According to the Wall Street Journal, billionaire George Soros has handed control of his $25 billion empire to his 37-year-old son Alexander Soros. The disclosure was confirmed by a spokesperson for the Open Society Foundations (OSF), the network of nonprofits supporting a variety of liberal causes around the world, from fighting climate change to reforming criminal justice, making the $1,500 million a year making it the Bargain the right makes. In an interview with the Wirtschaftszeitung, the new head of the philanthropic network defines himself as “more political” than his father and advocates greater support from his associations for issues such as voting rights, gender equality and abortion.
The magnate, who was born in Budapest (Hungary) 92 years ago, had not expected his decision. He had stated several times that he did not want to keep the foundation in the hands of one of his children “for reasons of principle” and that he would prefer it to be managed by “someone more suitable”. However, the billionaire investor defended to the American newspaper that his son “deserves it” and that he and his father “think alike”.
The eldest of Soros’s two children and his second wife, Susan Weber, is the only family member on the investment committee that deals with fund management at Soros, the firm that manages money for the foundation and family. He has a BA in history from New York University and a PhD in history and philosophy from UC Berkeley in 2018. With the decision already confirmed, Alexander – who is known as Alex – is using it to attack his stepbrother Jonathan, 52 Lawyer with financial experience who, according to sources close to the magnate, was seen as the clear heir to the Empire for years before that, until a father-son disagreement more than a decade ago dropped him from the succession race.
According to the New York Times, this is another example of old guard succession planning on Wall Street. Appointed President of the OSF last December, Alexander also heads the Super-PAC (Political Action Committee), which supports progressive political campaigns. OSF provides approximately $1,500 million to human rights groups, educational institutions and political campaigns working to reduce incarceration rates and racial bias in the US justice system.
political support
Although his father has been clear about his financial and public support for progressive figures and politicians, Alexander defends in an interview with the Wall Street Journal that he is “more political”. Additionally, he says he is “concerned” about a possible return of Donald Trump to the White House, which could result in strong Soros family financial support for the Democratic campaign. “As much as I would like to get money out of politics, as long as the other side is doing it, so must we,” he has defended.
Most of the $25 billion that Soros’ multimillion-dollar empire consists of goes into the foundation, with around $125 million (116 million euros) reserved for the “super PAC,” the tool used to support political campaigns. pushes a spokesman for the American newspaper. Speculator’s paradigm: George Soros is known for his risky investments, including a brutal attack on the pound sterling that netted him $1 billion in a single day on September 16, 1992, the most famous operation in the history of financial markets. His foundation has invested $19.1 billion to date.
Along with being one of the world’s greatest philanthropists, George Soros is one of the most well-known mutual fund managers of the second half of the 20th century. The financial executive and philanthropist has been the target of several campaigns portraying him as the leader of an allegedly liberal and immigration threat. His character has been questioned numerous times in recent years, including direct attacks from former Republican President Donald Trump and, more recently, billionaire Tesla founder Elon Musk. Analysts are now considering the possibility that Alex Soros will also fill his father’s role as political lightning rod. George Soros, of Jewish descent, has been the subject of countless, often anti-Semitic, criticisms for years for his political activities, including that of Elon Musk, who recently compared him to Magneto, the villain of the X-Men series. However, Alex Soros has so far maintained a rather discreet public presence focused on US politics. “Alex probably won’t be the bogeyman that his father was to rights,” the Union said of the heir. American Civil Liberties Association (ACLU).
In his native Hungary, George has hosted high-profile confrontations with ultra-conservative Prime Minister Viktor Orbán, who passed a law called the “Soros Law” — or “Stop Soros Law” — against NGOs receiving foreign funding. In 2018, after 34 years in the country and forced by pressure from the Orbán executive, the OSF finally relocated from Budapest to Berlin. Also the flagship of the Soros empire in the country is the Central European University, which was founded in 1991 after the fall of the Berlin Wall and whose main goal was to support and strengthen democracy.
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