George Soros bet wrong AGAIN! First, he put his money, and lots of it, behind Hitlery Clinton’s run for president. She got killed!
Then, he bet big on the market tanking should Trump win the election. Again, he lost his ass, a billion dollars, according to The Wall Street Journal via Business Insider.
Hedge fund legend George Soros lost a lot of money after the election of Donald Trump, according to a new report from The Wall Street Journal.
The Journal’s Gregory Zuckerman and Juliet Chung cited people familiar with Soros’ trading who said the billionaire became bearish after Trump’s the victory, and those bets seem to have come back to bite him.
However, Soros’ larger fund, Soros Fund Management, gained 5% over the year, according to the Journal.
Soros supported Trump’s opponent, Hillary Clinton, and contributed millions to super PACsbacking her campaign, so it may come as no surprise that he was skeptical of the market after Trump’s upset victory.
Additionally, most Wall Street analysts believed that a Trump win would sow uncertainty and cause a sell-off.
The Dow Jones industrial average is up nearly 10% since Election Day, and all three major US stock indexes have set all-time highs after Trump’s win.