What happened on black Wednesday?

Question

I kinda understand the macroeconomics model working there, but still could someone please give me a more thorough explanation? What exactly happened (what did he do?) that made George (Schwartz) Soros approx. one billion dollars?

Answer 1

The British government gave up trying to keep the Pound from falling to its market level. Mr. Soros was short the Pound before it floated down.