George Soros Hands Over $25 Billion Open Society Foundations to Son, Alex Soros

George Soros, the renowned investor and liberal philanthropist, has passed on the reins of his multibillion-dollar foundation, the Open Society Foundations (OSF), to his son, Alex Soros. The leadership transition, which took place quietly in December, places Alex Soros at the helm of one of the world's wealthiest philanthropic organizations.

Alex Soros, aged 37, expressed his commitment to defending voting rights and personal freedoms domestically, while also supporting the cause of democracy internationally. In an interview with the Financial Times, he was quoted as stating, "We are going to double down on defending voting rights and personal freedom at home and supporting the cause of democracy abroad."

The appointment of Alex Soros as OSF's chair signifies his growing prominence, particularly as US political parties gear up for the 2024 presidential election. It is worth noting that George Soros has been a prominent donor to Democratic candidates in American politics.

Speaking with the Wall Street Journal, Alex Soros acknowledged being "more political" than his father. He emphasized the necessity of engaging in political spending to counterbalance the influence of opposing forces, stating, "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."

While the Soros family's priorities in US politics are expected to remain unchanged, Alex's new role as the foundation's leader could make him a target for right-wing groups and leaders who have previously attacked his father.

Alex Soros has already shown his commitment to various causes. In a CNN opinion piece, he praised the Biden administration's efforts to combat antisemitism and condemned the Hungarian Prime Minister Viktor Orbán and entrepreneur Elon Musk for their attacks on his father. He also criticized former President Donald Trump for employing "dog-whistle language" in a campaign ad featuring George Soros.

George Soros, now 92 years old, amassed his fortune as a prominent hedge fund investor, famously making a profitable bet against the value of the British pound in 1992. Additionally, he has been involved in various business ventures throughout his career.

Alex Soros, the son of George Soros and Susan Weber, holds a history degree from New York University and a PhD from the University of California, Berkeley. Beyond his high-profile connections, he has focused on his own philanthropic endeavors, including progressive Jewish organizations, environmental causes, and support for domestic workers in the United States.

Since 2017, Alex has served as his father's deputy as the chair of the OSF. He also sits on the investment committee for Soros Fund Management, the foundation overseeing the vast majority of the OSF's $25 billion assets under management.

The OSF, which received an $18 billion contribution from George Soros in 2018, is expected to benefit from the majority of his remaining fortune, estimated to be nearly $7 billion. The foundation allocates its substantial resources to support various causes, including backing activists documenting war crimes during the conflict in Ukraine.

George Soros's business ventures have encompassed a range of industries and investment strategies, with his successful hedge fund activities propelling him to the forefront of global finance.

When asked about his views, George Soros was quoted as saying, "With my background, there are a lot of ways I could have gone astray. Instead, I became a workaholic, and my life is my work."

As Alex Soros takes the helm of the Open Society Foundations, the philanthropic landscape and political sphere will be closely watching the impact of this generational shift in leadership.

Source: Financial Times