Billionaire hedge fund manager and major Hillary Clinton backer George Soros lost nearly a billion dollars in stock since President-elect Donald Trump won the White House.
Soros returned to the stock market, trading at Soros Fund Management LLC, which manages almost $30 billion in assets for Soros and his family. Soros allegedly began trading again because he saw an opportunity to profit from what he predicted to be tumultuous economic times ahead. The billionaire scored huge profits in 1992 betting against the British pound.
The business mogul spent the last few years largely removed from his fund’s trading operations, spending his time mainly focusing on public policy, charity, and politics. Soros was the largest donor to the Super PAC backing former Secretary of State Hillary Clinton for President last year, and he also donated large sums to other Democratic groups.
While he was cautious going into the November election, Soros became increasingly bearish once Trump won, an investment term used to describe someone who believes their stock holdings will fall, the Wall Street Journal reports. Soros’s analysis of current trends proved to be a woefully inaccurate; the stock market had a historic rally in the month following Trump’s election. Soros Fund Management, LLC sustained nearly $1 billion in losses over the past six weeks. (RELATED: Here Is How The Market Looks One Month After A Trump Win)
Although some of Soros’s holdings have taken quite a hit, his situations in the financial and industrial sectors are performing well, and his hedge fund ended up five percent at the end of the year.