George Soros Lost Nearly $1 Bln. After Trump Win: Report
WASHINGTON (dpa-AFX) - Billionaire hedge-fund manager George Soros has reportedly lost about $1 billion following Donald Trump's unexpected victory in US Presidential elections.
According to a WSJ report, the stock-market rally fueled by Trump's Nov 8 election victory led to Soros losing nearly $1 billion, while his former deputy Stanley Druckenmiller gained a "sizable profit."
The Journal report citing unnamed people close to the matter said that Soros was cautious about the market going into the election and became bearish after Trump won.
Stocks and Treasury yields have risen after Trump's victory, largely due to the belief that Trump's rule will loosen regulations in certain sectors and lower tax rates.
Soros' hedge fund, Soros Fund Management, manages about $30 billion for Soros and his family. Soros was a supporter of Hillary Clinton's campaign.
Copyright RTT News/dpa-AFX
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