George Soros Bags $1 Billion Betting Against Yen
Since November, George Soros, 82, has reportedly bagged nearly $1 billion betting against the Japanese yen. From November to February, the yen lost 20% against the dollar. Soros Fund Management holds an estimated 10% Japanese shares.
Other large hedge funds like Greenlight Capital, Third Point, and Hayman Capital turned big profits riding down the yen, reports the Wall Street Journal.
Soros’s skill as a currency speculator is legendary. In 1992, the billionaire backer of left-wing causes placed a $10 billion bet against the value of the British pound that earned him $1 billion and the nickname "the man who broke the Bank of England."
From 2000 to 2009, Soros donated $550 million to liberal causes. During the 2012 election cycle, Soros donated $1 million to Obama super PAC Priorities USA Action, $2 million to two Democratic groups, and $500,000 to super PACs backing congressional Democrats.
With an estimated net worth of $19 billion, George Soros ranks #22 on the Forbes list of the world’s billionaires.