• Investing
  • Stock
Round Table Thoughts
  • Economy
  • Editor’s Pick
Home Editor's Pick George Soros hands control of his $25 billion empire to his son Alex
Editor's Pick

George Soros hands control of his $25 billion empire to his son Alex

by June 12, 2023
by June 12, 2023 0 comment
Share
0
FacebookTwitterPinterestWhatsapp

Philanthropist billionaire George Soros confirmed that he is handing control of his $25 billion empire to his son Alex.

Soros, 92, has a net worth of $6.7 billion, according to Forbes, and is one of the top 400 richest people in the world. In 2017, he shifted $18 billion from his family office to his Open Society Foundations — a group of charities that works in more than 100 countries — which Alex was named chair of in December.

Alex, speaking to the Wall Street Journal in an exclusive interview published over the weekend, said he is “more political” than his father and hinted at a significant financial role for the Soros organization in the U.S. elections next year. The Open Society Foundations did not immediately respond to a CNBC request for comment but a spokesperson did confirm the details of the interview with the Reuters news agency.

Voicing his concerns on a potential return of former President Donald Trump, the 37-year-old Soros told the Wall Street Journal: “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.”

The older Soros, often targeted by right-wing conspiracists, has been one of the U.S. Democratic Party’s largest donors — donating some $140 million to politically charged advocacy organizations and ballot initiatives in 2021.

Alex Soros in Davos, Switzerland, on May 24, 2022. Jason Alden / Bloomberg via Getty Images file

Referred to as the man who “broke the Bank of England” after he shorted the British pound in 1992, reportedly making a profit of $1 billion, George Soros left Hungary at the age of 17 to attend the London School of Economics working as a railway porter and waiter.

Billionaire Elon Musk recently took to Twitter to attack Soros after his Soros Fund Management cut its stake in Tesla. Musk alleged that he “hates humanity” and that he “wants to erode the very fabric of civilization.” Soros, in the WSJ article, described himself as the “go-to man when they want to blame someone.”

Musk defended his comments in an interview with CNBC’s David Faber, saying that he doesn’t care if his inflammatory tweets scare away investors or customers. “I’ll say what I want, and if the consequence of that is losing money, so be it,” Musk told CNBC.

Soros’ eldest son and Alex’s older half-brother Jonathan Soros, founder and chief executive officer of private investment firm JS Capital Management, was previously believed to be the “clear successor,” the Journal reported.

More from CNBC

Goldman Sachs slashes oil price forecast by nearly 10% as Russian supply recovers A subsection of tech is set to be worth $1 trillion. But taboos are holding it back HSBC builds innovation division on the bones of collapsed Silicon Valley Bank UK arm

“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,” George Soros told the publication, adding that Alex has “earned” his trust.

According to an excerpt on the Open Society Foundations’ website, George Soros was quoted as saying: “My success in the financial markets has given me a greater degree of independence than most other people.”

“I believe that in philanthropy one should do the right thing, whether or not it succeeds.”

This post appeared first on NBC NEWS
You Might Also Like
  • Biden administration seeks to avoid default crisis for student loan borrowers as garnishments resume
  • Skyworks and Semtech Launch Ground-breaking LPWAN Reference Design for Industrial and Smart City Applications
  • Tesla cuts U.S. prices on its Model Y, S and X vehicles after a difficult week
  • Credit card balances jump and are above $1 trillion for the first time
Share
0
FacebookTwitterPinterestWhatsapp

previous post
Top Dem senator slams lobbyist influence while hiring his own stable of ex-lobbyist staffers
next post
Home foreclosures are rising nationwide, with Florida, California and Texas in the lead

You may also like

New Orleans prepares for Super Bowl 59, its biggest weekend...

February 7, 2025

Southern California Edison acknowledges videos suggest link between equipment and...

February 7, 2025

Private equity firms circle Peloton for potential buyout

May 8, 2024

Apple hit with more than $1.95B E.U. antitrust fine over...

March 5, 2024

OpenAI considering 16 states for data center campuses as part...

February 7, 2025

IRS announces new income tax brackets for 2024

November 10, 2023

UPS workers vote to authorize strike while cheering unexpected progress...

June 21, 2023

Semtech Unveils New Brand Reflecting Company’s Vision to Enable a...

March 10, 2023

Abortion bans and anti-LGBTQ laws are complicating business travel

October 22, 2023

Amazon gets FAA approval for new delivery drone as it...

November 6, 2024

    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Want Faster, Lower Risk Trades? Use This Setup

      July 9, 2025
    • The Seasonality Trend Driving XLK and XLI to New Highs

      July 9, 2025
    • Small Caps Are Rotating In — Here’s Why It Matters

      July 9, 2025
    • Amazon extends Prime Day discounts to 4 days as retailers weigh tariffs and price increases

      July 9, 2025
    • Breakout Watch: One Stock in Each Sector to Watch Now

      July 9, 2025

    Popular Posts

    • 1

      Biden appointee played key role in recruiting Chinese...

      June 25, 2024 3,630 views
    • 2

      Trump-era China sanctions ended by Biden may be...

      June 27, 2024 2,919 views
    • 3

      Walz’s honeymoon with China gets fresh scrutiny as...

      August 9, 2024 2,607 views
    • 4

      Shein’s global ambitions leaves some cybersecurity experts fearful...

      July 10, 2024 2,576 views
    • 5

      Harris VP pick spent years promoting research facility...

      August 29, 2024 2,449 views

    Categories

    • Economy (7,009)
    • Editor's Pick (2,167)
    • Investing (538)
    • Stock (2,660)

    Popular Posts

    • 1

      Biden appointee played key role in recruiting Chinese businesses to Delaware: ‘Longtime friends’

      June 25, 2024
    • 2

      Trump-era China sanctions ended by Biden may be revived under new House GOP bill

      June 27, 2024
    • 3

      Walz’s honeymoon with China gets fresh scrutiny as Harris camp blasts ‘lying’ critics

      August 9, 2024
    • 4

      Shein’s global ambitions leaves some cybersecurity experts fearful of Chinese spy threats

      July 10, 2024
    • 5

      Harris VP pick spent years promoting research facility that collaborated with ‘Chinese military company’

      August 29, 2024

    Latest News

    • Want Faster, Lower Risk Trades? Use This Setup

      July 9, 2025
    • The Seasonality Trend Driving XLK and XLI to New Highs

      July 9, 2025
    • Small Caps Are Rotating In — Here’s Why It Matters

      July 9, 2025

    Categories

    • Economy (7,009)
    • Editor's Pick (2,167)
    • Investing (538)
    • Stock (2,660)

    Disclaimer: RoundTableThoughts.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024 RoundTableThoughts.com. All Rights Reserved.

    Round Table Thoughts
    • Investing
    • Stock
    Round Table Thoughts
    • Economy
    • Editor’s Pick

    Read alsox

    Relentless heat wave has people cranking...

    July 24, 2023

    Renesas Unveils Quick-Connect Studio: Industry’s First-Ever...

    March 1, 2023

    Trump Media stock erases all gains...

    April 9, 2024
    Sign In

    Keep me signed in until I sign out

    Forgot your password?

    Password Recovery

    A new password will be emailed to you.

    Have received a new password? Login here