He bet wrong! Veteran hedge-fund manager George Soros lost nearly $1billion in weeks following Donald Trump’s win
- George Soros, 86, lost nearly $1billion after stock market surged following Donald’s Trump’s election win in November
- Soros, who has net worth of $24.9billion, reportedly was cautious about the market going into the election and ‘became bearish’ after Trump won
- However, both stocks and treasury yields increased in the wake of Trump’s win
- Soros Fund Management LLC, which manages roughly $30billion for the businessman and his family, was up five per cent at the end of 2015
Billionaire George Soros lost nearly $1billion after the stock market surged following Donald Trump’s surprise November 8 election win over Hillary Clinton.
The veteran hedge-fund manager’s former deputy, Stanley Druckenmiller, who helped Soros score nearly $1billion of profits betting against the British pound back in 1992 said that he foresaw that the market would surge and gained a nice sizable gain,The Wall Street Journal reported.
Soros has a net worth of approximately $24.9billion after years of making prudent investments centered on careful and emotionless analysis, similar to what he did in 1992 with the British pound.
The 86-year-old survivor of the Holocaust became ‘more bearish immediately after Trump’s election’, and that positioning has ‘proved to be a mistake—the stock market has rallied on expectations that … Trump’s policies will boost corporate earnings and the overall economy,’ sources told the Journal.
Billionaire George Soros (left) lost nearly $1billion after the stock market surged following Donald Trump’s (right) surprise November 8 election win over Hillary Clinton
However, both stocks and treasury yields increased in the wake of Trump’s win.
Despite the billion-dollar hit to his wallet, Soros Fund Management LLC, which manages roughly $30billion for the businessman and his family, was up five per cent at the end of 2015.
In the wake of the election, many experts predicted that stocks would fall, but on the contrary the Dow Jones Industrial Average has climbed 9.3 per cent.
During the election, Soros was a supporter of Hillary Clinton and he contributed millions of dollars to super PACS supporting her campaign for the White House.