George Soros, billionaire and founder of Soros Fund Management LLC, speaks during an event on day two of the World Economic Forum (WEF) in Davos, Switzerland, on Tuesday, May 24, 2022 .
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Billionaire philanthropist George Soros confirmed that he is handing over control of his $25 billion empire for 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, he transferred 18 billion dollars from his family office to his Open Society Foundations – a group of charities operating in more than 100 countries – of which Alex was appointed president in December.
Alex, talk to Wall Street Journal in an exclusive interview published over the weekend, said he was more “political” than his father and alluded to a significant financial role for 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 news agency.
Expressing his concerns about the possible return of former US President Donald Trump, Soros, 37, told the Wall Street Journal: “I’d love to make money from politics, as long as the other side is doing it. that.” , we’ll have to do that too.”
The older Soros, often the target of right-wing conspirators, is one of the biggest donors to the US Democratic Party — donated about 140 million dollars for political advocacy organizations and voting initiatives in 2021.
Billed as the man who “broke the Bank of England” after shorting the British pound in 1992, which is said to have made a profit of $1 billion, George Soros left Hungary at that moment. At the age of 17, he attended the London School of Economics as a porter and railway waiter.
Billionaire Elon Musk recently took to Twitter to attack Soros after he Soros . fund manager cut shares in Tesla. Musk alleges that he “hates humanity” and that he “wants to erode the structure of civilization.” Soros, in a WSJ article, describes himself as “the man who is ready when they want to blame someone.”
NEW YORK, NY – JUNE 6: Alexander Soros speaks during the 2017 Gordon Parks Foundation Awards Gala at 42 Cipriani Street on June 6, 2017 in New York City. (Photo by Ilya S. Savenok/Getty Images)
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Musk defended his opinion in an interview with CNBC’s David Faber, saying he doesn’t care whether his hysterical tweets scare investors or customers. “I’ll say what I want, and if the consequence of that is to lose money, so be it,” Musk told CNBC.
The Journal reports that Soros’ eldest son and Alex’s half-brother, Jonathan Soros, founder and chief executive officer of private equity firm JS Capital Management, was previously thought to be “the successor clear mandate”.
“I don’t want this fund to be taken over by one of my children, as a principle. I think it should be managed by the most suitable person,” George Soros told the publication, adding: added that Alex had “earned a lot of money”. “His beliefs.
According to an excerpt on the Open Society Foundations website, George Soros is quoted as saying: “My success in the financial markets has given me a higher degree of independence than most others.”
“I believe that in philanthropy, one should do the right thing, whether it succeeds or not.”
