“Black Wednesday” is one of the most famous financial ventures conducted by George Soros. September 16, 1992 he sold short more than $10 billion pounds sterling, profiting from the UK government's reluctance to either raise its interest rates to levels comparable to those of other European Exchange Rate Mechanism countries or to float its currency. This speculation dealt a devastating blow to the U.K. economy. As a result, the U.K. had to withdraw from the European Exchange Rate Mechanism in Europe, devaluing the pound. Soros' profit on the bet was estimated at over $1 billion.