Boris Johnson bid for No 10 backed by billionaire who makes money from political volatility

Boris Johnson has had his bid for Number 10 backed by a hedge fund manager who makes money from political volatility, according to recent reports.

Billionaire Crispin Odey has told the former Foreign Secretary that he will have his backing to topple Theresa May.

Talking to the Mail on Sunday, he said: “I think Boris would be excellent once he became leader.

“We all know his weaknesses. But his strengths derive from those weaknesses. He makes quick decisions.”

Mr Odey donated more than £1 million to the Conservative Party and was one of the leading donors of the Vote Leave campaign, which was led by Mr Johnson.

He has also seen his personal fortune grow over the last year after his fund made huge bets against the value of Government debt bonds.

The Financial Times described his strategy as betting “his entire fund on a spectacular market collapse”.

In the run up to the EU referendum Odey bet on Brexit hitting the pound by “shorting” sterling and moving 65 per cent of his fund into gold in anticipation.

His fund made £220 million in the space of a few hours.

As he said at the time: “I think I may be the winner.”

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