George Soros Hands Over Control of Open Society Foundations to Son Alex
Billionaire philanthropist and investor George Soros, 92, is transferring control of his Open Society Foundations to his son Alex Soros, 37, who was named chair in December. The organisation, which donates money to humanitarian and democratic causes ranging from criminal justice reform to climate change initiatives, controls the majority of assets managed by Soros’s $25 billion family office. The news was first reported in the Wall Street Journal and confirmed by a spokesperson for the foundation.
Alex Soros Plans to be More Political
“I’m more political” than the elder Soros, Alex Soros told the newspaper. His appointment comes at a time when he is concerned about potential political disruption due to Donald Trump’s potential White House run. “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,” said Alex.
Alex Soros is working to ensure that the work of the foundation remains politically engaged and effective. Recently, he met with members of the Biden administration, Senate Majority Leader Chuck Schumer, Brazilian President Luiz Inácio Lula da Silva, and Canadian Prime Minister Justin Trudeau to push for issues related to the family foundation.
Ongoing Priorities and Future Direction for Open Society Foundations
The Open Society Foundations are planning to “double down on defending voting rights and personal freedom at home and supporting the cause of democracy abroad,” Alex Soros told the Financial Times. George Soros’s priorities in US politics will be unchanged by his son’s appointment, the newspaper reported, citing a person close to the family whom it did not identify.
George Soros is widely known as a major supporter of liberal causes and Democratic politicians, and has long been a target of the political right. He founded Soros Fund Management and earned a fortune on outsize bets, including the infamous wager against the British Pound. He converted the fund to a family office in 2011. To date, his foundation has spent $19.1 billion.
The handover of control of the Open Society Foundations to Alex Soros is a significant development in the philanthropic sector. The younger Soros has indicated a more political stance than his father, and has demonstrated his commitment to the foundation’s engagement with the political process. The foundation’s priorities and ongoing work will continue unchanged, and it remains a major force for progressive and democratic causes worldwide.