American billionaire philanthropist George Soros has transferred control of his $25bn (£19.9bn) financial and charitable empire to his son, Alex.
In an interview with the Wall Street Journal, the Hungarian-born investor declared his son had “earned it”.
Starting from the 1990s, the Soros family fortune has been allocated towards promoting democracy in a multitude of countries.
Nonetheless, the 92-year-old and retired hedge fund manager has been the target of anti-Semitic conspiracies in recent times.
The spokesperson for Soros verified the details of the Sunday-published interview with the BBC.
Apart from being one of the most substantial benefactors of the US Democratic Party, George Soros is the father of Alex Soros, a 37-year-old history graduate and the second youngest child among his five offspring.
Alex stands as the solitary family member serving on the investment committee for Soros Fund Management, the entity that, according to the Wall Street Journal, manages the $25bn for the Soros family and the charitable trust.
As of December, Alex presides over the Open Society Foundations (OSF) as chairman, and also heads his father’s “super PAC”, an American scheme to channel funds to political parties.
In his interview with the Wall Street Journal, Alex, who shares his father’s political beliefs, expressed that he is “more political” and revealed his intent to contest Donald Trump’s bid for a second presidential term.
“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,” voiced Alex Soros.
He asserted that the Open Society Foundations would continue striving for the goals set by his father, including endorsing free speech, criminal justice reform, minority and refugee rights, and supporting liberal politicians.
Additionally, Alex plans to incorporate initiatives centered on voting rights, abortion, gender equity, and adopt a more domestic US-centric approach.
George Soros, Alex’s father, experienced the terror of the Nazi occupation in Hungary as a child, where his family had to hide their Jewish heritage to stay alive.
After WWII, he migrated from Hungary to London and subsequently relocated to New York. Here, he amassed a fortune through his hedge fund endeavors.
He attained notoriety in the UK after successfully predicting and profiting from the depreciation of the pound in 1992.
When the Berlin Wall fell, he founded the Open Society Foundations (OSF) to support the establishment of democratic governments in the erstwhile Soviet Union.
The OSF now allocates roughly $1.5bn annually to foster liberal causes, educational institutions, and human rights in over 120 nations.
Certain initiatives taken up by the OSF, such as combating racial prejudice in the US judicial system, have rankled right-wing factions.
In 2018, the OSF relocated its global operations office from Budapest to Berlin in response to a campaign headed by Viktor Orban, the Hungarian prime minister, explicitly against Soros and the foundation’s initiatives.
Alex Soros, an admirer of hip-hop music and the New York Jets American football team, is recognized for his “high-flying” social life, including attending high-profile parties in Cannes and the Hamptons.
His adventures also include travels to isolated regions of the Amazon and serving on the board of human rights advocacy organization, Global Witness.
He shared with the paper, “Our side has to be more patriotic and inclusive. Voting for Trump doesn’t necessarily mean someone is irredeemable or racist.”