George Soros placed a multimillion euro bet that Deutsche Bank’s shares would plummet in the wake of the UK’s decision to leave the EU, as hedge funds looked for ways to profit from the market turmoil following the vote.
The veteran investor, who famously made $1 billion betting against the pound in 1992, took a short position of 0.51 percent in Deutsche’s stock on Friday — the day after the vote — via his investment vehicle, Soros Fund Management LLC, according to a regulatory filing. The bet equates to about 7m shares.
Since Friday, Deutsche shares have dropped significantly. At one point on Monday, they were down more than 13 percent compared with Friday's high point. By early afternoon on Tuesday, they were down by 7.9 percent from that level .... http://www.cnbc.com
