Billionaire Democratic donor George Soros lost about $1 billion in the market following President-elect Donald Trump
Donald TrumpFormer CIA official and Clinton backer: 'Smoke but no fire' in Trump's Russia ties Appeals court won't rehear case on Trump's original travel ban Warren applauds travel ban ruling: 'Muslim ban is now 0 for 2 vs the Constitution' MORE’s White House win, The Wall Street Journal reported Thursday.
Soros expected the market to drop sharply after Election Day, the report said.
The stock market instead rallied on expectations that Trump’s policies will boost both corporate earnings and the overall economy. The Dow Jones Industrial Average is up 9.3 percent since Trump’s victory.
Soros avoided further losses by adjusting his positions late in 2016, the report added.
Hillary Rodham ClintonFormer CIA official and Clinton backer: 'Smoke but no fire' in Trump's Russia ties Plea deal reached in DC pizza shop incident Chris Evans: 'I feel fury' about Trump win MORE, has long supported liberal causes.He called Trump’s incoming administration a threat to democracy in December.
“Democracy is now in crisis. Even the U.S., the world’s leading democracy, elected a con artist and would be dictator as its president,” he wrote in a Project Syndicate op-ed.
“Although Trump has toned down his rhetoric since he was elected, he has changed neither his behavior nor his advisers. His Cabinet comprises incompetent extremists and retired generals."
