NewsNational NewsScripps News

Actions

Report: Philanthropist George Soros cedes $25B empire to son

Alexander Soros told the Wall Street Journal that he plans to broaden his 92-year-old father's "liberal aims."
Report: Philanthropist George Soros cedes $25B empire to son
Posted at 3:44 PM, Jun 12, 2023
and last updated 2023-06-12 15:46:09-04

Billionaire investor and philanthropist George Soros is handing over control of his $25 billion business empire to his 37-year-old son, according to an exclusive interview with the Wall Street Journal.

Alexander Soros, who goes by Alex, told the outlet that he will seek to broaden his 92-year-old father's "liberal aims" and continue using his family's deep pockets to support progressive politicians and political causes.

"We think alike," the younger Soros said of his father. "I'm more political." 

The Soros nonprofit Open Society Foundations (OSF) is active in more than 120 countries and donates about $1.5 billion each year to organizations that back policy changes concerning voting rights, social justice, gender equity, and criminal justice reform. The foundation also gives money to schools and universities and groups that promote the growth of democracy. In December of last year, the board of OSF elected Alex to succeed his father as chairman. 

"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," Alex told the Wall Street Journal.

SEE MORE: How billionaires and corporations avoid taxes

George Soros has long been the target of conservative critics for backing left-wing politicians and causes. More recently, Soros came under fire for his large donations to a political action committee (PAC) affiliated with Color of Change, a nonprofit group that promotes criminal justice reform and racial causes. Soros was reportedly the PAC's largest donor from 2021-2022 

The organization has supported progressive district attorney candidates across the country, including Manhattan DA Alvin Bragg, who became the first prosecutor to bring criminal charges against a former U.S. President earlier this year. In that case, Bragg is alleging that former Pres. Donald Trump falsified business records to cover up hush money payments to adult film star Stormy Daniels. 

Trump has repeatedly lashed out at Bragg for leading what he calls a political "witch hunt" at the direction of Soros.

"Manhattan DA Alvin Bragg, who was hand-picked and funded by George Soros, is a disgrace," Trump said in a statement following the indictment. "Rather than stopping the unprecedented crime wave taking over New York City, he's doing Joe Biden's dirty work."

Trump is also at the center of a separate case in Florida regarding a Department of Justice investigation into his handling of classified documents. Trump revealed last week that he will be indicted in federal courton Tuesday, nearly two months after Bragg filed felony charges against the former president.

SEE MORE: Who is Trump prosecutor Alvin Bragg?

During the interview with the Wall Street Journal, Alex Soros expressed concern that Trump could return to the White House and implied that the Soros organization will play a significant role in the upcoming presidential election. 

Trump is the clear frontrunner in GOP primary polling. According to data compiled by Real Clear Politics, Trump currently has 53% of Republican support, nearly 30 percentage points more than his nearest rival, Florida Gov. Ron DeSantis. DeSantis and Trump are the only Republican candidates polling above 5%.

George Soros' eldest son Jonathan, a 52-year-old lawyer with a background in finance, was initially believed to be the successor to the empire. That's until he and his father had "a falling out and a change of heart," according to the paper.

"We didn't get on on certain points," George said. "That became evident to both of us, particularly to him, and he wanted to be out on his own."


Trending stories at Scrippsnews.com