George Soros hands over leadership of $25 billion empire

Billionaire philanthropist George Soros has chosen his son Alex as his successor Photo: Olivier Joslet/EPA

Billionaire philanthropist George Soros has handed over leadership to his a $25 billion empire for his 37-year-old son.

Alexander Soros was elected chairman of the Open Society Foundation, making him head of one of the world's richest philanthropic institutions. in the world.

In an interview with The Wall Street Journal, Alex Soros made it clear that the OSF will play a significant role in the upcoming 2024 US presidential election.

He described himself as «more political» than his father, and that he was concerned about the possibility Donald Trump's return to the White House.

Alex added: «As much as I would like to get money from politics, as long as the other side is doing it, we will have to do it too.»

92-year-old George Soros was one of the largest political sponsors of the US Democratic Party. Alex Soros recently met with officials from the Biden administration, as well as Chuck Schumer, Senate Majority Leader, and Canadian Prime Minister Justin Trudeau.

Alex's appointment was an unexpected move. George Soros has said in the past that he doesn't want his foundation to be handed over to one of his children «out of principle.» But he changed his tune. George Soros told the WSJ: «He deserved it.»

For a long time, many commentators expected Alex's older half-brother, Jonathan Soros, to be the natural successor, but he left Soros' investment business. after his relationship with his father reportedly soured.

Alex is also President of Democracy PAC, Soros's political campaign finance group, and is the only family member on the Soros Fund Management Investment Committee, which oversees funding for both OSF and the Soros family. The bulk of the $25 billion fund will go to OSF over the coming years.

OSF provides about $1.5 billion a year to human rights groups, educational institutions, and democracy building.