Billionaire financier George Soros is transferring control of his vast empire to his son Alexander, a Soros spokesperson confirmed on Sunday.
Soros, 92, who transitioned from a hedge fund manager to a philanthropist and a significant supporter of liberal causes, had previously expressed that he did not want any of his five children to take over his Open Society Foundations (OSF).
However, he has since decided to pass the foundation and the rest of his $25 billion empire to his 37-year-old son, Alex, saying, “He’s earned it.”
In the interview, Alex described himself as “more political” than his father and indicated his intention to continue using family funds to support left-leaning political candidates in the U.S.
He mentioned that he plans to expand the foundation’s focus to include issues like voting and abortion rights, as well as gender equity.
“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 Journal.
The OSF board elected Alex as its chairman in December, and he now oversees political activity as the president of Soros’ political action committee.
According to the Journal, the foundation allocates about $1.5 billion annually to various groups, including those supporting human rights worldwide and promoting the development of democracies.
