After decades of uncertainty and suspense, 92-year-old billionaire and business tycoon George Soros has finally decided on a successor for his $25 billion empire.?
The billionaire, who is known as the?man who broke the Bank of England in 1992 and had this year criticised India's PM Modi and government amid the?Adani-Hindenburg turmoil,?is now handing control of his massive empire to his 37-year-old son Alexander Soros.?
While this does not seem to be anything new as it's a common practice to name your children as successors, it's still being seen as a surprise decision by the 92-year-old. The reason??
It's because of his past statement where he mentioned that?he didn't want his empire to be taken over by one of his five children.
But speaking about his decision to hand over the reins of his $25 billion empire to his 37-year-old son Alex, George Soros said: "He's earned it," as per a?Wall Street Journal report.
92-year-old George Soros is a celebrated hedge fund tycoon who managed client money in New York from 1969 to 2011, as per Fobes. In 1992, Soros had shorted the British pound and reportedly made a profit of $1 billion. He then became known as the?man who broke the Bank of England.?
Soros later shifted $18 billion from his family office to his Open Society Foundations (OSF) as of 2018. Soros was born in Hungary in 1930. At the age of 17, he left the country and put himself through the London School of Economics working as a railway porter and waiter.
Soros has long been one of the Democratic Party's most generous donors and poured $125 million into a super PAC ahead of the 2022 midterm elections, and he currently has $6.7 billion net worth as per Forbes.
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The newly named successor Alex said he's "more political" than his father and that he plans to continue donating family money to left-leaning U.S. political candidates.?He reportedly told that he would broaden the foundation's priorities to include voting and abortion rights as well as gender equity.
"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," Alex said.?Alex Soros had recently met US Prez Biden's administration officials, Senate Majority Leader Chuck Schumer, Brazil President Luiz In¨¢cio Lula da Silva and Canadian Prime Minister Justin Trudeau to push for issues related to the family foundation.
The OSF (Open Society Foundation) board had already elected Alex as its chairman in December, and Alex now directs political activity as president of Soros' political action committee.
The foundation directs about $1.5 billion a year to groups such as those backing human rights around the world and helping build democracies, WSJ reported.?
The foundation also donates money to humanitarian and democratic causes ranging from criminal justice reform to climate change initiatives and controls the majority of assets managed by Soros¡¯s $25 billion family office.
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