Book SummaryBillion Dollar Whale, by Tom Wright and Bradley Hope

1-Page Summary1-Page Book Summary of Billion Dollar Whale

Billion Dollar Whale by Tom Wright and Bradley Hope details the exploits of Jho Low, a Malaysian financier who allegedly stole billions of dollars from Malaysian sovereign funds. In order to leverage these heists, Low courted figureheads from international banks and governments by branding himself as a successful, powerful businessman. While the scandal was ultimately exposed in 2015, and many of his associates were prosecuted, Low remains at large.

Wright and Hope covered Low’s story in The Wall Street Journal. Their Pulitzer-nominated coverage of the scandal helped bring...

Billion Dollar Whale Summary Low Learned to Cultivate Connections by Controlling His Image

Jho Low’s beginnings—he was born and raised in Penang, Malaysia—were far from humble. Low’s father, Larry Low, had made millions through the sale of his shares in a garment company. However, attending the UK’s prestigious Harrow boarding school, and later on the University of Pennsylvania’s Wharton School in the US, the younger Low was surrounded by the children of some of the wealthiest, most influential families in the world. According to Wright and Hope, while Low’s family was wealthy, its riches and status paled in comparison to those of these young members of the global elite.

(Shortform note: While Wright and Hope note that Low’s relative lack of wealth put him at a social disadvantage, even the wealthiest students might have struggled to stand out at Wharton. Wharton’s list of famous and successful alumni includes Elon Musk, Warren Buffet, and Donald Trump, to name a few. At such a prestigious institution, it would have been difficult for Low to make a name for himself, even with more money.)

At school abroad, **Low learned to carefully manipulate his image to convince the rich and...

Billion Dollar Whale Summary Low Used His Increasingly Powerful Network to Carry Out More Lucrative Heists

After the Iskandar deal, Low began to aim higher. According to Wright and Hope, rather than siphoning money from a deal he was peripheral to, Low sought to gain control over a large fund for himself.

Low Set His Sights on a Malaysian Sovereign Wealth Fund

When Najib became prime minister, he created the 1Malaysia Development Berhad (1MBD), a sovereign wealth fund. As Wright and Hope note, the fund’s stated purpose was to use government money to invest in green energy for Malaysia’s future. Through his experience with Mubadala, Low learned that involvement in a sovereign wealth fund would lend him unregulated access to larger sums of money than ever before.

In an attempt to leverage his influence with Najib, Low proposed that in addition to funding green energy, 1MDB’s money could also be used as a political slush fund for Najib to pull from as needed. To further strengthen his position, Low connected Najib to his old friend, Ambassador Otaiba of the UAE, and through this connection was able to ensure that the Abu Dhabi government would invest alongside 1MDB in its future ventures.

(Shortform note: Low and Najib’s misuse of the 1MDB funds has sparked international...

Billion Dollar Whale Summary Focused on His Image and Lifestyle, Low Made Mistakes as His Scheme Grew

When the PetroSaudi deal went through, Low suddenly became a multimillionaire. Low used the money to boost his status even further, befriending a laundry list of celebrities. However, Wright and Hope note that as Low focused on funding his new, glamorous lifestyle, it became difficult for him to manage an increasingly complicated scheme.

Low Leveraged Success to Prop Up His Image

Low spent exorbitant amounts on parties and gambling excursions in an effort to court increasingly famous and powerful friends. As Wright and Hope describe them, Low’s parties were almost unbelievably extravagant. Hosted on multimillion-dollar yachts or at high-end Vegas casinos and hotels, Low’s parties featured A-list musicians and actors, as well as Low’s accomplices and other wealthy businesspeople. Guests drank the most expensive wine and spirits, and seven-figure gifts of jewelry and luxury vehicles were often exchanged.

(Shortform note: While Low was obviously chasing money and power, his high-profile parties indicate that to some degree he may have also been chasing fame. Low’s desire for renown isn’t unique—[psychological surveys have shown that about a third of adults regularly...

Billion Dollar Whale Summary Low’s Scheme Unraveled as Authorities Closed In

As a result of the information Justo leaked, world governments began prosecuting Low and his associates. Low’s co-conspirators at Goldman Sachs and in Abu Dhabi were now facing hefty fines and in some cases jail time.

Najib Used Extreme Measures to Silence Dissent

Wright and Hope note that while foreign governments were able to prosecute individuals and institutions within their jurisdictions, at home in Malaysia, Prime Minister Najib took extreme measures to protect himself and his allies, including Low. According to the authors, Najib’s regime imprisoned Justo and publicly attempted to discredit him. With Justo silenced, Najib made sure to keep stories about 1MDB and Low out of state-controlled media. He threatened journalists and political opponents with violence. During this period, a Malaysian anti-corruption prosecutor is alleged to have been murdered by Najib’s regime.

(Shortform note: While Justo spent almost two years in prison, he was eventually pardoned, and he [recently released a book detailing his experience as an imprisoned...

Shortform Exercise: Reflect on the Image You Project

Project the right image of yourself to the world.

Jho Low was exceptionally gifted at controlling his public image. While Low chose to use this skill for criminal purposes, you can use it to benefit yourself at work and in other relationships. The first step is to understand how people see you now. For instance, Low recognized that his peers at Wharton initially saw him as an outsider with little social and financial clout. Consider someone you’d like to impress, for example, a manager at your office. Imagine how they see you, and write down a brief description of yourself, as seen through the other person’s eyes.