Billionaire George Soros Lost Nearly $1 Billion in Weeks After Trump Election
Hungarian-born billionaire George Soros lost nearly $1 billion in a matter of weeks following Donald Trump’s election victory over Hillary Clinton in November.
Soros, the deep-pocketed liberal mega donor who is estimated to be worth about $25 billion, took the loss following the stock market’s rally after the presidential election, the Wall Street Journal reported Thursday.
“Mr. Soros was cautious about the market going into November and became more bearish immediately after Mr. Trump’s election, according to people close to the matter,” the Journal wrote. “The stance proved a mistake–the stock market has rallied on expectations that Mr. Trump’s policies will boost corporate earnings and the overall economy.”
After losing the near $1 billion in funds, Soros then exited a number of his bets in the later portion of 2016 to avoid taking a further hit.