Billionaire American investor George Soros, known for funding left and liberal causes at home and abroad, handed over his fortune to his youngest son, Alexander Soros.

In an exclusive interview with The Wall Street Journal Posted on June 11, It is learned that at the age of 92, George was replaced by Alex (the name he is given) as Chairman of the Board of Directors of the Open Society Foundations (OSF) last December. OSF operates part of the Soros empire, particularly its charitable donations worth billions, which has led to a right-wing backlash against Soros.

George’s remarks earlier this year, in which he criticized Indian Prime Minister Narendra Modi, also led to some criticism against him in India. The Minister of Foreign Affairs, S. Jaishankar described Soros as “old, rich, stubborn, and dangerous” at the time.

Who is Alexander Soros?

Alex, 37, is George’s eldest son from his second marriage to Susan Weber, and is seen by some as a surprising choice for a successor.

Alex Soros graduated from New York University in 2009 with a BA in History and received his PhD in 2018 from the University of California, Berkeley, with a thesis on “The Jewish Dionysus: Heine, Nietzsche and the Politics of Literature.”

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It was only in 2015 that he joined OSF full-time, and his previous role as a part-time employee also gave no indication that he was being groomed to succeed George, some ex-OSF employees say. Wall Street Journal.

Soros Sr. said in a previous interview that he did not want OSF to be controlled by his children “as a matter of principle”, and that it should be run by someone who was “the most appropriate”.

But even a change of heart is unusual for people familiar with the organization, since it was thought that if anyone was going to replace him, it would be Jonathan Soros – his youngest son from his first marriage to Annalise Soros.

Early on, Alex’s appearances in the organization were downplayed, and he was mostly known for making headlines regarding his social life. Wall Street Journal 2016 address quotes from daily Maila British tabloid, said: “Supermodels, NBA pals looking for a game of hide-and-seek in his mansion: Welcome to the lavish life of the playboy son of investor George Soros.”

What did he say about working at OSF?

Alex said Wall Street Journal He is more “political” than the father but the two “think alike”. Alex said he was expanding his father’s “liberal goals” and embracing various causes, including voting rights, abortion rights, and gender equality. He said he aims to continue using the family fortune to support left-leaning American politicians. Alex also said in the interview that he had recently met with US government officials and heads of state, including Brazilian President Luiz Inacio Lula da Silva and Canadian Prime Minister Justin Trudeau, to press for issues related to the family institution.

The Wall Street Journal It reported that the younger Soros is the only family member on the investment committee that oversees the management of the Soros Fund, which manages funds for the foundation and the family. He also expressed concern about the return of former US President Donald Trump to the White House, and hinted that the Soros Organization would play a major financial role in the 2024 presidential race.

“As much as I’d like to get money out of politics,” he said, “as long as the other side does it, we’ll have to do it too,” adding, “Our side should be better at being more patriotic and inclusive…just because somebody votes for Trump.” It doesn’t mean it’s wasted or racist.”

the Wall Street Journal The article also stated that Alex indicated greater support for Jewish causes and charities, compared to his father. Alex, by contrast, has been to Israel many times and celebrates Jewish religious holidays like Rosh Hashana and Passover.

What exactly are the Open Society Foundations and who is George Soros?

Soros’ non-profit organization Open Society Foundations was founded in 1993 and is active in more than 120 countries around the world. About $1.5 billion is given through it annually, to groups that support human rights and promote the growth of democracies around the world, according to its website.

In 2020, for example, when Black Lives Matter protests were held across the US to demand racial equality and justice for black Americans, OSF announced $220 million in investments to “build strength in black communities, and advance bold new anti-racism policies in cities.” American., and helping first-time activists stay connected.” It also gave millions to people in post-Taliban Afghanistan and to Ukrainian refugees.

While the Social Solidarity Foundation’s website says Soros began his philanthropic work in the late 1970s, supporting democratic causes in Eastern Europe and China, it was only after the fall of the Berlin Wall in 1989 that he began working in full force.

Soros was born in Hungary in 1930 and lived through the Nazi occupation from 1944-1945, which killed more than 500,000 Hungarian Jews, according to the OSF website. His Jewish family survived by securing false identification papers, hiding their backgrounds, and helping others do the same. Soros later noted that “not only were we successful, we were able to help others.”

After the war, as the Communists consolidated their position in Hungary, Soros left for London where he obtained a degree from the London School of Economics, before becoming an investment banker. He opened his first hedge fund, Double Eagle, in 1969. In 1973, he opened Soros Fund Management, and went on to become one of the most successful investors in US history.

Soros has been criticized by right-wing groups for his charitable donations. In February this year, he lashed out at Indian Prime Minister Narendra Modi, saying that the prime minister is “not a democracy” but “the cause” of Adani, referring to Hindenburg Research Report which came out at that time, could “open the door for a democratic revival” in India.

(with AP input)


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