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George Soros' foundation undergoes transformation with job cuts under son's rein

Jul 02, 2023 05:48 PM IST

Billionaire George Soros' Open Society Foundations undergo a major transformation, with significant job cuts after Alexander Soros takes over.

Open Society Foundations, led by billionaire philanthropist George Soros, is undergoing a major transformation with significant job cuts. The announcement comes just a month after George Soros passed the reins to his son, Alexander Soros. In a joint statement with Mark Malloch-Brown, the foundation's president, Alexander Soros explained that the organization would be implementing a new operating model to address current challenges and build upon past achievements.

George Soros is seen with his son Alexander.(Reuters)
George Soros is seen with his son Alexander.(Reuters)

According to a spokesperson for Open Society Foundations, the new vision necessitated difficult decisions, resulting in a global reduction of staff by at least 40%. Currently employing around 800 people worldwide, the organization aims to become a more agile entity capable of tackling emerging issues.

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In June, George Soros appointed his son Alexander, known as Alex, as the organization's new chair. In a candid interview with the Wall Street Journal, Alexander disclosed that he and his father held similar perspectives, yet he characterized himself as more politically inclined. Notably, he hinted at a heightened emphasis on domestic politics within the United States under his leadership.

Since assuming his new role, Alexander Soros has been active in engaging with leaders and officials. Reports indicate that he recently held meetings with prominent figures such as Brazil's President Luiz Inácio Lula da Silva and Canada's Prime Minister Justin Trudeau. These discussions signal a shift towards increased involvement in global politics under the younger Soros's leadership.

Also Read | Who is Alexander Soros? George Soros hands over $25 billion empire to his ‘more political’ son

George Soros, estimated by Forbes to possess a net worth of $6.7 billion, has been a major contributor to his foundation, having donated a staggering $32 billion since 1984. Open Society Foundations is renowned as the world's largest private funder of independent groups dedicated to promoting justice, democratic governance, and human rights.

The transformation within Open Society Foundations, spearheaded by Alexander Soros, marks a significant turning point for the organization. As it redefines its priorities and confronts pressing challenges, the impact of these changes on the global stage remains to be seen.

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