George Soros lost $1 billion after election

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.