2023-06-13 17:50:55
George Soros hands over his empire to son Alex
He is one of the most famous investors in the world. Now the 92-year-old has chosen his youngest son as his successor. Like his father, young Soros is likely to be the bogeyman of the right.
Alex Soros takes over the management of his father George’s financial conglomerate.
Foto: Getty Images, AFP
Business colleagues and friends considered it unlikely that George Soros could ever relinquish control of his $25 billion financial conglomerate. The almost 93-year-old financier was too stubborn. In any case, he rejected a successor from his own family “for fundamental reasons”. The one who is “best qualified” must take over.
But now the empire stays in the Soros family. The youngest son, 37-year-old Alex Soros, has apparently gained his father’s trust. “He deserves it,” says the patriarch today. He was impressed that Alex had campaigned for threatened peoples and minorities in Latin America of his own accord and had taken up arms against the mining companies.
Alex also immersed himself in the political activities of his father’s foundation. He helped Democratic Senate candidate Stacey Abrams in Georgia, one of the great hopes of black voters, to mobilize more voters in the southern states.
A former playboy
It wasn’t always like this: he used to make headlines as a playboy; Photos with new acquaintances made the rounds in the tabloid media. Now Alex is serious, almost too serious, say employees. He embarrassingly keeps records of business meetings and is obsessed with details.
As director of the Open Society Foundations, young Soros now automatically directs the activities of the family’s political action committee, which has been one of the Democratic Party’s largest donors for decades. The various charitable activities of the investor are bundled in these foundations, which George Soros established in 1979.
In an interview with the Wall Street Journal, Alex described himself as more political than his father. However, he fully shares his commitment to humanitarian causes. This suggests that young Soros, like his father, is likely to become a target for nationalists and racists.
George Soros has been one of the biggest donors to the US Democratic Party for decades.
Photo: Fabrice Coffrini (AFP)
The attacks on the Holocaust survivor Soros were and are with their undisguised references to an alleged world conspiracy clearly anti-Semitic. The obsession of the right is not only pathological, but also abstruse like the recent attack by Elon Musk. Soros is like Magneto, a character from a comic book series who, like George Soros, survived the Holocaust. Musk doubled down on sharp criticism. Soros “wants to destroy the last fiber of civilization,” Musk wrote on Twitter. What he meant remained unclear.
The direct political influence is overestimated
George Soros rarely speaks directly about his political affairs in public. Last year he spoke directly to Donald Trump, who had previously attacked him several times. The ex-president is “a political trickster who suffers from pathological narcissism”. For Alex it is also clear that Trump must be stopped by all means.
“Just because someone votes for Trump doesn’t mean they’re lost or racist.”
However, the Democrats have also failed for him. “The party must become more patriotic and open,” demands Alex. “Just because someone votes for Trump doesn’t mean they’re lost or racist.”
However, Soros’ direct political influence is overestimated. Although he injected $125 million into his political action committee in the midterm elections last year, only a small portion, $11 million, was actually spent. “Calling him a top donor is misleading,” says Sheila Krumholz, director of the independent research group Open Secrets. “He had practically no influence on the elections.”
He cracked the British central bank
Born in Hungary in 1930, Soros made his name with risky speculations. In 1992, for example, he bet on the fall in value of the British pound and achieved a spectacular profit of one billion dollars. This earned George Soros the reputation of being a cold-blooded profiteer.
Its Open Society Foundations are internationally important players. They operate in more than 120 countries and support other organizations with around $1.5 billion a year. Just like the legendary investor Warren Buffett, George Soros also wants to give away his entire fortune, for which he has so far transferred 32 billion dollars to a foundation. His remaining fortune is estimated at just under 9 billion.
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