A hedge fund tycoon who backed Boris Johnson and pro-Brexit campaigns has made a £300 million bet against British businesses which could see him profit handsomely if the UK economy tanks.
Crispin Odey, who also made millions betting against the pound after the 2016 referendum, has taken out £299 million in “short” positions on some of Britain’s biggest firms.
Fresh data obtained by The Times shows his firm Odey Asset Management has short positions on 16 UK listed firms — and has increased its short position on six of them since Theresa May announced her resignation in May.
Odey’s firm also increased its short position on one firm on the day Johnson was elected leader of the Tory party with a £17.6 million bet against high street lender Metro bank.
Odey, who gave £10,000 to Johnson in June, made £220m betting that a leave result would cause the pound to crash, boasting the following day that “the morning has gold in its mouth”.
The hedge fund boss has previously given more than £800,000 to pro-Brexit campaigns, as well as £32,000 to Ukip under Nigel Farage’s leadership.