The Wall Street Journal reported on Tuesday that hedge-fund manager and billionaire George Soros lost nearly $1 billion following the stock market surge which came as a result of Donald Trump’s victory in the Presidential elections last November.
The report cites people close to the matter who say that Stanley Druckenmiller, Soros’s former deputy, expected the rally and gained a sizable profit.
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The Journal sources add that Soros, a supporter of Hillary Clinton, was wary about the market and became bearish due to Trump’s win. However, Stocks and Treasury yields jumped amid the prospect of looser regulations in certain sectors, lower tax rates, and fiscal stimulus.
Soros Fund Management manages about $30 billion.