- George Soros, billionaire investor, and philanthropist, bequeaths the management of his $25 billion empire to his son, Alexander Soros.
- Alex, expressing a stronger political leaning than his father, vows to sustain their tradition of supporting liberal U.S. political candidates financially.
- The Open Society Foundations, under Alex's leadership, will continue to disburse around $1.5 billion annually to global human rights groups and democracy-building initiatives.
Billionaire investor George Soros has announced a significant shift in his powerful empire's leadership. In a recent conversation with the Wall Street Journal, Soros revealed that he is bestowing the reins of his extensive fortune to his son, Alexander Soros, better known as Alex.
George Soros, a distinguished hedge fund manager who transitioned into a philanthropist and a significant contributor to progressive causes, had previously been reluctant to pass the management of his Open Society Foundations (OSF) to any of his five children. However, he felt that Alex, the youngest of his sons, has proven his worthiness to assume control over the conglomerate that amasses an approximate $25 billion.
In his conversation with the Wall Street Journal, Soros Sr. declared his faith in his son, confidently stating that Alex has rightfully earned this position. Alex, aged 37, expressed his political orientation as more politically inclined than his father and showed his commitment to sustain the family's legacy of financially supporting liberal U.S. political candidates.
Alex, who stated his wish for politics to be less money-driven, acknowledged that he will continue the necessary monetary support for liberal political campaigns. "As long as the other side is doing it, we will have to do it too," Alex stated, acknowledging the importance of financial contributions in contemporary politics.
Since his election as the OSF chairman in December, Alex has been steering the political activities as the president of Soros' political action committee. The foundation annually channels approximately $1.5 billion towards various groups that champion human rights worldwide and promote democratic developments, according to the Wall Street Journal.
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