12-6-2023 (NEW YORK) In a significant development, billionaire financier George Soros has announced that he is entrusting the reins of his vast empire to his son Alexander, according to a spokesperson for Soros on Sunday (Jun 11).
Confirming the details shared in an interview published in The Wall Street Journal, the spokesperson shed light on Soros’ decision to hand over control of the Open Society Foundations (OSF) and the rest of his impressive US$25 billion empire to his 37-year-old son, known as Alex. This move comes as a surprise, as Soros previously expressed his reluctance to have any of his five children take over the foundations.
However, speaking about his decision, the 92-year-old Soros stated, “He’s earned it,” referring to his son’s aptitude for managing the foundation.
Alex, who was also interviewed by The Wall Street Journal, acknowledged his inclination towards a more political approach compared to his father. He expressed his intention to continue using family funds to support left-leaning political candidates in the United States.
The younger Soros revealed plans to expand the foundation’s focus beyond its existing priorities. He highlighted his commitment to address issues related to voting rights, abortion rights, and gender equity.
“While I would prefer to eliminate the influence of money in politics, as long as the opposition engages in it, we will have to do the same,” Alex stated, emphasizing the need to counterbalance the political landscape.
Having been elected as the chairman of OSF’s board in December, Alex now oversees political activities as the president of his father’s political action committee.
The Open Society Foundations allocate approximately US$1.5 billion annually to support various causes, including human rights advocacy worldwide and the promotion of democratic systems, as reported by The Wall Street Journal.
