Soros: $1 billion loss due to Trump’s victory

Hedge fund legend George Soros lost a lot of money after the election of Donald Trump, according to a new report from The Wall Street Journal.
Sources familiar with the hedge fund manager’s trading said he remained cautious going into the November election and then made the mistake of becoming more bearish immediately after Mr. Trump’s win.

The stock market rallied on expectations that Mr. Trump’s policies would boost the economy, causing Mr. Soros’ trading positions to incur losses approaching $1 billion, sources told The Journal.

“Mr. Soros adjusted his positions and exited many of his bearish bets late last year, avoiding further losses,” The Journal reported. However, Soros' larger fund, Soros Fund Management, gained 5% over the year, according to the Journal.

Stocks and Treasury yields jumped in the wake of Trump's victory, amid the prospects of looser regulations in certain sectors, lower tax rates, and fiscal stimulus.
Soros' hedge fund, Soros Fund Management, manages about $30 billion for Soros and his family. Soros was a supporter of Hillary Clinton's campaign.