Soros loses $1bn on bearish bets against Trump

15 January, 2017, 00:44 | Author: Celia Hoffman
  • Luckily Soros exited many of his bearish bets late last year avoiding further losses

Soros, who made $1 billion by betting on the British pound's devaluation in 1992, reportedly thought markets would fall immediately following Trump's surprise November win.

The Wall Street Journal reports that the hedge-fund manager and liberal financier lost almost $1 billion after President-elect Donald Trump's unexpected victory.

Luckily for Soros, the losses barely make a dent in his net worth, and since he's remarried for the second time and stopped allegedly promising apartments to his "on-again, off-again non-exclusive" girlfriend (according to a $50 million suit that was later dismissed), he can afford an error in judgment here and there. Mr. Soros adjusted his positions and exited many of his bearish bets late a year ago, avoiding further losses, the people added.

Soros has spent several of the past years on public policy and philanthropy, but he returned to trading last year at Soros Fund Management, LLC when he saw economic troubles ahead for China and parts of the European Union, and desired to capitalize on the chaos. The market analytics had predicted a tumble for stocks in the wake of the election, but instead the Dow Jones Industrial Average has climbed 9.3%.

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Mr. Druckenmiller, who left Mr. Soross firm in 2000 and now invests his own money, took a very different stance on the presidential election.

The hedge-fund manager's former deputy, Stanley Druckenmiller, however, foresaw the rally and gained a sizable profit, the Journal reported, citing people close to the matter.

The unexpected victory of Donald Trump became an extremely influential factor for the stock market and its players. But, with the markets as seemingly unstable as they were in the run-up to the election, he couldn't resist. What moves the stock market?

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