Last updated: June 12, 2023, 12:19 AM IST
Washington DC, United States of America (USA)
Billionaire financier and philanthropist George Soros has laid out his succession plan, telling the Wall Street Journal that he is handing over control of his massive empire to son Alexander Soros.
The choice is not obvious, as Soros, now 92, once said he did not want his Open Society Foundations, known as OSF, to be taken over by any of his five George Soros, philanthropist, Open Society Foundations children.
But speaking of his decision to hand over the foundation and the rest of his $25 billion empire to son Alex, who is 37, the elder Soros (quote) said, “He deserved it.”
Soros is known for making huge donations to liberal causes — something Alex said he plans to continue doing, telling the Journal that he is “more political” than his father.
Said Alex (quote): “As much as I’d like to get money out of politics, as long as the other side is doing it, we’re going to have to do it too.”
The OSF board elected Alex as chairman in December and he now leads political activities as chairman of the Soros political action committee.
According to the Journal, the foundation spends about $1.5 billion a year on groups like people who support human rights around the world and help build democracies.
(This story has not been edited by News18 staff and was published from a syndicated news agency feed – Reuters)