Last Update: June 12, 2023, 00:19 AM IST
Washington DC, United States of America (USA)
Billionaire investor George Soros speaks to the audience at the Schumpeter Award on June 21, 2019 in Vienna, Austria. (Reuters file photo)
Soros is known for his huge donations to charitable causes – Alex said he plans to continue doing so
Billionaire financier and philanthropist George Soros has laid out his succession plan, telling The Wall Street Journal that he is handing over control of his vast empire to his son, Alexander Soros.
The choice is unclear because Soros, now 92 years old, once said that he did not want his Open Society Foundation, known as OSF, to be owned by his five George Soros, Philanthropist, Open Society Foundations. To be taken by one of the children.
But speaking about the foundation of his $25 billion empire and his decision to hand it over to his son Alex, who is 37, the elder Soros said (quote): “He’s earned it.”
Soros is known for his vast donations to liberal causes — something Alex said he plans to continue doing, telling the Journal that he is “more political” than his father.
Alex (quote) said, “As much as I’d love to get money out of politics, as long as the other side is doing it, we have to do it too.”
The OSF board elected Alex as its chairman in December, and he now directs political activity as chairman of Soros’ political action committee.
According to the Journal, the foundation directs approximately $1.5 billion per year to groups that support human rights and help build democracies around the world.
(This story has not been edited by News18 staff and is published from a syndicated news agency feed – reuters,