George Soros lost $1 billion in weeks following Trump’s shock win in November
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.
But Stanley Druckenmiller, Soros’s former deputy who helped Soros score $1 billion of profits betting against the British pound in 1992, anticipated the market’s recent climb and racked up sizable gains, according to people close to the matter.
The divergent bets of the two traders are a stark reminder of the challenges even acclaimed investors have faced following Trump’s unexpected victory. Many experts had predicted a tumble for stocks in the wake of the election, but instead the Dow Jones Industrial Average DJIA, -0.43% has climbed 9.3%.
Last year, Soros returned to trading at Soros Fund Management LLC, which manages about $30 billion for Soros and his family.