George Soros, the billionaire investor and man that "broke" the Bank of England failed to short the British pound leading into last week's momentous vote by Britain to leave the European Union. (See also: Britain Votes to Leave the European Union.)
"George Soros did not speculate against sterling while he was arguing for Britain to remain in the European Union," a spokesman for Soros said on Monday. "In fact, he was long the British Pound leading up to the vote."
Soros had repeatedly warned of the consequences for the U.K. economy and the plight of the British pound leading into the June 23 referendum should a "Leave" vote prevail. "It is reasonable to assume, given the expectations implied by the market pricing at present, that after a Brexit vote the pound would fall by at least 15% and possibly more than 20%," Soros said three days prior to the vote.
Soros Still Made Money From Brexit
Despite not being short the British pound, Soros did profit from the Brexit vote. "However, because of his generally bearish outlook on world markets, Mr. Soros did profit from other investments," the spokesman said. These investments are believed to be positions of shorting stock markets and owning gold.
After falling to a 30-year low on Friday, the British pound continued to tumble Monday. It is down over 3.5% to start the week, trading below 1.3200.