Billionaire investor George Soros lost nearly $1 billion after the stock market rallied following Donald Trump’s surprise Election Day victory, The Wall Street Journal reported Thursday.
Sources familiar with the hedge fund manager’s trading said he remained cautious going into the November election and then made the mistake of becoming more bearish immediately after Mr. Trump’s win.
The stock market rallied on expectations that Mr. Trump’s policies would boost the economy, causing Mr. Soros’ trading positions to incur losses approaching $1 billion, sources told The Journal.
“Mr. Soros adjusted his positions and exited many of his bearish bets late last year, avoiding further losses,” The Journal reported.
Meanwhile, Stanley Druckenmiller, Mr. Soros’ former deputy, anticipated the rally and exited bearish positions on the night of the election, gaining a sizable profit, sources told The Journal.
Mr. Soros’s hedge fund, Soros Fund Management, manages about $30 billion for him and his family. The fund still gained 5 percent over the year, despite the loss tied to the election, according to The Journal.
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Mr. Soros donated millions to the leading super PAC backing Hillary Clinton’s failed Democratic presidential campaign.