Hedge fund manager turned philanthropist George Soros said that he is handing over control of his empire to his son. In an interview with the Wall Street Journal, the 92-year-old said Alex,
This is contrary to what he previously mentioned. He previously said none of his five children would take over his Open Society Foundations. When questioned on his decision, George said his 37-year-old earned it.
Alex Soros was signed on to be Chairman of the OSF board in December 2022. In a separate interview with Alex, he called himself more political. As such, he plans to continue donating money to left-leaning political candidates in the U.S. Alex now looks over all the political activity that the Soros political action committee is involved in.
Alex was not in the running to be the successor to OSF. People assumed his older half-brother Jonathan Soros, founder and CEO of JS Capital Management, would take over. George Soros commented, saying he did not want his children to take over merely on principle. It must instead be managed by someone competent.
Politics and Soros
Soros’ Open Society Foundations makes regular donations to worthy political candidates. As such, it often finds itself in the news regarding comments made about political members.
Alex spoke of his concerns about Donald Trump, the former U.S. president, returning to power. He stated that as much as he loved making money out of politics, he would continue to do so as long as the other party did too.
George Soros has been one of the biggest donors to the Democratic Party. To date, he has donated around $140 million to ballot initiatives and political advocacy organizations.
George Soros had also recently cut his stake in Elon Musk’s Tesla. This promoted Musk to tweet that Soros “hates humanity” and that he “wants to erode the fabric of humanity”. Soros commented on this in his interview with the Wall Street Journal, saying that he is the person everyone loves to blame when things go south.
The Man Who Broke The Bank Of England
Born in Budapest, Hungary, George Soros grew up upper middle class. His mother ran a silk store, while his father was a lawyer and an author. Working his way up with a bachelor’s and a master’s degree in Philosophy, George started working in an investment firm upon graduation.
After working for a handful of firms, he started the Soros Fund Management. Using smart and risky decisions, George Soros made the fund successful. Over the years, the fund has doubled in value, managed to return money to outside investors and invested using the Soros family money.
In 1992, George shorted the British pound. He reportedly made a profit of around $1 billion, earning him the title of “The Man Who Broke The Bank of England”. He sold billions of pounds, forcing the British Government to devalue the pound. Although Soros has done so with borrowed money, he managed to return the original amount and still make a massive profit.
