Billionaire George Soros' Foundation Cuts 40% Of Staff Within A Month Of Son's Takeover

In business and family dynamics, the concept of succession holds significant importance. Like the popular television show "Succession," which delves into the power struggles and transitions within a wealthy family-owned media conglomerate, real-life examples of succession often captivate our attention.?

These real-life stories unveil the complexities, challenges, and sometimes even drama that unfold when a prominent figure or business leader passes on the reins to the next generation.

One such real story is from the Open Society Foundation.

Following George Soros's transfer of control of the Open Society Foundation to his son, Alexander Soros, the foundation has decided to lay off 40% of its staff.?

According to statements from Alexander Soros and the foundation's president, Mark Malloch-Brown, the move comes as the organization undergoes substantial changes in its operating model.

"Through this new model, the Board aims to transform operations across the global network, to generate a nimbler organization better able to build on past achievements and confront urgent and emerging challenges,"?they added.

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George Soros, with a net worth of around $6.7 billion, has generously donated $32 billion to his foundation since 1984. The foundation, a non-profit organization, employs approximately 800 individuals worldwide.

Regarding the job cuts, a spokesperson from the Open Society Foundations explained to CNN that the organization needed to make "difficult decisions" to implement its new vision.?

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They further stated that the foundation plans to reduce its global workforce by 40 percent as part of this process.

Open Society Foundations is recognized as the most prominent private supporter of independent groups focused on justice, democratic governance, and human rights, as stated on its website. George Soros, the founder, initially had no intention of handing over the foundation to any of his five children.?

However, in June of this year, he changed his mind and announced the handover. George Soros said his son, Alexander Soros, had earned the responsibility.

At 37 years old, Alexander Soros described himself as more politically engaged than his father. According to a report by the Wall Street Journal, he intends to continue donating family funds to left-leaning political candidates in the United States.?

Additionally, Alexander Soros established the 'Alexander Soros Foundation' in 2012 to promote social justice and human rights.

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