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US billionaire George Soros has handed over the reins of his $25bn (£19.9bn) financial empire to his son Alex.
The Hungarian-born financier said his son had "earned it," in an interview with the Wall Street Journal. Since the 1990s, the family's wealth has been directed to support democracy building in dozens of countries, the BBC reports.
But in recent years, the 92-year-old former hedge fund manager has become the focus of anti-Semitic plots. A spokesman for Soros confirmed to the BBC the details of the interview published on Sunday.
Alex, a 37-year-old history major, is the second of his five children. Alex is the only family member who sits on the investment committee for Soros Fund Management, the vehicle the Wall Street Journal says is managing $25 billion for the family and foundation.
Alex took over at the Open Society Foundations (OSF) as chairman in December, and is also in charge of his father's "super PAC", a US mechanism to direct funds to political parties. While they broadly share the same political views, he told the Wall Street Journal that he is "more political" than his father and would campaign against Donald Trump's bid to run for a second term as US president.
"As much as I'd like to make money out of politics, as long as the other side is doing it, we're going to have to do it," Alex Soros said.
He said the Open Society Foundations would pursue the same goals, including free speech, criminal justice reform, minority and refugee rights and supporting liberal politicians. But he also wants to include initiatives on voting rights, abortion and gender equality, while pursuing a more US-focused agenda.
His father, George Soros, was born in Hungary, where as a child he lived through the horror of the Nazi occupation in 1944-45. His family hid their Jewish identity to survive. After the war he left Hungary for London, later moving to New York where he continued to make billions through his hedge fund activities.
Ai fitoi famë në Mbretërinë e Bashkuar, pasi bëri 1 miliard dollarë në mënyrë korrekte duke vënë bast se paundi do të binte në vitin 1992. Kur u rrëzua muri i Berlinit, duke i hapur rrugën krijimit të qeverive demokratike në ish-bllokun sovjetik, ai themeloi Fondacionet e Shoqërisë së Hapur (OSF) për të mbështetur procesin. OSF tani shpenzon rreth 1.5 miliardë dollarë në vit për të mbështetur kauzat liberale, organizatat arsimore dhe të drejtat e njeriut në më shumë se 120 vende.
Some of her causes have rankled the right wing, including addressing racial bias in the American justice system. OSF moved its international operations office from Budapest to Berlin in 2018, after the Hungarian government led by Viktor Orbán campaigned explicitly against Soros personally and the foundation's work.
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