Billionaire ultra-lefty and election-meddler George Soros is no stranger to our pages.We’ve chronicled his funding of Black Lives Matter, his paid meddling in foreign elections (move over Vlad, you’ve got NOTHING on George), and of course his flagship ACORN-like organization, moveon.org.
Well, there’s nothing like a little karma to brighten our day.The Wall Street Journal reports, 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.
Last year, Mr. Soros returned to trading at Soros Fund Management LLC, which manages about $30 billion for Mr. Soros and his family. Mr. Soros was lured back by the opportunities to profit from what he saw as coming economic troubles.
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.
As a result, some of Mr. Soros’s trading positions incurred losses approaching $1 billion, the people say. Mr. Soros adjusted his positions and exited many of his bearish bets late last year, avoiding further losses, the people added.Oh boo-hoo-hoo!
In recent years, the 86-year-old billionaire has focused on public policy and philanthropy. He was a large contributor to the super PAC backing Democratic presidential nominee Hillary Clinton and has donated to other groups supporting Democrats.
Love the way the Wall Street Journal calls funding for Black Lives Matters thuggery, “philanthropy.”Can’t help but enjoy a little schadenfreude today.
[Note: This article was written by Michele Hickford]