George Soros Hands Over Business Empire and Political Legacy to Son Alexander Soros
The billionaire George Soros, 92, has entrusted his $25 billion business empire and his political legacy to his son, Alexander Soros, 37, according to an interview with The Wall Street Journal.
A former hedge fund manager turned philanthropist and liberal causes supporter, Soros initially didn’t want his Open Society Foundations (OSF) to be run by one of his five children.
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However, Soros ultimately decided to hand over the OSF and the rest of his empire to Alex, saying, “He’s earned it.”
Alex Soros, who describes himself as “more political” than his father, plans to continue donating family funds to support left-wing candidates in America. “As much as I’d like to get money out of politics, as long as the other side does it, we’ll have to do it too,” he said.
He also expressed concern over former President Donald Trump’s plans to run for office again. Alex Soros urged Democratic leadership to be clearer in its message, “more patriotic and inclusive,” and win voter support. “Just because someone votes for Trump doesn’t mean I’m lost or racist,” he argued.
In particular, he aims to help the Democratic Party obtain more votes from the Latin American and black communities.
Last December, the OSF board elected Alex as president. He now also leads political activity as chairman of Soros’s political action committee. The foundation allocates some $1.5 billion a year to groups advocating human rights and democratic values.
Reuters and DPA agencies contributed to this report.