'Earned it': George Soros passes reins to son Alexander

American financier George Soros, 92, and his son Alexander, 37, said in an interview that was published on Sunday that George is handing over leadership of his multi-billion dollar foundation to Alexander. According to Wall Street Journal, the Hungarian-born father said that his son, the second youngest of five children, had “earned it.” George Soros, who is despised by conservatives and is frequently the subject of anti-Semitic plots, founded the Open Society Foundations (OSF) with the money he made as a financier in the 1970s and 1980s. The OSF supports a wide range of causes and NGOs around the world, from liberal public policy initiatives to good-governance and democracy-building programmes. He has also been one of the biggest Democratic Party donors in the United States. Alexander, who goes by Alex, told the Wall Street Journal he is “more political” than his father, and that one of his top aims would be to push back against a possible second term by former president Donald Trump. “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. Under his direction, the younger Soros said the OSF will continue down a similar path his father charted, pushing free speech, criminal justice reform, minority and refugee rights and backing liberal politicians. But he also wants to embrace voting rights, abortion and gender equity initiatives. The board of OSF had quietly elected Alex Soros as its chairman in December, the Wall Street Journal reported, adding that he is also the president of his father’s “super PAC” – a type of organization in the United States that can spend unlimited amounts of money on politics. An OSF spokesperson confirmed on Sunday that “Alex is Chair of the Open Society Foundations,” without any further details on the timing of the change. The US newspaper also said he is the sole family member on the investment committee for Soros Fund Management, the firm that oversees family and foundation money. Some $125 million has been set aside for the super PAC over the coming years, while most of the $25 billion in the Soros Management Fund will be directed toward the OSF, the Wall Street Journal reported. More focused on domestic politics than the elder Soros, Alex is already focused on helping Democrats increase their appeal with Latino voters and improve Black voter turnout. “Our side has to be better about being more patriotic and inclusive,” the 37-year-old said. “Just because someone votes Trump doesn’t mean they’re lost or racist.” With inputs from agencies Read all the Latest News , Trending News , Cricket News , Bollywood News , India News and Entertainment News here. Follow us on Facebook, Twitter and Instagram.