Report: Billionaire George Soros cedes control of empire to son
(12 Jun 2023)
RESTRICTION SUMMARY:
ASSOCIATED PRESS
Archive: Vienna - 14 November 2019
1. Philanthropist George Soros with Vienna Mayor Michael Ludwig
2. Close of Vienna medal of service
3. Soros walking to podium
4. SOUNDBITE (English) George Soros, philanthropist:
"It is my firm belief that CEU (Central European University) will find a very stimulating environment here and it's my hope that in turn it will make a significant contribution to the cultural and intellectual life of the city. For one thing CEU will bring students and faculty from over 100 countries."
5. Soros walking back to seat
6. Soros sitting down
7. Soros speaking with people and walking out of room
8. Soros walking out of building
ASSOCIATED PRESS
Archive: Vienna - 19 November 2018
9. Philanthropist George Soros and then-Austrian Education Minister Heinz Fassmann shaking hands
10. Soros standing, greeting people
11. Pan from speaker at podium to Soros, seated
STORYLINE:
Billionaire investor turned philanthropist George Soros is ceding control of his $25 billion empire to a younger son, Alexander Soros, according to an exclusive interview with The Wall Street Journal published online Sunday.
Soros’ business holdings include his nonprofit Open Society Foundations, which is active in more than 120 countries around the world and funnels about $1.5 billion annually to groups such as those that back human rights and promote the growth of democracies around the world, according to its website.
The 37-year-old, who goes by Alex, told the Wall Street Journal that he is “more political” than his 92-year-old father, who has been a right-wing target for his backing of liberal causes such as reducing racial bias in the justice system. But he noted that the two “think alike."
Alex said he was broadening his father's “liberal aims” and embracing different causes including voting and abortion rights, as well as gender equity. He said he aims to keep using the family's wealth to back left-leaning U.S. politicians.
Alex told the Wall Street Journal that he recently met with Biden administration officials, Senate Majority Leader Chuck Schumer and heads of state, including Brazil’s President Luiz Inácio Lula da Silva and Canada’s Prime Minister Justin Trudeau, to push for issues related to the family foundation.
In December, the board of Open Society Foundations, known as OSF, elected Alex as its chairman, succeeding his father. The newspaper also reported that Alex now directs political activity as president of Soros’ super PAC.
The Wall Street Journal reported that the younger Soros is the only family member on the investment committee overseeing Soros Fund Management, which manages money for the foundation and the family.
During the interview with the newspaper, Alex expressed concern that former President Donald Trump would return to the White House and hinted that the Soros organization would play a key financial role in the 2024 presidential race.
Alex is the oldest of two sons from George Soros' marriage with his second wife, Susan Weber, according to the Wall Street Journal.
The appointment passes over George Soros' elder son Jonathan Soros, 52, a lawyer with a background in finance. He had been believed to be the clear successor until “a falling out and a change of heart,” according to the paper.
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