Billionaire financier and liberal philanthropist George Soros lost almost $1 billion after the 2016 election, according to a report released Thursday. Soros had anticipated a bear market after Republican Donald Trump won the presidential election. Instead, markets rallied and Soros’ bet against the U.S. economy cost him.
“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,” according to the Wall Street Journal report. After the rally, Soros dropped many of his losing positions but not before incurring substantial losses.
The billionaire likely will be able to absorb the hit. His namesake firm, Soros Management Fund LLC, has a reported $30 billion in assets.
Soros, an 86-year-old native of Hungary, is a prominent supporter of liberal causes and groups. He was instrumental in founding such groups as the Center for American Progress and Media Matters for America. He poured $19 million into the 2016 election on behalf of Democrats, including presidential nominee Hillary Clinton, according to the Center for Responsive Politics.
Soros was convicted by a French court of insider trading in 2002.
