George Soros a Billionaire investor and a philanthropist is ceding control of his empire worth over $25 billion to his younger son, Alexander Soros, according to an interview with The Wall Street Journal published recently online.
Soros’ fortunes, which includes not for profit Open Society Foundations, is active in over 120 countries around the world and pipes about $1.5 billion annually, to back human rights and promote the growth around the world, according to its website.
Young Alex, a 37-year-old, told the Wall Street Journal that he is “more political” than his 92-year-old father, who has been a right-wing target for his backing of liberal causes such as reducing racial bias in the justice system. But he added that the two “think alike.”
Alex acknowledged that he was broadening his father’s “liberal aims” and embracing different causes including voting and abortion rights, as well as gender equity. He states that he aims to keep using the family’s fortune to back left-leaning U.S. politicians.
Noting at the Wall Street Journal, Alex said, that he recently met with Biden administration officials, Senate Majority Leader Chuck Schumer and heads of state, including Brazil’s President Luiz Inácio Lula da Silva and Canada’s Prime Minister Justin Trudeau, to push for issues related to the family foundation.
In December, the board of Open Society Foundations, known as OSF, elected Alex as its chairman, succeeding his father. The newspaper also reported that Alex now directs political activity as president of Soros’ super PAC.
The Wall Street Journal reported that the younger Soros is the only family member on the investment committee overseeing Soros Fund Management, which manages money for the foundation and the family.
During the interview with the newspaper, Alex expressed concern that former President Donald Trump would return to the White House and hinted that the Soros organization would play a key financial role in the 2024 presidential race.
“As much as I would love to get money out of politics, as long as the other side is doing it, we will have to do it, too,” he said in the interview that took place at the fund manager’s New York offices.