In a surprising decision, Alex Soros is appointed as the successor to George Soros, bypassing his older brother, Jonathan Soros.
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George Soros, the billionaire investor and philanthropist, has announced that he is handing control of his $25 billion empire to his son, Alexander Soros. In an exclusive interview with The Wall Street Journal, Alexander, also known as Alex, revealed that he is “more political” than his 92-year-old father, who has been a target of right-wing criticism due to his support for liberal causes. However, Alex emphasized that they “think alike.”
Alex Soros stated that he plans to expand his father’s “liberal aims” and focus on various causes such as voting and abortion rights, as well as gender equity. He expressed his intention to continue using the family’s wealth to support left-leaning U.S. politicians. In pursuit of these goals, he has met with high-profile figures like President Joe Biden’s administration officials, Senate Majority Leader Chuck Schumer, and heads of state, including Brazil’s President Luiz Inácio Lula da Silva and Canada’s Prime Minister Justin Trudeau.
In December, Alex was elected as the chairman of Open Society Foundations (OSF), his father’s nonprofit organization that operates in over 120 countries and donates around $1.5 billion annually to groups promoting human rights and the growth of democracies. He also serves as the president of his father’s super PAC and is the sole family member on the investment committee overseeing Soros Fund Management, which manages money for both the foundation and the family.
During the interview, Alex expressed concern about the potential return of former President Donald Trump to the White House and hinted that the Soros organization would play a significant financial role in the 2024 presidential race. He explained, “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 decision to pass the torch to Alex came as a surprise, as George Soros’s elder son, Jonathan Soros, had been seen as the clear successor. However, a “falling out and a change of heart” resulted in Alex being chosen as the heir to the empire.
According to Forbes, George Soros has a net worth of $6.7 billion and has been a major supporter to the Democratic Party. In 2021, he gave over $140 million to politically charged advocacy organizations and ballot campaigns. Notably, Soros rose to prominence as the guy who “broke the Bank of England” in 1992 by shorting the British pound and profiting billions of dollars. He has a lengthy history of charity and has actively promoted open societies, civil rights, and democracy.
However, Soros has faced criticism from figures like billionaire Elon Musk, who accused him of wanting to “erode the very fabric of civilization.” Musk’s comments followed Soros Fund Management’s reduction of its stake in Tesla. Soros, in response, described himself as the “go-to man when they want to blame someone.”
The transition of power to Alex ensures that a Soros will continue to lead the Open Society Foundations and direct its philanthropic endeavors for years to come. While it remains unclear whether Alex shares his father’s interest in the hedge-fund side of the empire, it is possible that gradual changes may occur in that area of the operation.
George Soros has left a lasting impact on the world through his financial success and philanthropic efforts. Born in Hungary during the Nazi occupation, he later became a prominent financier and began his philanthropic work in 1979, providing scholarships to Black South Africans under apartheid. Soros has been the subject of right-wing and anti-Semitic conspiracy theories in the United States and Hungary. In response to a campaign led by Hungarian Prime Minister Viktor Orban and his Fidesz party, Open Society Foundations closed its Budapest office in 2018 and moved the Central European University to Vienna.
George Soros’s decision to pass on his empire to his son ensures a continuation of his legacy in championing progressive causes and contributing to the development of open and inclusive societies.
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