George Soros, billionaire and founder of Soros Fund Management LLC, speaks during an event on the second day of the World Economic Forum (WEF) in Davos, Switzerland, Tuesday, May 24, 2022.
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Philanthropist billionaire George Soros confirmed that he is taking control of his 25 billion dollar empire to his son Alex.
Soros, 92, has a net worth of $6.7 billion, according to Forbesand is one of the 400 richest people in the world. In 2017, it moved $18 billion from his family office to his Open Society Foundations – a group of charities that operate in more than 100 countries – and Alex was appointed chairman in December.
Alex, speaking to The Wall Street Journal in an exclusive interview published over the weekendhe said he was “more political” than his father and hinted at the significant financial role of the Soros organization in next year’s US election. The Open Society Foundations did not immediately respond to CNBC’s request for comment, but a spokesperson confirmed the details of the interview with Reuters.
Thirty-seven-year-old Soros expressed his concerns about the possible return of former US President Donald Trump to the Wall Street Journal: “As much as I would like to get money from politics if the other party is doing it. , we’ll have to do that too.”
The elder Soros, often the target of right-wing conspiracies, was one of the largest donors to the US Democratic Party – donate $140 million in 2021 to politically motivated advocacy organizations and ballot initiatives.
George Soros, described as the man who “broke the Bank of England” after he shorted the British pound in 1992 and reportedly made a $1 billion profit, left Hungary in at the age of 17 to attend the London School of Economics as a railway porter and waiter.
Billionaire Elon Musk recently took to Twitter to attack Soros after his Management of the Soros Fund reduce its stake in Tesla. Musk claimed that he “hates humanity” and that he “wants to erode the very fabric of civilization.” In a WSJ article, Soros described himself as “a challenger when they want to blame someone.”
NEW YORK, NY – JUNE 6: Alexander Soros speaks during the 2017 Gordon Parks Foundation Awards Gala at Cipriani 42nd Street on June 6, 2017 in New York City. (Photo by Ilya S. Savenok/Getty Images)
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Musk defended his comments in the interview with CNBC’s David Faber and said he doesn’t care if his inflammatory tweets scare off investors or customers. “I’ll say what I want, and if it results in losing money, so be it,” Musk told CNBC.
Soros’ eldest son and Alex’s older half-brother, Jonathan Soros, founder and chief executive of private equity firm JS Capital Management, was previously seen as the “obvious successor,” the paper said.
“As a matter of principle, I did not want one of my children to take over the foundation. I thought it should be run by someone best suited for it,” George Soros told the publication, adding that Alex “earned” his trust.
According to an excerpt on the Open Society Foundations website, George Soros was quoted as saying, “My success in the financial markets has given me a greater degree of independence than most other people.”
“I believe that in philanthropy one should do the right thing, whether it is successful or not.”