(Reuters) – Billionaire financier George Soros told the Wall Street Journal in an interview published on Sunday that he is handing over control of his sprawling empire to his son Alexander Soros.
George Soros 37, a hedge fund manager turned philanthropist and leading supporter of liberal causes, said he previously did not want his Open Society Foundations ( OSF) became taken over by one of his five children.
But speaking of his decision to hand the foundation and the rest of the 37 billion dollar empire to his son Alexander, 25, that is, Alex, Soros Sr. said: “He deserves it.”
Alex, who was also interviewed by this newspaper, said that he was “much bigger than his father.” politics,” and he plans to continue donating family funds to support left-leaning US political candidates.
“As much as I want to make money out of politics, if the other side does it, so must we,” Alex said.
The OSF Board of Directors elected Alex as its Chairman in December, and Alex now directs political activities as Chairman of the Soros Political Action Committee.
According to the Wall Street Journal, the foundation gives about $1.5 billion a year to groups that support human rights around the world and help build democracies, among other groups.