Going “long” British pound before the Brexit vote could have cost Billionaire George Soros hundreds of millions of pounds, if not more, says Contra Magazin.
Soros’s spokesperson did not say how much money the hedge fund owner lost when he went bet on the UK voting to remain in the EU. However, Soros, the man who broke the Bank of England, is known for making vast bets. Vast bets, however, mean vast losses when those bets go wrong. In fact, Soros could have lost billions in betting on a Remain vote and on a strong pound.
Also, Soros failed to disclose he had a bet on the UK remaining in the EU when he wrote a scaremongering opinion piece for The Guardian predicting a huge drop in living standards if Brits voted for a Brexit.
The devaluation in the pound following the UK vote to leave the EU will make British products more competitive and boost exports and jobs. But, it turns out, that same pound devaluation has now cost Soros a great deal of money.