While stock markets soared to new highs following Donald Trump’s election, billionaire investors George Soros lost close to a billion dollars as a result of that rally.
That’s according to people familiar with the matter interviewed by The Wall Street Journal.
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.
Soros had supported then-Democratic presidential candidate Hillary Clinton during the campaign.
In contrast, hedge funds run by Trump advisors earned a windfall on their stock portfolios. Billionaire Carl Icahn made upwards of $700 million on November 9, while John Paulson reaped over $463 million on the same day.