George Soros may have just done it again.
Rumors are circulating that the billionaire investor made $19 million in just 36 hours by betting that the Australian Federal Reserve would cut interest rates, the Sydney Morning Herald reports. On Monday a trader in Hong Kong believed to be from Soros’ investment firm placed a $1 billion bet on the Australian dollar dropping in value as a result of the rate cut -- a prediction that ultimately came true a day and a half later.
What’s more is that it appears the mystery trader made the bet three times, raking in a total of nearly $60 million.
Though he may be better known now for his progressive activism, the 82-year-old Soros first garnered fame for shorting the British pound in a $10 billion bet that “broke the Bank of England.” Soros reaped $1 billion from that 1992 gamble and forced the Bank of England to desperately buy 1 billion pounds and raise interest rates by 2 percent as more speculators followed Soros and bet against the pound.
If this rumor turns out to be true, writes CNBC, the move won't have near the same impact as the bet against Britain: "$1 billion is not enough to move the market instantaneously, it is more likely to have a psychological influence," an analyst tells CNBC.
Soros, whose obituary was accidentally published by Reuters last month, has had major success more recently as well. He made about $1 billion in three months earlier this year thanks to bets by his chief investment officer against the Japanese yen, the Wall Street Journal reports. The yen has declined 18 percent against the dollar this year, according to Bloomberg.