The Succession Plan: Soros Sr. Passes the Baton to Alexander Soros
In an exclusive interview published by the Wall Street Journal, billionaire financier George Soros announced that he has passed on the reins of his vast empire to his son, Alexander Soros. Known for his extraordinary journey from a hedge fund manager to a dedicated philanthropist and influential backer of liberal causes, 92-year-old Soros stated that his son Alex, 37, is now ready to take charge.
Breaking Traditions: From Five Potential Heirs to a Single Successor
Originally, Soros was adamant about not allowing his Open Society Foundations (OSF) to fall into the hands of any of his five children. However, he has revised his position and decided to entrust the foundation and the entirety of his $25 billion empire to his son Alex, stating simply, "He's earned it."
A Political Shift: Alex Soros' Forward-Looking Approach
Speaking with the Wall Street Journal, Alex Soros stated his political inclinations are stronger than his father's, and he is set to carry on the family tradition of funding left-leaning U.S. political candidates. He says, "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."
The New Chairman: Alex Soros at the Helm of OSF
In December, the OSF board elected Alex as its chairman. He is now responsible for the political direction of Soros' political action committee. Under his supervision, the foundation will continue to channel around $1.5 billion annually to various organizations. These organizations play crucial roles in advocating human rights globally and aiding in the development of democracies, as reported by the Wall Street Journal.