American billionaire Dan Loeb’ hedge fund Third Point, made a $500 million profit off his holdings in Greek bonds when the government bought them back for far more than he paid for them, as he capitalized on his bet Greece would have to take the measures, the Financial Times reported.

Loeb is one of the few hedge funds leaders who have profited from the Eurozone’s financial crisis and the only one to have huge investment returns this year.

According to traders, as cited in the Financial Times, Third Point is the largest hedge fund with Greek bonds. Loeb’s Third Point bet that Greece would remain in the Eurozone. “He tendered most of his position … during a debt buyback deal by Athens,” the report said.

Loeb’s company started to buy Greek bonds in the early 2012, just after it profited off Portuguese debt. FT reports that financial analysts from Third Point were contacting Greek politicians and counselors to keep relations with the Greek government that brought him a windfall.

Greek Reporter