The Soros Legacy: A Generational Shift in Philanthropy to his Son
In a significant transition of power, Alex Soros, the son of George Soros, is set to assume control of the Open Society Foundations, a renowned grant-making network. This move not only exemplifies succession planning within Wall Street's old guard but also carries added significance due to George Soros's reputation as a boogeyman of the right, owing to his unwavering support for liberal causes. As the second-youngest of George Soros's five children, Alex Soros was elected as the foundation's chairman in December, further solidifying his role in the family's philanthropic empire.
Taking charge of a philanthropic empire funded by the billions amassed by his father, Alex Soros steps into a position of substantial influence. George Soros, renowned for his financial acumen, has cemented his status as one of history's most successful investors. Notably, he made headlines in 1992 when he earned over $1 billion by betting against the British pound. Over the years, George Soros has donated a staggering $32 billion to the Open Society Foundations, indicating his commitment to his family's philanthropic efforts. The causes championed by the foundation encompass a broad range, with a focus on combating injustice and inequality—a mission deeply rooted in George Soros's personal history as a Holocaust survivor.
Alex Soros shares his father's left-leaning political views, forging a strong ideological bond between them. George Soros expressed this sentiment, stating, "We think alike," in an interview with The Wall Street Journal. As a prolific supporter of Democratic Party causes, Alex Soros actively backs initiatives aligned with his political beliefs. Recently, he posted a picture on Twitter alongside Vice President Kamala Harris and penned an opinion piece for CNN defending President Biden's efforts to combat antisemitism. With his ascent to the helm of the Open Society Foundations, Alex Soros is poised to continue the family's legacy of promoting progressive values.
Alex Soros's rise to prominence may have surprised some observers, given his reputation as a soft-spoken individual more associated with partying during his younger years than with finance. Initially, many considered his half-brother Jonathan, a lawyer and former employee of George Soros, to be the natural successor. However, a falling-out with their father over a decade ago shifted the trajectory of succession. Over time, Alex Soros became increasingly involved in his father's philanthropic endeavors, ultimately paving the way for his appointment as chairman of the Open Society Foundations.
As Alex Soros assumes this high-profile role, he becomes a potential target of political scrutiny. George Soros has long faced criticism, often tinged with antisemitism, for his political and philanthropic activities. In response to such pressure, the Open Society Foundations closed their offices in George Soros's native Hungary following clashes with Prime Minister Viktor Orban. More recently, the billionaire technology executive Elon Musk took to Twitter, likening George Soros to the "X-Men" villain Magneto and accusing him of seeking to undermine civilization. These challenges highlight the potential obstacles that Alex Soros may encounter as he leads the foundation into the future.
With Alex Soros taking the reins of the Open Society Foundations, a new era of philanthropy is set to unfold. Building upon his father's legacy, he assumes a position of great responsibility and influence. As a passionate advocate for progressive causes, Alex Soros is poised to continue championing justice and equality through the foundation's endeavors. However, he must also navigate the challenges and criticisms that come with such a prominent role. As the world watches, the Open Society Foundations under Alex Soros's leadership will undoubtedly shape the future of philanthropy and contribute to the ongoing pursuit of a more equitable society.