Basically, he took 10 billion British Pounds and exchanged them for other currencies (Deutsche Marks mainly if I remember correctly). Since the pound was already less desirable due to lower interest rates it triggered a snowball effect and many people followed suit.
The Pound left the ERM, and plummeted in value since everybody was selling at that stage.
With the pound on the cheap, Soros then bought the bound back with his Deutsche Marks, except that this time around he got a lot more then the 10 billion which he sold as the Pound was cheaper to buy.
Basically, he took 10 billion British Pounds and exchanged them for other currencies (Deutsche Marks mainly if I remember correctly). Since the pound was already less desirable due to lower interest rates it triggered a snowball effect and many people followed suit.
The Pound left the ERM, and plummeted in value since everybody was selling at that stage.
With the pound on the cheap, Soros then bought the bound back with his Deutsche Marks, except that this time around he got a lot more then the 10 billion which he sold as the Pound was cheaper to buy.