37-Year-Old Alex, Son of Controversial Billionaire-Philanthropist George Soros, All Set To Take Over His $25 Billion Empire
Alexander Soros, 37, is succeeding his billionaire investor and philanthropist father George Soros and taking control of the $25 billion empire, according to an exclusive interview with the Wall Street Journal.
Soros' empire includes his nonprofit Open Society Foundations, which is active in more than 120 countries.
Alexander says that he is way "more political" than his 92-year-old father, who has been a target of the right wing for years for backing liberal causes. However, the heir noted that he is on the same page with his father.
Alex also said in the interview that he is aiming to broaden his father's "liberal aims" and embrace voting and abortion rights as well as gender equity. He said that he will be using his father's fortune to back left-leaning politicians.
He also said that he met with Biden administration officials, Senate Majority Leader Chuck Schumer, and heads of state, including Brazil's President Luiz Inacio Lula da Silva and Canada's Prime Minister Justin Trudeau to talk on issues related to the family foundation.
Who Is Alexander Soros?
Alexander Soros is the second youngest among his five siblings and the only family member on the investment committee for Soros Fund Management. In an interview with the Wall Street Journal, his father said that Alex "earned" the position. Alex was born on September 10, 1985, in New York City. He graduated from NYU in 2009 and bagged his PhD in history from the University of California, Berkeley in 2018. In the same year, he also attended the World Economic Forum as one of the 'Young Global Leaders.'
The young Soros, much like his father has been a controversial figure due to his opinions regarding democracy and politics. As per reports, Soros once stated that he would continue to fund the left and was concerned about Donald Trump's 2024 campaign. He added that while he doesn't believe that everyone who voted for Trump is a racist, he will have a huge part to play in the upcoming presidential race.
Why Is George Soros A Controversial Figure?
George Soros is of Jewish descent and was born in Budapest, Hungary in 1930. He survived the Nazi occupation of Hungary and emigrated to England in 1947. He earned a doctorate from London School of Economics before embarking on the legendary career in banking. He founded his first hedge fund back in 1969, called Double Eagle.
"The Man Who Broke The Bank Of England"
George Soros made $1 billion on September 16,1992 by short selling the British pound.
What is Short Selling?
Short selling occurs when an investor borrows shares of a stock or other assets that he feels will fall in value. He then sells these borrowed shares at the market price planning to buy them back for way lesser money. The two main reasons for engaging in short selling are speculation and hedging. The advanced technique is highly risky, but when done right can make you fortunes.
Soros and Bank Of England
During the early 90s, England was part of the European change rate mechanism, a fixed exchange rate agreement among several European countries. Soros observed that the other countries were pressuring England to devalue the currency. After a certain period of resistance, England gave in and floated its currency and the value of the currency dropped, as per CNN.
Soros was able to take a $10 billion short position on the pound that earned him a staggering $1 billion in 24 hours. The move that he pulled was declared one of the cleanest trades of all time and Soros earned the tag, "The Man Who Broke The Bank Of England".
Soros and Open Society Foundation (OSF)
The Open Society Foundation is the world's largest private funder that supports independent groups working for justice, democratic governance, and human rights, as per their website.
