George Soros Cedes Control of $25 Billion Empire to Younger Son, Alexander Soros
Billionaire investor and philanthropist George Soros has announced that he is ceding control of his $25 billion empire to his younger son, Alexander Soros. In an exclusive interview with The Wall Street Journal, Alexander revealed that he is “more political” than his 92-year-old father, who has been a right-wing target for his backing of liberal causes such as reducing racial bias in the justice system. However, Alexander noted that the two “think alike.”
Alexander is broadening his father’s “liberal aims” and embracing different causes including voting and abortion rights, as well as gender equity. He aims to keep using the family’s wealth to back left-leaning US politicians. The younger Soros is the only family member on the investment committee overseeing Soros Fund Management, which manages money for the foundation and the family.
The Open Society Foundations
Soros’ business holdings include his nonprofit Open Society Foundations (OSF), which is active in more than 120 countries around the world and funnels about $1.5 billion annually to groups such as those that back human rights and promote the growth of democracies around the world, according to its website. In December, the board of OSF elected Alexander as its chairman, succeeding his father. The newspaper also reported that Alexander now directs political activity as president of Soros’ super PAC.
Alexander’s Political Connections
Alexander told The Wall Street Journal that he recently met with Biden 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, to push for issues related to the family foundation. He expressed concern that former President Donald Trump would 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 love to get money out of politics, as long as the other side is doing it, we will have to do it, too,” he said in the interview that took place at the fund manager’s New York offices.
Jonathan Soros
The appointment of Alexander Soros passes over George Soros’ elder son Jonathan Soros, 52, a lawyer with a background in finance. He had been believed to be the clear successor until “a falling out and a change of heart,” according to The Wall Street Journal.
Conclusion
George Soros has ceded control of his $25 billion empire to his younger son Alexander Soros. The younger Soros is broadening his father’s “liberal aims” and embracing different causes including voting and abortion rights, as well as gender equity. He aims to keep using the family’s wealth to back left-leaning US politicians. The Open Society Foundations, which is active in more than 120 countries around the world and funnels about $1.5 billion annually to groups such as those that back human rights and promote the growth of democracies around the world, will continue to operate under Alexander’s leadership.