A Major Change at the Helm of Soros' Empire
Billionaire financier and philanthropist George Soros is ceding control of his expansive empire to his son Alexander, confirmed a spokesperson from Soros' camp on Sunday. This decision was confirmed through an interview published in The Wall Street Journal.
Open Society Foundations to Witness New Leadership
George Soros, a 92-year-old hedge fund manager turned philanthropist, had earlier voiced his reluctance about any of his five children taking over the reins of his Open Society Foundations (OSF). However, in a notable turn of events, he handed over the foundation and his entire $25 billion empire to his 37-year-old son Alex. On this occasion, the senior Soros remarked, "He's earned it."
The Young Soros' Political Outlook and Future Plans
In the same interview, Alex admitted to being "more political" than his father, asserting his intentions of continuing the family tradition of donating to left-leaning U.S. political candidates. He conveyed his plans to expand the foundation's focus areas to encompass voting rights, abortion rights, and gender equity. Alex stated, "As much as I would love to get money out of politics, as long as the other side is doing it, we will have to do it too."
Alex Soros' New Role in OSF and Political Activities
Alex was elected chairman of the OSF board in December, which has brought him to the forefront of the foundation's political activity. In addition to being chairman, he also presides over Soros' political action committee. The foundation is known for its commendable contributions of about $1.5 billion each year to groups worldwide, working for human rights and democracy building, as The Wall Street Journal reported.
