George Soros isn’t a happy camper these days.
The Hungarian-born billionaire dumped millions upon millions of dollars into Hillary Clinton’s presidential campaign, which turned out to be one of the worst investments he’s ever made, but his losses didn’t end there. The left-wing financier predicted that with a Trump win the markets would take a tumble, so he took a bearish position after the election, and boy did that turn out to be a mistake.
According to the Wall Street Journal’s Gregory Zuckerman, Soros’ gamble cost him…big time.
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, Mr. Soros’s former deputy who helped Mr. 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 Mr. Trump’s unexpected victory.
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. The stance proved a mistake—the stock market has rallied on expectations that Mr. Trump’s policies will boost corporate earnings and the overall economy.
Poor George. Ever since Trump came into his life, he’s been losing left and right.
First it was with his paid agitators being exposed, then it was deep ties within the corrupt media, neither of which sat well with the American people. Then after a summer of losing, he lost again when his favorite horse in the race went lame just before the finish line and lost in what was the biggest political upset in modern history.
As if that wasn’t all bad enough, then he loses a billion dollars in a month right after losing the most important election of his lifetime. Oh, and to top it all off? Druckenmiller saw capital gains that were double Soros’ for 2016 because he saw Trump’s victory, and the bullish market that followed, coming long before they got here.
So yeah, that’s a lot of losing for old George. Oh, one last lost for the billionaire, which is just as big of a loss as the rest – Hungary is working to kick out all of his non-government organizations in the wake of Trump’s victory.
From Breitbart News:
A Hungarian MP has announced a proposal to “sweep away” non-governmental organisations linked to Hungarian-born left wing financier billionaire George Soros and his Open Society Foundations.
The move was announced Tuesday by Szilárd Németh, Vice President of Hungarian Prime Minister Viktor Orbán’s ruling Fidesz party, who said the activities of Soros-affiliated groups were linked to the promotion of mass migration. Németh stated he will introduce legislation to effectively ban their activities in Hungary, the Budapest Business Journal reports.
“Fake civil organizations of the Soros empire are paid in order to encourage the spread of political correctness and global capital overcoming national governments,” Németh said. He added, “Every means must be employed to hold back such organizations, and I believe they should be cleaned out of here. And to this end, I feel, the international opportunity has arrived with the election of the new U.S. president.”
Karma’s a bitch, George. Enjoy it.