Alex Soros, the son of United States’ philanthropist and billionaire George Soros, has taken over the leadership of his father’s $25 billion financial and charitable empire. George Soros, a billionaire investor, and liberal philanthropist, has given his multibillion-dollar foundation Open Society Foundations (OSF) to his son, who will now manage his father’s charitable organization.
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George Soros, 92, stated that he did not want any of his five children to take over the organization. But talking of why he chose to turn over the foundation and the rest of his $25 billion empire to his 37-year-old son, who goes by Alex, the elder Soros said: “He’s earned it.”
What is OSF?
The OSF is a philanthropic organization that allocates approximately $1.5 billion annually to support human rights, democracy-building, criminal justice reform, and other causes. The foundation, founded by George Soros in 1984 to assist countries in their transition from communism, operates globally and supports liberal legislators and initiatives in over 120 countries. Their initiatives are centred on moulding public policy, promoting fairness in political and legal systems, protecting fundamental rights, and addressing issues such as corruption and freedom of information. With a strong commitment to marginalized communities, OSF also implements initiatives at the local level in areas such as justice, education, public health, and independent media.
Since the 1990s, the family’s fortune has been utilized to support the spread of democracy in dozens of nations. In contrast, the 92-year-old former hedge fund manager has become the target of anti-Semitic conspiracies in recent years.
Who is George Soros?
George Soros, a financier of Hungarian descent, has been a prominent figure in the world of investments and a significant contributor to liberal causes. Following his moving to the United States, he won a fortune through his successful hedge fund ventures. Soros acquired notoriety in 1992 when he accurately predicted and profited from the devaluation of the British pound. His $1 billion profit earned him the title of “the man who broke the Bank of England.” Since then, he has become one of the largest donors to the Democratic Party in the United States and has been actively involved in philanthropy through the Open Society Foundations. George Soros has been married three times and is the father of five children: Alexander, Andrea, Gregory, Robert, and Jonathan.
Why is George Soros giving his empire to Alexander?
George Soros has entrusted his son Alexander with the leadership of the Open Society Foundations despite previously stating that he did not want his offspring to take over the organization. This decision reflects George Soros’s faith in his son’s abilities, shared vision, commitment to progressive values, and alignment with the foundation’s mission. Alexander Soros, who has been described as “more political” than his father, vowed to continue donating family funds to left-leaning US political candidates.
Under Alexander’s leadership, Open Society Foundations intends to pursue its current goals, including the promotion of free speech, criminal justice reform, minority and refugee rights, and support for liberal politicians. However, Alexander intends to expand the foundation’s focus to include voting rights, reproductive rights, gender equity, and a more targeted agenda within the United States. He acknowledges the need to navigate the influence of money in politics and emphasizes the significance of responding to the actions of the opposing side.
“We are going to double down on defending voting rights and personal freedom at home and supporting the cause of democracy abroad,” Alexander said. “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,” he added.
Alexander Soros, 37 years old, is the son of George Soros and has been engaged in philanthropy and political activism for years. Alexander grew up in the Katonah, New York. In 2009, he graduated from New York University after attending King Low Heywood Thomas. He received his doctorate in history from the University of California, Berkeley, in 2018.
Involved in philanthropy, Alexander Soros has made significant contributions to causes such as social justice and human rights. His first substantial donation to the Jewish Funds for Justice established him as a philanthropist. In addition, he later gave $200,000 to the Jewish Council for Education and Research. In 2012, he founded the ‘Alexander Soros Foundation’ to promote social justice and human rights. ‘Home Economics: The Invisible and Unregulated World of Domestic Work’ was the first national statistical study of domestic workers and was funded by the organization.
Alexander had served as vice president of OSF since 2017. Alexander is a member of the foundation’s investment committee, which oversees Soros Fund Management. Alexander’s activities within OSF and his position on the investment committee of Soros Fund Management have prepared him to assume the role of foundation leader. “With my background, there are a lot of ways I could have gone astray,” said Alexander. “Instead I became a workaholic, and my life is my work,” he said.
George Soros’s decision to transfer leadership of his $25 billion enterprise, including the Open Society Foundations, to his son Alexander Soros symbolizes a significant shift in the philanthropic landscape. It is anticipated that Alexander’s more political outlook and his determination to champion progressive causes will shape the foundation’s future initiatives by fostering vibrant and tolerant democracies, promoting justice, education, public health, and independent media, and prioritizing the lives of marginalized communities.