct against Ravi Zacharias started surfacing. After his death last May, his ministry hired an outside firm to investigate the claims. To the Christian world s dismay, it found many of the allegations to be true.
Ravi Zacharias International Ministries is restructuring and will soon become a grant-making organization supporting evangelism and abuse victims as it plans to lay off the majority of its staff, its leadership has announced.
RZIM cuts staff, will restructure as grant-making organization to support abuse victims crossmap.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from crossmap.com Daily Mail and Mail on Sunday newspapers.
Christian apologist and author Ravi Zacharias speaks to tens of thousands of young adults in Atlanta s Philips Arena on Sunday, January 3, 2016. | Courtesy of Passion Conference/Phil Sanders
Ravi Zacharias International Ministries intends to change the name of the organization following the release of an investigative report last month indicating that the Christian apologist was accused of “sexting, unwanted touching, spiritual abuse, and rape.
In a statement Saturday, RZIM CEO and Zacharias daughter, Sarah Davis, provided what she described as the first of periodic updates highlighting the “steps we are taking as we seek to walk a path of repentance, restitution, learning, and serving.”