George Soros, the billionaire investor and funder of left-liberal causes the world over, apparently lost about $1 billion in the weeks after Donald Trump’s presidential win.
According to a Wall Street Journal report on Thursday, Soros lost the sum due to a stock-market rally that was triggered by Trump’s election. The report said that Stanley Druckenmiller, a former deputy of Soros who helped him—in a now-infamous move—bet against the British pound in 1992, “racked up sizable gains” after anticipating the market’s climb.
Sources close to Soros said he was cautious about the market around Election Day and became bearish after Trump’s victory.
Treasury yields and stocks jumped following his win amid prospects on looser regulations on some sectors, lower tax rates, and some fiscal stimulus.
Soros was a supporter—and funder—of Hillary Clinton, Trump’s former rival.
His hedge fund, Soros Fund Management, manages approximately $30 billion for Soros and his family.
This week, Bloomberg News reported that Hungarian Prime Minister Viktor Orban’s Fidesz party pledged to “sweep away” charities funded by Soros, who was born in Hungary in 1930. However, Bloomberg said Thursday that the party went back on the pledge, but is still planning “to tighten rules on non-governmental organizations” that would likely affect Soros’s organizations.
The party had accused Soros’s charities and organizations of “serving global capitalists” as well as backing “political correctness over national governments.”
“The American citizen Gyorgy Soros has decided that he will be Viktor Orban’s opponent and opposition in Hungarian politics,” Janos Lazar, a spokesman for Orban, said. “I think people have the right to know which organization he’s doing this through.”