Billionaire investor, philanthropist George Soros hands over control of empire to younger son

NEW YORK (AP) — Billionaire investor-turned-philanthropist George Soros is handing over control of his $25 billion empire to a younger son, Alexander Soros, according to an exclusive interview with The Wall Street Journal posted online Sunday.

Soros’ business holdings include his nonprofit Open Society Foundations, which are active in more than 120 countries around the world and funnel around $1.5 billion a year to groups such as those that support human rights. man and promote the growth of democracies around the world, according to its website.

The 37-year-old, who goes by the name Alex, told the Wall Street Journal he was ‘more political’ than his 92-year-old father, who has been a right-wing target for his support of liberal causes such as reducing racial bias in the justice system. But he noted that the two “think alike.”

Alex said he broadens his father’s “liberal goals” and embraces different causes, including voting and abortion rights, as well as gender equity. He said he intended to continue using the family’s wealth to support left-leaning American politicians.

Alex told the Wall Street Journal that he recently met with Biden administration officials, Senate Majority Leader Chuck Schumer and heads of state, including Brazilian President Luiz Inácio Lula da Silva and Prime Minister Canadian Justin Trudeau, to advance issues related to the family foundation.

In December, the board of directors of Open Society Foundations, known as OSF, elected Alex president, succeeding his father. The newspaper also reported that Alex is now leading political activity as the chairman of Soros’ super PAC.

The Wall Street Journal reported that young Soros is the only family member on the investment committee overseeing Soros Fund Management, which manages the foundation and family money.

During the interview with the newspaper, Alex expressed concern that former President Donald Trump might return to the White House and hinted that the Soros organization would play a key financial role in the 2024 presidential race.

“As much as I would like to take money out of politics, as long as the other side does that, we will have to do that too,” he said in the interview, which took place at the manager’s offices. funds in New York.

Alex is the eldest of two sons from George Soros’ marriage to his second wife, Susan Weber, according to the Wall Street Journal.

The nomination passes to George Soros’ eldest son, Jonathan Soros, 52, a lawyer with a background in finance. He had been considered the clear successor until “a falling out and a change of heart”, according to the newspaper.

Leave a Comment