News/Commentary

George Soros foundation slashes 40% of workforce as billionaire’s empire passed to son

July 1, 2023 | | Print Article

As Alexander Soros, billionaire George Soros’ fourth son, takes the helm of the leftist empire, word spread on Friday that the Soros Open Society Foundation is slashing 40 percent of its 800-strong global workforce.

(Video Credit: Firstpost)

Earlier in June, headlines screamed that the younger Soros, 37, would be taking the reins of his father’s controversial legacy.

Rumor has it that Alexander Soros is even more leftist and radical than his father is. He immediately declared that he planned to chart a new course for the Open Society while maintaining his father’s core liberal values. He told the Wall Street Journal that he was “more political” than his father is and those politics are Democratic in nature. Ostensibly meaning that Soros will spend a great deal of time at the White House in the lead-up to the 2024 presidential election.

He recently met with Biden administration officials, Senate Majority Leader Chuck Schumer (D-NY), and heads of state, including Brazil’s President Luiz Inácio Lula da Silva and Canada’s Prime Minister Justin Trudeau to advocate for issues related to the family’s foundations and leftist goals.

Alex said he is concerned about the prospect of former President Trump’s returning to the White House, hinting at a significant financial role for the Soros organization in the 2024 presidential race. He has also railed against the overturning of Roe v. Wade, the nixing of affirmative action, and other moves by the Supreme Court.

“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 in an interview with The Wall Street Journal at the fund manager’s New York offices.

The Open Society issued a vague press release on Friday that announced “significant changes to the Foundations’ operating model” that it was planning to implement “in the coming months” in an effort to become more streamlined. A spokesperson for the group told The Daily Beast via an email that those changes would include significant layoffs.

“The Board has directed Open Society’s senior leadership to proceed with the work necessary to implement this new approach in accordance with local requirements and obligations to our employees and representatives,” the spokesperson declared.

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“Through this new model, the Board aims to transform operations across the global network, with the goal of generating a nimbler organization better able to build on past achievements and confront urgent and emerging challenges,” the Open Society statement said.

According to Samuel Brunson, who researches nonprofits at the Loyola University Chicago School of Law, the downsizing is not unexpected given that Alexander Soros may “have different priorities and goals” than his father.

Bloomberg broke the story of the layoffs at Open Society. The charity’s largest expense in 2021 was for compensation, with nearly $72 million spent on pay and an additional $40 million on benefits and pension plans. The foundation, which supports a range of humanitarian and democratic causes, controls the majority of assets managed by the Soros family office, valued at $25 billion.

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The Soros organization is “the world’s largest private funder of independent groups working for justice, democratic governance, and human rights,” according to the foundation’s website. What the site doesn’t say is it has allegedly been involved in and allegedly funded numerous color revolutions across the globe to influence political control in a number of countries.

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Terresa Monroe-Hamilton
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