George Soros, the 92-year-old American billionaire of Hungarian origin and philanthropist, is transitioning control of the Open Society Foundations (OSF) to his 37-year-old son, Alexander Soros.
According to The Wall Street Journal (WSJ), Alexander is particularly motivated to combat any potential resurgence of Donald Trump’s political power.
Controversial George Soros, frequently targeted by conservative critics and subjected to anti-Semitic assaults, established the Open Society Foundations in the 1980s.
This network of foundations has been investing globally in numerous causes, including economic and judicial reform, minority rights, refugee support, free speech, and climate change.
Currently, OSF manages most of Soros’ assets, estimated at US$25 billion.
In a recent WSJ interview, Alexander Soros expressed that he is “more political” than his father, and that he is troubled by the potential re-election of the former Republican president in 2024.
He lamented the significant role money plays in politics but acknowledged its necessity: “I would love to see money not playing such a big role in politics, but as long as the other party is doing it [through contributions], we’ll have to keep doing it too,” he told the newspaper.
Under Alexander’s leadership, OSF is expected to maintain its course, advocating for more progressive democracies and political figures in the United States.
However, it’s likely to expand its focus to encompass additional causes, including abortion rights and gender equality.
Alexander Soros assumed the chairmanship of the foundations’ board in December, spearheading the “super PAC,” a structure that channels funds into political campaigns.
According to WSJ, he is the sole family member on the investment committee of Soros Fund Management, which oversees the philanthropic funds.
Most of the US$25 billion in endowments will be allocated to OSF in the upcoming years, with US$125 million earmarked for the super PAC.
Alexander intends to be more involved in US politics than his father.
He champions initiatives encouraging Latino and African-American voter participation and urges Democratic lawmakers to engage more with their constituents.
Recently, he met with officials from the Biden administration, Senate Majority Leader Chuck Schumer, Brazilian President Luiz Inacio Lula da Silva, and Canadian Prime Minister Justin Trudeau to advocate for issues pertinent to the family foundation.
SHIFT IN THE FOCUS AND METHODS OF THE OPEN SOCIETY FOUNDATION
The pending transition of power from George Soros to his son Alexander signals a potential shift in the focus and methods of the Open Society Foundations.
Despite the organization’s longstanding commitment to various global causes, the younger Soros’ leadership may bring a more explicitly political agenda to the fore.
George Soros has faced significant opposition and slander from ultraconservative factions, often tinged with anti-Semitic bias.
His foundations have nevertheless persisted in their mission to drive global change in diverse areas, demonstrating resilience in the face of adversity.
Alexander Soros’ appointment as chairman marks a changing of the guard at OSF and the Soros Fund Management and may reshape the Soros empire’s course.
His commitment to preserving and expanding on his father’s legacy is clear, but his more overtly political stance is set to distinguish his leadership style.
His concern regarding the role of money in politics is of particular interest, a clear reflection on the state of modern American democracy.
Despite his preference for less financial influence in politics, he recognizes the current necessity of financial backing for progressive causes in the highly polarized US political climate.
Under Alexander’s leadership, the foundations’ work will likely delve further into sociopolitical issues.
Advocacy for abortion rights and gender equality could represent a broadening of the foundations’ remit, a move likely to trigger further opposition from conservative critics.
Alexander’s explicit desire to become more politically engaged signifies a new era for the Soros family’s influence on US politics.
His efforts to bolster participation among minority voters and foster deeper interactions between Democratic lawmakers and their constituents offer an intriguing preview of his likely strategies in the political arena.
The Soros family’s wealth channeled primarily through OSF, has the potential to impact the political landscape in the coming years significantly.
As the transition from George to Alexander progresses, the political world will closely watch this billionaire empire’s evolution and its role in shaping global and national issues.
George Soros, Open Society Foundation, Alexandre Soros, political influence Soros