The billionaire financier George Soros has passed control of his $25 billion grant-making foundation to his son Alexander Soros, the Open Society Foundation announced. He had been elected as the chairman of the nonprofit OSF board in December, which is active in more than 120 countries globally and funnels about $1.5 billion annually to groups that support human rights and promote the growth of democracies.
Alexander Soros, who has spent two years as president of his father’s super PAC, is now expected to continue the group’s focus on human rights and justice.
The 37-year-old told the Wall Street Journal he “is more political than his father,’ who has been a right-wing target for his backing of liberal causes such as reducing bias in the justice system, but added that they think alike. Alex shared that he will broaden his father’s liberal aims and embrace different causes, including voting and abortion rights, as well as gender equity.
He highlighted his plans to keep using the family’s wealth to back left-leaning U.S. politicians. Alex further told the publication that he recently met with Biden Administration officials, Brazil’s President Luiz Inacio Lula de Silva, Canada’s Prime Minister Justin Trudeau, Senate Majority Leader Chuck Schumer, and heads of state to push for issues related to the family foundation.
Notably, the younger Soros is the only family member on the investment committee overseeing Soros Fund Management, which manages money for the foundation and the family. In his interview, Alex further expressed concern that former President Donald Trump would return to the White House and hinted that the Soros Organization would play a key financial role in the 2024 presidential race.
“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,” he said in the interview. According to the WSJ, Alex’s appointment passes over George Soros’ elder son Jonathan, 52, a lawyer with a background in finance. It’s reported he had been believed to be the clear successor, but then a falling out and a change of heart emerged. Alex, on the other hand, is the oldest of two sons from George’s marriage to his second wife, Susan Weber.
However, in 2021, OSF awarded nearly $30 million to American Votes for purposes including supporting nonpartisan voter engagement in multiple states. The Soros foundations also gave $400,000 to Arizona Wins to support policies that promote electoral participation and $1 million to Florida Rising for work “to protect and strengthen democracy.” OSF provided $5 million to the African American Policy Forum and over $20 million to Borealis Philanthropy to support racial justice advocacy.
Accordingly, OSF gave over $2 million to Asian Americans Advancing Justice, for uses including strengthening a network of community leaders and organizations combating anti-Asian violence and discrimination. According to Mark Leonard, director of the European Council on Foreign Relations, one of Alexander’s main interests has been the war in Ukraine. Leonard said, “From the beginning of the crisis he was extraordinarily knowledgeable about what’s going on in Ukraine.’
Leonard added, ‘He was in daily contact with the Soros Foundation in Ukraine, talking to different governments about their policy towards Ukraine.” Soros was “looking at it on an hour-by-hour, minute-by-minute basis.” Nevertheless, OSF describes itself as the largest independent funder of Ukrainian civil society and citizen groups for more than three decades. Since Russia invaded Ukraine, funding has included supporting the evacuation of civilians, the delivery of emergency medical supplies, the work of journalists, and the investigation of war crimes.
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