A multibillionaire who supports liberal and democratic causes claims that the 37-year-old has 'earned' his position as CEO of a $25 billion enterprise.
George Soros, a wealthy hedge fund investor turned philanthropist, has decided to give his son Alexander control of his $25 billion humanitarian and financial enterprise.
The idea was confirmed to the Reuters news agency by a Soros representative after it was first reported by the Wall Street Journal in an interview with Soros that was published on Sunday. Soros is a significant supporter of liberal and democratic organizations.
Soros, 92, previously stated that he does not want one of his five offspring to inherit control of his Open Society Foundations (OSF).
But he admitted to the Journal that he had changed his mind.
"He's earned it," the senior Soros said in reference to his son Alex, 37, who goes by the name.
OSF, which works with organizations like Global Witness and the International Crisis Group, is active in more than 120 countries and dedicates nearly $1.5 billion yearly to advancing human rights, bolstering civil society, and battling corruption.
In a separate interview with the newspaper, Alex said he was "more political" than his father and intended to keep contributing family funds to American political candidates on the left.
He also stated that he will expand the foundation's "liberal aims" beyond his father's "gender equity and voting rights" to embrace these issues as well.
As much as I would want to make money off of politics, Alex added, "we will have to do it too as long as the other side is doing it."
In December, the OSF board chose Alex to serve as its chairman. As head of Soros's political action committee in the US, Alex now oversees political activity.
George Soros was born in Hungary in 1930, and when his family obtained fraudulent identification documents and assisted other Jewish families in doing the same, he was able to survive the Nazi occupation. The job has been cited as his greatest "formative experience" by the author.
After establishing a prosperous career in finance, Soros started his charitable effort by awarding scholarships to Black South Africans living under apartheid in 1979.
Later, through supporting embryonic independent cultural groups forming in Hungary and paying scholarly trips to the West, he started focusing on issues relating to freedom of thought and expression.
He founded the Central European University in Budapest as a place to promote critical thinking following the fall of the Berlin Wall in 1989.
Right-wing and anti-Semitic conspiracy theorists have long targeted Soros in the US, his native Hungary, and other countries. After Viktor Orban and his Fidesz party in Hungary launched a "Stop Soros" campaign, OSF terminated its Budapest office and relocated the CEU to Vienna in 2018.
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