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Soros Cedes Empire to ‘More Political’ Son

Soros has finally decided to pass on his political empire. What will Alex bring to his father’s leftist legacy?

From The Wall Street Journal. George Soros, the legendary investor, philanthropist and right-wing target, is handing control of his $25 billion empire to a younger son—Alexander Soros. …

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The 37-year-old, who goes by Alex, said in the first interview since his selection that he was broadening his father’s liberal aims—“We think alike,” the elder Soros said—while embracing some different causes. Those include voting and abortion rights, as well as gender equity. He plans to continue using the family’s deep pockets to back left-leaning U.S. politicians.

“I’m more political,” Alex said, compared with his father. He recently met with Biden administration officials, Senate Majority Leader Chuck Schumer (D., N.Y.) and heads of state, including Brazil’s President Luiz Inácio Lula da Silva and Canada’s Prime Minister Justin Trudeau to advocate for issues related to the family foundation.

The Soros’s nonprofit Open Society Foundations, known as OSF, directs about $1.5 billion a year to groups such as those backing human rights around the world and helping build democracies. Foundation money also goes to universities and other educational organizations. The Soros super PAC, Democracy PAC, has backed the election campaigns of district attorneys and law-enforcement officials seeking to reduce incarceration rates and racial bias in the justice system, among the efforts that have riled the right.

Alex said he was concerned about the prospect of Donald Trump’s return to the White House, suggesting a significant financial role for the Soros organization in the 2024 presidential race. “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,” he said in an interview at the fund manager’s New York offices.

In contrast with some on the left, Alex believes that speech on college campuses and elsewhere has become too restricted. “I have some differences with my generation in regard to free speech and other things—I grew up watching Bill Maher before bed, after all,” he said, referring to the TV personality and First Amendment advocate. …

In December, the OSF board elected Alex as its chairman, replacing his father. Alex also now directs political activity as president of Soros’s super PAC. The younger Soros is the only family member on the investment committee overseeing Soros Fund Management, the firm that oversees money for the foundation and the family. Most of its $25 billion will be directed to OSF in the years ahead, according to a Soros spokesman. About $125 million has been set aside for the super PAC. …

The selection of Alex, a hip-hop fan and New York Jets devotee, was once a long shot. Early on, Alex barely spoke up in meetings and was best known for his highflying social life. “Gorgeous models, NBA pals and hide-and-seek at his mansion: Welcome to the lavish life of investor George Soros’ playboy son,” said one Daily Mail.com online headline in 2016. …

Football, philosophy, politics

Alex, the oldest of two sons from George’s marriage with his second wife, Susan Weber, longed to be closer with his father while growing up in the upscale hamlet of Katonah, N.Y. “He was there, but he wasn’t there. He was thinking about markets the whole time.” he said. …

As a teenager, Alex sometimes had bodyguards while traveling abroad, and his family name drew unwanted attention. He embraced sports and music to fit in. “I wanted to be more normal, in a way,” he recalled.

Alex grew closer with his father after his mother filed for divorce in 2004. …

He cared little about finance and couldn’t persuade his father to watch football. Instead, they spent hours discussing ideas and global politics. His thesis topic, “Jewish Dionysus: Heine, Nietzsche and the Politics of Literature,” thrilled his father. For Alex, “it’s football, philosophy and politics, in that order,” said Svante Myrick, one of his friends. …

Alex worked part time at the foundation between 2004 and 2006 and later joined OSF’s board. …

On his own initiative, Alex traveled to remote parts of the Amazon to meet with indigenous leaders to draw attention to their needs. He joined the board of Global Witness, a group exposing human rights abuses by mining companies and governments.

In 2015, four years after Jonathan’s departure from the family foundation, Alex took a full-time role. …

After the 2016 election, amid fears that Congress might investigate OSF, some at the foundation urged a lower-key approach. Alex pushed colleagues to instead step up their work. … In the U.S., Alex worked with Democrat Stacey Abrams to improve voter turnout in the South.

While criticism of George Soros sometimes includes antisemitic tropes, the Soros foundation hasn’t supported many Jewish causes. Alex, by contrast, has visited Israel several times and he celebrates such Jewish religious holidays as Rosh Hashana and Passover, which his father doesn’t.

Alex is more focused on domestic politics than his father, he said. Alex is helping Democrats appeal to Latino voters and improve turnout among Black voters. He has urged Democratic politicians to better hone their message, broadening the party’s appeal.

“Our side has to be better about being more patriotic and inclusive,” he said. “Just because someone votes Trump doesn’t mean they’re lost or racist.” …

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(Excerpt from The Wall Street Journal. Photo Credit: Dreamstime)

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