Well-known for his philanthropy and success in finance, billionaire George Soros has become a towering figure in the business and political worlds. At 92, Soros has decided to step back, passing the baton to his son Alexander Soros to manage his sprawling $25 billion empire.
Alex Soros, at 37 years old, is no stranger to the workings of his father’s enterprise. Sharing his father’s keen insights and perspective, he is ready to navigate the Soros Fund Management (SFM), the family office responsible for managing public and private equity, along with his father’s various other assets.
“Alexander’s leadership will continue the legacy his father started,” said Michael Vachon, a confidant of George Soros, confirming Alex as the new steward of the family’s investments.
A scholar with a Ph.D. in history from the University of California Berkeley, Alex is also an enthusiast of hip-hop culture and known in social circles for his charisma. As a businessman, he inherits a colossal business network, including several Wall Street-listed companies.
Perhaps more significant than his financial inheritance is his role in the Open Society Foundations (OSF), a global network of entities striving to promote democracy, human rights, and press freedom. The OSF, one of the world’s wealthiest foundations, is known for supporting progressive causes and NGOs around the globe.
In recent years, the OSF has drawn attention for its support of reform-minded prosecutors in the US since 2015. George Soros made it clear in an op-ed last summer that he has “no intention of stopping” the support for progressive candidates running for prosecutors or for reelection. His backing allows these candidates to “receive a hearing from the public,” Soros said, adding that judging by the results, the public likes what it’s hearing.
The switch from George to Alex Soros at the helm might imply changes on the horizon, but some things will undoubtedly stay the same. Like his father, Alex has shown an inclination toward politics and intends to broaden the scope of the OSF’s causes to include voting rights, gender equity, and abortion rights. This strategic shift ensures that the Soros name will likely remain a topic of interest among conservatives and conspiracy theorists alike.
“I’m more political,” Alex admitted during an interview with The Wall Street Journal.
One of Alex’s concerns is the potential return of former President Donald Trump to the White House in the 2024 elections. With this in mind, he’s ready to use OSF’s financial power to impact the political landscape.
“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 stated, underlining his readiness to enter the political fray. The Soros family manages a super PAC known as the Democracy PAC.
Notably, Alex Soros does find common ground with conservatives on the subject of free speech, particularly in relation to what he perceives as restrictions on college campuses.
As Alex Soros prepares to fill his father’s shoes, the vast Soros empire is set to continue its influential role in business, politics, and philanthropy, under a new generation of leadership. The shift marks a new chapter, not just for the Soros family, but for the many stakeholders involved in their enterprises.