Soros lost nearly $1 billion after Trump election

George Soros lost nearly $1 billion as a result of the stock-market rally spurred by Donald Trump’s surprise presidential election, Bloomberg reports citing the Wall Street Journal.

Soros became more bearish immediately after Trump’s election. But the stock market has rallied on expectations that Trump’s policies will boost corporate earnings and the overall economy. The S&P 500 Index has risen 5.6 percent since Trump’s election through yesterday.

As a result, some of Soros’s trading positions incurred losses approaching $1 billion, the Journal said.