20:35 GMT +326 April 2017
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    Business magnate George Soros arrives to speak at the Open Russia Club in London, Britain June 20, 2016.

    George Soros Bought a Huge Stake in Goldman Sachs After Trump’s Election

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    George Soros’ hedge fund Soros Fund Management made big changes to its portfolio in the fourth quarter of 2016, including a $14.9 million stake into Goldman Sachs.

    Soros Fund Management, as the name suggests, manages the personal fortune of controversial billionaire George Soros. Their 13-F form detailing their purchases and sales in Q4 2016 was recently released.

    Goldman Sachs and other financial companies enjoyed large amounts of investment after Donald Trump's victory in the presidential election. Trump's promises of deregulation and tax cuts made the financial sector a safe bet for investors.

    Soros, who has spent hundreds of millions of his own money for liberal causes and is a vocal critic of President Trump, saw his stock portfolio briefly devalued by $1 billion after the election.

    In addition to Goldman Sachs, Soros bought tens of millions of shares in companies such as Facebook, Time Warner, T Mobile, and Kohls. Soros also totally eliminated his stake in Barrick Gold as the gold market contracted in late 2016. Other companies that he sold major shares from include Intel, Wisdomtree, and Procter & Gamble.

    Soros's largest stock remains in Liberty Broadband, making up 14% of their portfolio. However, that was reduced by 6% since Q3 2016.

    Steven Mnuchin, former Executive Vice President of Goldman Sachs, was confirmed to the Senate as President Trump's Treasury Secretary on Tuesday. Mnuchin also was a member of an investment group alongside Soros in the mid-2000's.

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    Tags:
    hedge funds, investment, Soros Fund Management, Goldman Sachs, Steven Mnuchin, Donald Trump, George Soros
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