George Soros, the investor, philanthropist, and a political progressive, has passed control of his $25 billion grantmaking network to his son, Alex Soros.
Alex Soros succeeds his father as chair of the Open Society Foundations, according to the network’s website. George Soros is identified simply as founder. As an investor, he is perhaps best known for betting the pound would fall in the 1990s; his prediction came true and yielded $1 billion.
The network, according to its website, promotes the values of justice, democracy, and human rights in more than 120 countries. It has given funds to a range of institutions and causes—from universities to environmental justice to election bids.
George Soros confirmed the transition to Barron’s through a spokesman, who declined to comment further. In an interview with The Wall Street Journal, published online Sunday, the father said of his son: “He’s earned it,” adding “I didn’t want the foundation to be taken over by one of my children, as a matter of principle. I thought it should be managed by someone who is best suited.”
Alex Soros told the Journal he intends to broaden his father’s liberal aims as well as focus on some of his own interests, which include voting and abortion rights, and gender equity. He said he also plans to back progressive politicians.
The younger Soros is on the investment committee that oversees Soros Fund Management, which has oversight of money for the foundation and the Soros family.
Soros Fund Management LLC has a variety of investments, but its biggest holding is in
Horizon Therapeutics
(ticker: HZNP), according to FactSet. In May, according to a Securities and Exchange Commission filing, Soros Fund Management sold its entire
Tesla
(TSLA) stake in the first quarter.
Write to Rupert Steiner at [email protected]
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