BNR – Billionaire financier George Soros is handing control of his massive empire to his son Alexander, a spokesperson said.
The spokesperson confirmed on Sunday the details from an interview with Soros published in The Wall Street Journal on Sunday.
George Soros, 92, is a hedge fund manager turned philanthropist and major backer of liberal causes.
He was born in Hungary, where he witnessed the horrors of Nazi occupation as a boy in 1944 and 1945. To survive, his family disguised their Jewish background.
Soros said he previously didn’t want his Open Society Foundations (OSF) to be taken over by one of his five children.
Soros Passing the Torch
However, speaking of his decision to turn over the foundation and the rest of his $25 billion empire to his 37-year-old son, who goes by Alex, the elder Soros said: “He has earned it.”
Alex said he’s more political than his father and that he plans to continue donating family money to the left.
Furthermore, he said the Open Society Foundations (OSF) would pursue the same aims it had under his father. This includes free speech, criminal justice reform, minority and refugee rights and backing liberal politicians.
He told the Journal that he would broaden the foundation’s priorities to include voting, abortion rights and gender equity.
Continuing the Vision and Expanding Priorities
“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,” Alex said.
The OSF board elected Alex as its chairman in December. The younger Soros now directs political activity as president of Soros’ political action committee.
The foundation directs about $1.5 billion a year to groups such as those backing human rights around the world and helping build democracies, the Journal reported.