George Soros is not only a billionaire hedge-fund manager, but a major financier of far-left causes throughout the country. Much of the Democrat Party’s and ultra-liberal activism is funded through Soros’ various organizations, and he spent close to $20 million failing to defeat Donald J. Trump in the presidential election.
Well, now that Donald J. Trump will officially be our next president, we have just learned that the lefty billionaire lost close to $1 billion in the weeks after the election!
George Soros lost nearly $1 billion betting against a stock market rally after Trump’s win. https://t.co/YNep1Ve9kC
— Noah Rothman (@NoahCRothman) January 12, 2017
Less than one week after Trump’s historic victory over Hillary Clinton, Soros made it clear that he would not sit on the sidelines, and pledged to do everything in his power to obstruct the incoming president.
From The Wall Street Journal:
Last year, Mr. Soros returned to trading at Soros Fund Management LLC, which manages about $30 billion for Mr. Soros and his family. Mr. Soros was lured back by the opportunities to profit from what he saw as coming economic troubles.
Mr. Soros was cautious about the market going into November and became more bearish immediately after Mr. Trump’s election, according to people close to the matter. The stance proved a mistake—the stock market has rallied on expectations that Mr. Trump’s policies will boost corporate earnings and the overall economy.
As a result, some of Mr. Soros’s trading positions incurred losses approaching $1 billion, the people say. Mr. Soros adjusted his positions and exited many of his bearish bets late last year, avoiding further losses, the people added.
Soros, who despite his far-left politics has been a successful businessman, failed to put his radical views aside, and as a result lost close to $1 billion. The socialist naively assumed that the markets would react negatively to Trump’s win, but so far he has been proven wrong, as the markets have seen record gains since last November.
Interestingly, one of Soros’s closest advisers, Stanley Druckenmiller, according to the Wall Street Journal, predicted the stock market would surge after Trump’s victory and racked up large gains. Which begs the question: Why does Soros oppose Trump?
Do you think Soros deserved to lose close to $1 billion following Trump’s loss because he put his liberal politics ahead of smart business practices? Share your thoughts below!