George Soros Gives Control of His $25 Billion Foundation to His Son

George Soros, who has run one of the most prominent and politically active financial empires for decades, will hand over the reins of the $25 billion Open Society foundation to his son Alex, a grant-making network has announced. acknowledged on Monday.

The move is another example of succession planning by old Wall Street guards. But what makes this replacement particularly noteworthy is the involvement of the elder Soros, who has long been a right-wing boogeyman, as he has not shy away from liberal causes and has endorsed as much as $1.5 billion a year. Because there is

Alex Soros, the second youngest of George’s five children, was elected president of the foundation in December. He also serves as chairman of the Soros Super PAC and is the sole family member of the investment committee of Soros Fund Management, a private investment management firm.

That puts him in charge of a philanthropic empire funded by the billions of dollars George Soros made in finance. Over 50 years, George Soros has cemented his reputation as one of the most successful investors in modern history, especially when he made over $1 billion betting on the British pound in 1992.

George Soros already given $32 billion has donated to the Open Society Foundation and said his fortune will be donated to his family’s charities. This includes a broader cause that the Foundation describes as fighting injustice and inequality that goes back to George Soros’ roots as a Holocaust survivor.

Like his father, Alex Soros is politically left-leaning: ‘We think alike,’ says George Soros told the Wall Street Journal, who broke the news earlier, and is a huge supporter of the Democratic cause.Earlier this month he posted a picture of himself with Vice President Kamala Harris I wrote this on Twitter CNN opinion piece Defending President Biden’s efforts to combat anti-Semitism.

The rise of Alex Soros was considered unlikely by some. His soft-spoken 37-year-old was more famous for parties than finance in his youth. Many thought his half-brother Jonathan, a lawyer and former Soros employee, was the more natural successor until he fell out with his father more than a decade ago.

However, as the years passed, Alex Soros became more involved in his father’s philanthropic work.

He has taken over a high-profile role that could make him a prominent political target. Over the years, George Soros has drawn criticism, including anti-Semitism, for his political and philanthropic activities. The Open Society Foundation has closed its offices in George Soros’ native Hungary after facing pressure from Prime Minister Viktor Orban.

And just recently, George Soros was targeted by Elon Musk, calling him out on Twitter. X-Men’s villain Magneto. “He wants to erode the very fabric of civilization,” wrote the billionaire tech executive. “Soros hates humanity.”

“I’m the go-to guy when they want to blame someone,” George Soros told the Journal.

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