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Fortune

Chloe Taylor

George Soros’s foundation cuts 40% of staff just 1 month after 92-year-old billionaire handed his empire over to his millennial son

George Soros Alexander Soros United States Alex Soros Abortion Board

Alex Soros attends The 24th Annual Watermill Center Summer Benefit & Auction at The Watermill Center on July 29, 2017 in Water Mill, New York. (Credit: Jared Siskin—Patrick McMullan/Getty Images)

George Soros’s philanthropic foundation is slashing its workforce almost in half just weeks after his millennial and “more political” son took the reins of the multibillion-dollar empire.

Open Society Foundations, which was founded by the billionaire investor in 1979, announced on Friday that it would be making “significant changes” to its operating model over the coming months.

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