According to The Wall Street Journal, billionaire George Soros lost nearly $1 billion after Donald Trump won the 2016 presidential election.
Soros was a large contributor to the super-PAC that supported Hillary Clinton during the election and, after she lost, he misinterpreted the direction of the stock market.
From the Wall Street Journal:
Billionaire hedge-fund manager George Soros lost nearly $1 billion as a result of the stock-market rally spurred by Donald Trump’s surprise presidential election.
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 stance proved a mistake—the stock market has rallied on expectations that Mr. Trump’s policies will boost corporate earnings and the overall economy.
While Soros lost big, Stanley Druckenmiller, Soros’ former deputy who helped him score $1 billion in profits betting against the British pound in 1992, anticipated the market’s recent climb and racked up sizable gains, the journal reports.
After Trump’s victory, Druckenmiller told CNBC that he’s “quite, quite optimistic” about the U.S. economy.
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