“George Soros Passes Down $25 Billion Business Empire to Son Alex”

George Soros hands reins of $25bn empire to son Alex

George Soros, the Hungarian-born billionaire philanthropist, has announced that he will be transferring the management of his $25bn (£19.9bn) financial and charitable empire to his son, Alex Soros. In a recent interview, George Soros confirmed that he believed his second youngest son had “earned it.”

Family Empire Handover

Alex Soros, a 37-year-old graduate in history, is the only family member presently sitting on the investment committee responsible for managing and running Soros Fund Management, the vehicle managing the $25bn for the family‘s personal wealth and charitable foundation. The family‘s wealth has primarily been directed towards supporting democracy-building efforts in numerous countries globally since the 1990s.

The young Soros took the helm of the Open Society Foundations (OSF) in December 2020 and is Chairman as well as being in charge of his father’s Super Political Action Committee (Super PAC) responsible for directing funds to political parties across the US.

Philosophical and Political Differences

Although the two men share political views broadly, Alex Soros disclosed that he was “more political” than his father, stating that he would campaign against Donald Trump if he tried to run for the US Presidency a second time. Soros also said that he would like to see initiatives focused on voting rights, gender equity, and abortion included in the family‘s agenda.

Soros made it clear that the Open Society Foundations would pursue the same objectives that it had under his father, promoting free speech, criminal justice reform, minority and refugee rights, and backing liberal politicians. George Soros, who was born and lived through the Nazi occupation in Hungary as a child, has become the focus of anti-Semitic conspiracies in recent times. Soros is also a significant donor to the US Democratic Party.

Editorial perspective

George Soros is making a bold move by relinquishing control of his global empire to his son, Alex Soros. It has been his life’s work to promote democracy, human rights, and the rule of law through his foundation and other charitable activities. Soros hopes and believes that his son is capable and has earned the right to manage the global empire, and his leadership will usher in a new era, including more domestic US-focused agendas.

Soros’s Empire has always been known for promoting liberal causes and taking on right-wing causes worldwide, including political parties, governors and presidents, some of whom happen to be Trump supporters. Alex Soros’s declaration of being more political than his father comes as no surprise, especially in the current political climate.

Advice

George Soros has handed over the reins of the family‘s $25bn empire to his son, Alex Soros. Every family-run business must equip younger generations with the relevant skills, knowledge, and experience. This is an excellent approach to enable continuity, growth, and sustainability of the family‘s legacy. However, diligent succession planning should be implemented and taken seriously from the outset. Ensuring that the process is transparent, open, and objective, and that responsibilities, decision-making authority, and accountability are thoroughly mapped and communicated across all levels of management within a business is essential.