Hedge fund legend George Soros lost a lot of money after the election of Donald Trump, according to a new report from The Wall Street Journal.
The Journal’s Gregory Zuckerman and Juliet Chung cited people familiar with Soros’ trading who said the billionaire became bearish after Trump’s the victory, and those bets seem to have come back to bite him.
However, Soros’ larger fund, Soros Fund Management, gained 5% over the year, according to the Journal.
Soros supported Trump’s opponent, Hillary Clinton, and contributed millions to super PACs backing her campaign, so it may come as no surprise that he was skeptical of the market after Trump’s upset victory.
Additionally, most Wall Street analysts believed that a Trump win would sow uncertainty and cause a sell-off.
The Dow Jones industrial average is up nearly 10% since Election Day, and all three major US stock indexes have set all-time highs after Trump’s win.
Stanley Druckenmiller, a Soros protégé who worked at his firm until 2000, was much more prescient. Druckenmiller bet that the market would rally on a Trump victory, and that bet appears to have paid off – his firm gained 10% in 2016, according to The Journal.
Druckenmiller, who donated mostly to Republican legislative candidates, joins Carl Icahn as another notable hedge fund manager to make winning bets on the Trump rally. Icahn said he bought $1 billion worth of stock futures on election night, as the market tanked, which made significant gains after its recovery.