Soros's fourth son takes the first shot! Global layoffs of no less than 40% Foundation | Society | Global
Recently, the legendary investor George Soros, known as the "financial giant," announced that the $25 billion non-profit organization, the Open Society Foundation, has agreed to make significant changes to the fund's operating model in the coming months, including measures such as layoffs of no less than 40% globally and restructuring of various executive positions.
It is worth noting that only a few weeks ago, 92 year old Soros officially decided to hand over control of the Open Society Foundation and other businesses to his fourth son Alexander Soros.
A $25 billion "financial empire"
According to public information, the Open Society Foundation was founded by Soros in 1979. According to The Wall Street Journal, in December last year, members of the Open Society Foundation's board of directors quietly elected Alexander to replace Soros as the foundation's chairman. According to Bloomberg data, the foundation controls most of the assets managed by the $25 billion family office of the Soros family, and Soros has donated over $32 billion to the foundation.
According to the global employment website Glassdoor, the Open Society Foundation has over 1000 employees. However, according to more extensive reports, the Open Society Foundation currently has approximately 800 employees in 14 offices worldwide. According to the latest tax report of the foundation, its biggest expense in 2021 was salaries, with nearly $72 million spent on salaries and an additional $40 million spent on welfare and pension plans.
According to insiders, the foundation had already decided to lay off employees a few months ago to increase flexibility, which is not directly related to Alexander's succession to Soros's "financial empire", and this decision has also been approved by the foundation's board of directors. However, an insider said that Alexander and the leaders of the foundation will decide how to restructure the executive team and which projects may make changes.
The Open Society Foundation stated in a statement that making layoffs and other operational changes is a "difficult decision," but they will maximize the foundation's ability to help "counter the current threats to open and free societies.". The organization also stated that the board expects this new model to create a culture of 'strategic opportunism' among the foundation and its supported beneficiaries. This proposed new model will benefit both long-term "patient capital" and tactical short-term demand.
Young successors of the millennial generation
Alexander, a 37 year old millennial, ranked fourth among Soros's five children and studied history in university, earning a doctoral degree from the University of California, Berkeley. It is reported that after his half brother Jonathan Soros withdrew due to a strained relationship with his father, Alexander officially began his "full-time career" at the Open Society Foundation in 2015 and became his father's deputy.
According to The Wall Street Journal, Soros said in an interview last year that Alexander won all of this with his strength.
Public information shows that the Open Society Foundation mainly promotes the development of justice, education, and independent media globally by sponsoring relevant institutions, organizations, and universities. In addition, Soros and his foundation are also one of the largest donors of the Democratic Party of the United States domestically. However, the Open Society Foundation is not popular in some countries, such as being recognized by Russia as an unpopular organization in 2016. In the evaluation of 200 think tanks and lobbying groups worldwide by the non-profit organization Transparify in the United States, the Open Society Foundation was accused of financial opacity and ranked bottom for three consecutive years from 2014 to 2016.
Alexander previously stated in an interview that he would inherit his father's career and strive to achieve his father's "liberal goals", while also wanting to enter different fields. Alexander stated that under his leadership, the Open Society Foundation will increase support for democracy, abortion, and voting rights, and he intends to continue funding liberal causes. Alexander once said, "Although I really want to withdraw money from politics, as long as the other party is doing so, we must do so."
In addition, Alexander is also the president of the Super Political Action Committee, which Soros donates to American candidates, responsible for the political activities of the organization. According to media reports, he recently met with officials from the Biden administration, Senate Majority Leader, New York State Democratic Congressman Schumer, and heads of state from multiple countries, including Brazilian President Lula and Canadian Prime Minister Trudeau, to promote matters related to the family foundation.
