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George Soros hands control of his $25 billion empire to his son Alex

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George Soros, billionaire and founding father of Soros Fund Management LLC, speaks during an event on day two of the World Economic Forum (WEF) in Davos, Switzerland, on Tuesday, May 24, 2022.

Bloomberg | Bloomberg | Getty Images

Philanthropist billionaire George Soros confirmed that he’s handing control of his $25 billion empire to his son Alex.

Soros, 92, has a net price of $6.7 billion, based on Forbes, and is the one in all the highest 400 richest people on this planet. In 2017, he shifted $18 billion from his family office to his Open Society Foundations — a gaggle of charities that works in greater than 100 countries — which Alex was named chair of in December.

Alex, chatting with the Wall Street Journal in an exclusive interview published over the weekend, said he’s “more political” than his father and hinted at a major financial role for the Soros organization within the U.S. elections next 12 months. The Open Society Foundations didn’t immediately reply to a CNBC request for comment but a spokesperson did confirm the main points of the interview with the Reuters news agency.

Voicing his concerns on a possible return of former U.S. President Donald Trump, the 37-year-old Soros told the Wall Street Journal: “As much as I’d like to get money out of politics, so long as the opposite side is doing it, we may have to do it, too.”

The older Soros, often targeted by right-wing conspiracists, has been one in all the U.S. Democratic Party’s largest donors — donating some $140 million to politically charged advocacy organizations and ballot initiatives in 2021.

Known as the person who “broke the Bank of England” after he shorted the British pound in 1992, reportedly making a profit of $1 billion, George Soros left Hungary on the age of 17 to attend the London School of Economics working as a railway porter and waiter.

Billionaire Elon Musk recently took to Twitter to attack Soros after his Soros Fund Management cut its stake in Tesla. Musk alleged that he “hates humanity” and that he “desires to erode the very fabric of civilization.” Soros, within the WSJ article, described himself because the “go-to man once they want accountable someone.”

NEW YORK, NY – JUNE 06: Alexander Soros speaks during 2017 Gordon Parks Foundation Awards Gala at Cipriani forty second Street on June 6, 2017 in Latest York City. (Photo by Ilya S. Savenok/Getty Images)

Ilya S. Savenok | Getty Images Entertainment | Getty Images

Musk defended his comments in an interview with CNBC’s David Faber, saying that he doesn’t care if his inflammatory tweets scare away investors or customers. “I’ll say what I would like, and if the consequence of that’s losing money, so be it,” Musk told CNBC.

Soros’ eldest son and Alex’s older half-brother Jonathan Soros, founder and chief executive officer of personal investment firm JS Capital Management, was previously believed to be the “clear successor,” the Journal reported.

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“I didn’t want the inspiration to be taken over by one in all my children, as a matter of principle. I believed it needs to be managed by someone who’s best suited,” George Soros told the publication, adding that Alex has “earned” his trust.

In line with an excerpt on the Open Society Foundations’ website, George Soros was quoted as saying: “My success within the financial markets has given me a greater degree of independence than most other people.”

“I think that in philanthropy one should do the precise thing, whether or not it succeeds.”

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