Soros ready to hand over control of his empire to his 37-year-old son

MILAN – Even the undisputed gurus of finance at some point face the problem of succession. And the Hungarian naturalized American financier, George Soros, 92 years old, is no exception. According to what writes the Wall Street Journal in fact, he is about to relinquish control of his empire of $25 billion equity funds to son Alexander. Last December, the board of directors of the Soros Open Society Foundation I had elected the 37-year-old to the presidency. Alexander is also chairman of Soros’ political action committee. Furthermore, he is the only family member on the investment committee that he controls Soros Fund Managementthe company that manages the funds of the fund and the family.

According to a spokesperson for the entrepreneur, most of the 25 billion dollars in the next few years will go to the Open Society Foundation. At the same time, approximately $125 million will be allocated to the Political Action Committee. The Foundation manages approx $1.5 billion annually for human rights groups around the world and help build the development of democracies. The foundation’s money also goes to universities and other educational organizations.

“We feel the same way with dad,” she said Alex. “I’m more political than him,” she added. The young man recently met with officials of theBiden administrationthe Senate Majority Leader Chuck Schumer and several heads of state, including Brazil’s President Luiz Inàcio Lula da Silva and Canada’s Prime Minister Justin Trudeau to defend family foundation issues. Alex also said to be worried about the prospect of Donald Trump returning to the White Housea factor that will lead the Foundation to assume a significant financial role in the 2024 presidential race. For years, explains the Wall Street Journalpeople close to George believed that the older half-brother by Alex, Jonathan Soros, 52 years olda lawyer with a financial background, was the successor.

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Tall and athletic, Jonathan played tennis with his father, worked for a time at the foundation, and stabilized Soros’ hedge fund during turbulent times. Alex’s choice, a hip-hop fan and a devotee of the New York Jetsonce it would have been considered a gamble, writes the Wall Street Journal. Also according to the American newspaper, some doubted that George would ever have given up his top post while he was still alive. Furthermore, in an interview he said: “I didn’t want the foundation to be taken over by one of my childrenas a matter of principle. I thought it should be handled by someone who was the most suitable.”