Market News

• The mysterious volatility trader knew as "50 Cent" has lost $197 million in 2017 betting on a spike in the VIX, which would accompany a stock market shock.
• 50 Cent is starting to slow down, deploying roughly 20% of the contracts he had outstanding over the summer.

The mysterious investor is known as "50 Cent" has had a tough year betting on stock market turbulence - but it hasn't been for a lack of trying.
The mysterious trader knew as '50 Cent' has lost $197 million betting on a stock market meltdown

The trader has consistently purchased bite-sized chunks - usually costing around 50 cents - of options contracts betting on a spike in the CBOE Volatility Index. Also known as the VIX, the gauge is a measure of expected price swings in US equities that serves as a barometer for investor nervousness. It generally climbs as stocks fall, so purchases of VIX contracts translate to bearish wagers on the S&P 500.

On a year-to-date basis, that persistence has resulted in a whopping $197 million mark-to-market loss for 50 Cent, according to data compiled by Macro Risk Advisors (MRA). The firm reports that the trader has spent a total of $208 million on VIX bets, only to see the majority of them expire worthlessly
The Sources: Business Insider