2023-06-12 22:57:00
The Financial Billionaire George Soroswill cede control of his huge empire to his son, Alexander Soros, who explained that he is “more political” than his father.
“I’d love to see money not play as big a role in politics, but as long as the other party does (through contributions), we’re going to have to keep doing it too.”he said in an interview with Wall Street Journal.
the tycoon indicated that initially he did not want his Open Society Foundations (OSF) passed into the hands of one of his five children.
However, when discussing his decision to pass the foundation and the rest of his $25 billion empire to his son Alexander, 37-year-old, known as Alex, Soros said that “he has earned it”.
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George Soros is worth $6.7 billion, according to Forbes. The millionaire made billions of like UK hedge fund tycoon. The Open Society Foundation and related nonprofit organizations are estimated to have donated more than $42 billion worldwide.
The billionaire has also invested millions of dollars with direct donations or channeled through political action committees.
In the 2022 electoral cycle, from Soros Fund Management donated more than US$ 179 million to various candidates and Democratic organizations, while in 2020 $10.5 million had been donated in 2020, according to OpenSecrets data.
In 2017, George Soros transferred $18 billion of his personal fortune to the future work of his non-profit organization. Open Society Foundations.
Alexander’s stance on family business
From Forbes they consider that with his limited financial experience, “his son Alexander, who is part of the investment committee of Soros Fund Management, was not thought to be the heir to the Soros empire”.
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Soros Fund Management es the entity that oversees philanthropic funds. Most of the US$ 25,000 million with which it is endowed will go to the OSF in the next years and US$ 125 million went to the “super PAC”.
Alexander began to get involved when his older half-brother, Johnathan, took a full-time position at the foundation in 2015 and stepped up during the 2016 election, galvanizing support for efforts like voter turnout in Georgia alongside Democrat Stacey Abrams, he notes the Journal.
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