Skip to Content

Betting against Trump cost Soros a cool billion

Betting against Donald Trump has cost billionaire hedge-fund manager George Soros almost $1 billion.

Published: January 13, 2017, 7:04 am

    Read more

    The stock-market rallied after Trump’s presidential election, contrary to what Soros had predicted. He had been all doom and gloom and his lack of realism has now cost him dearly.

    The losses are a stark reminder of how hubris can punish the overly confident. Trump’s possible victory had many “experts” predicting a tumble for stocks in the wake of the election, but instead the Dow Jones Industrial Average has climbed 9.3 percent.

    Last year, Soros returned to trading at Soros Fund Management LLC, which manages about $30 billion for Soros and his family.

    Billionaire hedge-fund manager George Soros lost nearly $1 billion as a result of the stock-market rally spurred by Donald Trump’s surprise presidential election.

    Soros was cautious about the market at the start of November and became more bearish immediately after Trump’s election, hoping that his influence would carry enough weight to force the market down, but Trump’s policies to boost corporate earnings and the overall economy proved too strong for the Soros message.

    As a result, some of his trading positions incurred losses approaching $1 billion, according to The Wall Street Journal. Soros has had to cut his losses.

    The firm is currently interviewing candidates for a vacant chief investment officer position. In recent years, the billionaire has focused on public policy and philanthropy. He was a large contributor to the super PAC backing Democratic presidential nominee Hillary Clinton and has donated to other groups supporting Democrats.

    While stock futures fell sharply on the evening of Trump’s victory, the market has since surged.

    Soros, who is believed to have amassed a personal wealth of around $24.9billion, partially blamed too little communism for Trump’s rise in an interview with France24. “The lack of redistributive policies is the main source of the dissatisfaction that democracy’s opponents have exploited,” he said.

    Once a self-proclaimed “avid supporter” of the European Union, Soros has now turned his back on the bloc saying that after the financial crash of 2008 what was once seen as a relationship of equals as been turned into one of “creditors and debtors” which is “neither voluntary nor equal”.

    Germany was the main cause of the crash, according to Soros, for only serving its “narrow self-interest” to the detriment of those who rely on it.

    Despite his stinging losses, Soros says he still has no faith in US President-elect Donald Trump, who he refers to as a “con artist and would-be dictator”.

    karin@praag.org

    Keep ​your language polite​. Readers from many different countries visit and contribute to Free West Media and we must therefore obey the rules in​,​ for example​, ​Germany. Illegal content will be deleted.

    If you have been approved to post comments without preview from FWM, you are responsible for violation​s​ of​ any​ law. This means that FWM may be forced to cooperate with authorities in a possible crime investigation.

    If your comments are subject to preview ​by FWM, please be patient. We continually review comments but depending on the time of day it can take up to several hours before your comment is reviewed.

    We reserve the right to del​ete​ comments that are offensive, contain slander or foul language, or are irrelevant to the discussion.

    Americas

    Mearsheimer: The collapse of the liberal world order

    The days of liberal hegemony may be numbered. John J. Mearsheimer, one of the most important and influential scholars of international relations in the world and distinguished professor of Political Science at the University of Chicago, and one of the most famous exponents of the school of contemporary political realism, which has roots and tradition in Machiavelli and Hobbes, thinks so.

    World’s largest lithium mine will impact on geopolitics

    In Mexico, in the Sonora region, there is the largest lithium mine ever discovered so far in the world. Its probable reserves are estimated at 243,8 million tons and lithium carbonate, the mineral from which it is extracted the metal amounts to 4,5 million tons.

    Cyborg Soldiers 2050: The future of the Pentagon

    According to what has been formalized by the US Army's Combat Capabilities Development Command, the US military will be able to see the first enlistments made up of personnel which are half human and half machine, integrated into their military apparatus within ten years.

    US: Second Amendment Sanctuaries are exploding

    In the rural areas of Virginia, in the United States, citizens are clinging to guns and religion: They have voted overwhelmingly to declare their localities Second Amendment Sanctuaries.

    Culture wars: Pro-Israel supporters versus Groypers

    While the political mainstream in the United States has turned its attention to the impeachment of Donald Trump, something else has been happening from a conservative perspective: an ideological civil war has broken out in the right-wing camp.

    Greta Thunberg mural uses thousands of litres of noxious aerosol paint

    San FranciscoControversy has been following climate activist Greta Thunberg to San Francisco too. The American city is struggling with environmental issues, not the least of which is a human feces crisis on the streets currently plaguing inhabitants and terrible air quality.

    CNN not a source of news but a shameless propaganda outlet

    According to a conservative activist group, CNN has no interest in reporting news. The network is focused solely on anti-conservative propaganda.

    Ukraine-gate: Complaint form revised just days ahead of impeachment proceedings

    WashingtonThere is a strange coincidence regarding the recent whistleblower complaint filed by a CIA officer against President Trump and a revised complaint form.

    Appeal of 500 scientists: ‘There is no climate emergency’

    New YorkMore than 500 scientists have contradicted the thesis of man-made climate change in a letter to UN Secretary-General António Guterres.

    Greta Thunberg lectures global leaders on approaching doomsday

    New YorkIn a long monologue, the young Swede violently attacked world leaders for their inaction against climate change. She also announced a lawsuit against five countries.

    Go to archive