At the age of 92, renowned investor and billionaire George Soros has handed over control of his empire to his son, Alexander. Alex, as he is commonly known, is more politically inclined than his father and has expressed his intention to campaign against Donald Trump if he is again nominated as the Republican candidate for the US presidency.
According to his father, Alexander has “earned” the right to succeed him, as reported by The Wall Street Journal. The 37-year-old son will manage the $25 billion of Soros Fund Management, which includes Soros Open Society Foundations (OSF).
George Soros amassed this fortune in the 1970s and 1980s by making bets on global stock, bond, and currency markets. In 1992, he earned around $1 billion by speculating that the British pound would depreciate.
Black Wednesday
He became known as ‘the man who broke the Bank of England.’ The Guardian writes that his bets against the British pound contributed to Black Wednesday, the day the British government had to withdraw the pound from the European Exchange Rate Mechanism.
Since last December, Alex Soros has been leading the OSF, which annually allocates about $1.5 billion to organizations supporting human rights and democracies worldwide. The funds go to universities and organizations with influence in various countries, including Human Rights Watch and Amnesty International in the Netherlands.
Alex has also taken the helm of the ‘super PAC,’ an American mechanism to channel funds to political parties. George Soros was one of the largest donors to the US Democratic Party, and under Alex’s leadership, it seems unlikely to change.
Against Trump
In his first interview as the successor, Alex expressed alignment with his father but emphasized being more “political.” He mentioned his intention to campaign against Donald Trump’s attempt to run for a second term as President of the United States.
Alex is willing to do so, even though he mentioned a preference for removing money from politics. However, he stated, “As long as the other side is doing it, we will have to do it too.”
At the same time, he wants to differentiate himself from his father in certain aspects. He aims to improve voting rights and abortion rights while advocating for increased gender equality, particularly focusing on the United States.
In 2008, Alex first made headlines when Cityfile published party photos from his Facebook page, mentioning that the then 22-year-old Alex was “chilling at dad’s house in Southampton,” drinking alcohol on the family boat, and kissing “babes.” Over the years, the media has often targeted Alex’s social life, capturing moments with celebrities, including singer Usher and his ex-girlfriend Chanel Iman.