Billionaire George Soros has handed over control of his empire, valued at 25,000 million dollars (just over 23,000 million euros) to his 37-year-old son Alexander Soros, as published on Monday the american newspaper Wall Street Journal. The relay was confirmed by a spokesman for the Open Society Foundations (OSF), the network of non-profit associations that support a host of liberal causes around the world, from the fight against climate change to reform of criminal justice, at a rate of 1,500 million dollars a year, which has made it the bête noire of the right. The new leader of the philanthropic network defines himself, in an interview in the economic newspaper, as “more political” than his father and advocates increasing support through his associations for causes such as the right to vote, gender equality and the abortion.
The decision of the magnate, born in Budapest (Hungary) 92 years ago, was not expected. On several occasions he had stated that he did not want the foundation to remain in the hands of one of his sons “for a matter of principle” and because he preferred it to be managed by “someone more suitable.” However, the billionaire investor has defended the American newspaper that his son “has earned it”, and this, that his father and he “think the same”.
The eldest of Soros’s two children by his second wife, Susan Weber, is the only family member on the investment committee looking at fund management at Soros, the firm that oversees money for the foundation and the 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— thus anticipates his stepbrother Jonathan, 52, a lawyer with experience in finance and who, according to sources close to the magnate, was considered the clear successor to the empire. for years until a disagreement between father and son, more than a decade ago, separated him from the succession race.
According to The New York Times, is another example of succession planning by the old guard on Wall Street. Alexander was already appointed last December as president of the OSF and also directs the super cap (Political Action Committee), which supports progressive political campaigns. OSF allocates around 1,500 million dollars (1,395 million euros) to groups in defense of human rights, as well as educational institutions and political campaigns linked to reducing incarceration rates and racial prejudice in the US judicial system.
political support
Although his father has amply shown his support—financial and public—for progressive figures and politicians, Alexander defends in the interview with the Wall Street Journal which is “more political”. In addition, he advances that he is “concerned” by a possible return of Donald Trump to the White House, which could advance strong financial support for the Democratic campaign by the Soros family. “As much as I would like to get money out of politics, as long as the other side does it, we will have to do it too,” he defended.
The vast majority of the 25,000 million dollars that make up Soros’ multimillion-dollar empire will go to the foundation, while some 125 million (116 million euros) have been reserved for the “super PAC”, the instrument for supporting political campaigns. , advances a spokesman to the American newspaper. Paradigm of the speculator, George Soros is known for his risky investments, including a brutal attack on the pound sterling that made him a billion dollars in a single day, on September 16, 1992, the most famous operation in the history of the financial markets. His foundation has invested $19.1 billion to date.
In addition to one of the world’s greatest philanthropists, George Soros is one of the best-known investment fund managers of the second half of the 20th century. The financial manager and philanthropist has been the target of multiple campaigns, which present him as the leader of an alleged liberal and immigration threat. His figure has been called into question numerous times in recent years, highlighted, among others, by direct attacks by former Republican President Donald Trump and, more recently, by billionaire and Tesla founder Elon Musk. Analysts are now contemplating the possibility that Alex Soros will also inherit the role of political lightning rod from his father. George Soros, of Jewish origin, has been the target of countless criticisms -often anti-Semitic- for his political activities for years, including those of Elon Musk, who recently compared him to Magneto, the villain of the series. X Men. Alex Soros, however, has so far maintained a more discreet public presence, focused on US politics. “Alex is unlikely to be the bogeyman that his father was for the right,” the Union has said about the heir. American Civil Liberties Association (ACLU).
In his native country, Hungary, George has starred in high-profile confrontations with the prime minister, the ultra-conservative Viktor Orbán, who came to approve a law called the ‘Soros Law’ – or ‘Stop Soros Law’ – against NGOs that receive foreign funds. In 2018, after 34 years in the country and forced by pressure from the Orbán Executive, the OSF ended up moving from Budapest to Berlin. Also the flagship of the Soros empire in the country, the Central European University, founded in 1991 after the fall of the Berlin Wall and whose main objective was to support and strengthen democracy.
Follow all the information of Economy and Business in Facebook and Twitteror in our weekly newsletter
Five Days agenda
The most important economic appointments of the day, with the keys and the context to understand their scope.
RECEIVE IT IN YOUR MAIL
#George #Soros #hands #control #billiondollar #empire #son #Alexander