“Billionaire George Soros entrusts his $25 billion empire to son Alex, highlighting a potentially influential role in US elections. The 92-year-old philanthropist, known for his significant donations to Democratic causes, addresses concerns over a potential return of Donald Trump. Soros’ decision sparks intrigue and speculation about the future of his vast financial and political influence.”
Image-: Reuters.
Philanthropist billionaire George Soros has announced that he is passing control of his $25 billion empire to his son Alex. At 92 years old, Soros, with a net worth of $6.7 billion, is one of the top 400 richest individuals globally. In 2017, he transferred $18 billion from his family office to the Open Society Foundations, a collection of charities operating in over 100 countries, with Alex appointed as chair in December.
In an exclusive interview with the Wall Street Journal, Alex expressed his inclination towards a more political stance compared to his father. He hinted at a significant financial role for the Soros organization in the upcoming US elections. The Open Society Foundations confirmed the details of the interview.
Expressing his concerns over the potential return of former US President Donald Trump, the 37-year-old Soros stated that as long as the other side engages in financial involvement in politics, they would have to do the same, despite his personal desire to remove money from politics.
George Soros, often targeted by right-wing conspiracists, has been one of the Democratic Party’s major donors, contributing around $140 million to politically charged advocacy organizations and ballot initiatives in 2021. Known for “breaking the Bank of England” by shorting the British pound in 1992 and reportedly making a profit of $1 billion, Soros left Hungary at 17 to attend the London School of Economics, working various jobs including as a railway porter and waiter.
Recently, billionaire Elon Musk criticized Soros on Twitter after the Soros Fund Management reduced its stake in Tesla. Musk claimed that Soros “hates humanity” and wants to erode civilization. In response, Soros described himself in the WSJ article as the scapegoat when people look to blame someone. Musk defended his comments in an interview with CNBC, stating that he would say what he wants, even if it resulted in losing investors or customers.
Initially, Soros’ eldest son and Alex’s half-brother, Jonathan Soros, the founder, and CEO of JS Capital Management, was believed to be the clear successor. However, George Soros explained that he did not want one of his children to take over the foundation, believing it should be managed by the most suitable individual. He expressed his trust in Alex, stating that he had earned it.
Quoting from the Open Society Foundations’ website, George Soros mentioned that his success in the financial markets has granted him a greater level of independence compared to most people. He also emphasized his belief in doing the right thing in philanthropy, regardless of whether it succeeds or not.
