US billionaire philanthropist George Soros is ceding control of his $25bn empire to his younger son Alexander Soros.
The 37-year-old, who goes by Alex, is taking over from his father to lead the Open Society Foundation – one of the wealthiest philanthropic institutions in the world.
George Soros, 92, said his son “earned it” in an interview with the Walls Street Journal.
The elder Soros, who was born in Hungry, is a billionaire investor, philanthropist, and political activist, which has made him the subject of controversy and criticism from conservative and right-wing groups for backing liberal causes.
Mr Soros – one of the largest donors to the US Democratic Party – got the title of "the man who broke the Bank of England” after he made a large bet against the British pound in 1992 to make $1bn.
Alex, who is the second-youngest of George’s five children, told the outlet that he is “more political” than his father while noting that the two “think alike” on several topics.
He said he would like to broaden the foundation’s priorities from his father’s “liberal aims” to include voting and abortion rights as well as gender equity.
Alex raised concerns about the prospect of Donald Trump’s return to the White House and suggested that the Soros organisation would play a significant role in the 2024 presidential elections.
“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 told WSJ.
He said speech on college campuses and elsewhere has become restricted in America, in contrast to the belief of some on the Left.
“I have some differences with my generation in regard to free speech and other things – I grew up watching Bill Maher before bed, after all,” he said, referring to well-known TV personality and political commentator who is an advocate for the First Amendment.
He said 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, he was elected chairman for the board of OSF, succeeding his father.
He also directs political activity as president of Soros’s “super PAC”, a mechanism to fund political parties.
Alex is the only family member on the investment committee overseeing Soros Fund Management, which manages money for the foundation and the family.
He is the oldest of two sons from George Soros’s marriage with his second wife, Susan Weber, according to WSJ.
The appointment passes over George Soros’s first-born Jonathan Soros, 52, a lawyer with a background in finance. He was believed to be the clear successor until “a falling out and a change of heart”, according to the paper.
Alex was considered an unlikely choice to run the billions of dollars of empire because of his extravagant social lifestyle.
