Billionaire Soros May Have Lost $120 Million In Lehman

September 12, 2008 5:06 p.m. EST

New York, NY (AHN) - Billionaire George Soros' $20 billion hedge fund, Soros Fund Management, may have lost at least $120 million with its stake in Lehman Brothers as the bank suffered its worst quarterly result.

According to reports, losses could increase to $380 million depending on the time he bought the shares and if the fund still owns the shares. The 9.5 million shares, or 1.4 percent of Lehman, held by Soros were purchased some time between March 31 and June 30.

Reports said if Soros acquired the shares at its highest price, he invested $450 million; if the deal was struck at its lowest value, the cost was estimated at $188 million.

Analysts estimate that if Soros still holds the share his stake is worth about $69 million as of Thursday.