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George Soros Transfers Billions to Open Society Foundations George Soros Transfers Billions to Open Society Foundations
(about 1 hour later)
George Soros, the billionaire hedge fund manager and Democratic political donor, has given the bulk of his wealth to the Open Society Foundations, the philanthropy he founded to promote democracy and human rights around the world, foundation officials said Tuesday.George Soros, the billionaire hedge fund manager and Democratic political donor, has given the bulk of his wealth to the Open Society Foundations, the philanthropy he founded to promote democracy and human rights around the world, foundation officials said Tuesday.
In recent years Mr. Soros has moved about $18 billion of his own money into Open Society, making it the second largest foundation in the United States by assets, according to the National Philanthropic Trust.In recent years Mr. Soros has moved about $18 billion of his own money into Open Society, making it the second largest foundation in the United States by assets, according to the National Philanthropic Trust.
The only larger charity is the Bill and Melinda Gates Foundation, which has an endowment worth some $40 billion and focuses on global health and development issues. The news was first reported by The Wall Street Journal.The only larger charity is the Bill and Melinda Gates Foundation, which has an endowment worth some $40 billion and focuses on global health and development issues. The news was first reported by The Wall Street Journal.
The foundations have funded treatment centers during the Ebola outbreak in 2014 and, more recently, efforts to protect people in the United States targeted during “a national wave of hate incidents following the 2016 election,” the organization said.The foundations have funded treatment centers during the Ebola outbreak in 2014 and, more recently, efforts to protect people in the United States targeted during “a national wave of hate incidents following the 2016 election,” the organization said.
Though a great fortune will now be at the disposal of Open Society, there are several ways in which not much will change.Though a great fortune will now be at the disposal of Open Society, there are several ways in which not much will change.
The foundation said it did not plan to increase its grant-making activity anytime soon, or to dramatically expand its programming.The foundation said it did not plan to increase its grant-making activity anytime soon, or to dramatically expand its programming.
And Mr. Soros’s fortune will still be managed by familiar hands. Open Society invests its endowment with Soros Fund Management, the billionaire’s family office.And Mr. Soros’s fortune will still be managed by familiar hands. Open Society invests its endowment with Soros Fund Management, the billionaire’s family office.
The Open Society Foundations is less a single entity than a network of interconnected operations. The first foundation opened in 1984 in Hungary, where Mr. Soros was born. The most recent foundation opened last year in Myanmar.The Open Society Foundations is less a single entity than a network of interconnected operations. The first foundation opened in 1984 in Hungary, where Mr. Soros was born. The most recent foundation opened last year in Myanmar.
At times, the foundations’ efforts have grated with local governments. The government of Hungary has clashed with a university Mr. Soros founded there. And Mr. Soros, a major donor to Democrats including Hillary Clinton, has become a frequent target of right-leaning critics.At times, the foundations’ efforts have grated with local governments. The government of Hungary has clashed with a university Mr. Soros founded there. And Mr. Soros, a major donor to Democrats including Hillary Clinton, has become a frequent target of right-leaning critics.
To date, Mr. Soros has funded the group through annual donations of around $800 million or $900 million per year. To date, Mr. Soros has funded the group through annual donations of around $800 million or $900 million.
Open Society’s name is drawn from the title of a book by the philosopher Karl Popper, “Open Society and Its Enemies,” in which he argues for democratic governance, free expression and respect for individual rights.Open Society’s name is drawn from the title of a book by the philosopher Karl Popper, “Open Society and Its Enemies,” in which he argues for democratic governance, free expression and respect for individual rights.
Born in 1930, Mr. Soros lived under Nazi occupation in Hungary. With Budapest under Communist rule in 1947, he left for London and then the United States, where he found success on Wall Street.Born in 1930, Mr. Soros lived under Nazi occupation in Hungary. With Budapest under Communist rule in 1947, he left for London and then the United States, where he found success on Wall Street.
In 1992 Mr. Soros made a $1 billion bet against the British pound, a trade that “broke the Bank of England,” when his aggressive selling of the currency pushed the government to devalue the pound.In 1992 Mr. Soros made a $1 billion bet against the British pound, a trade that “broke the Bank of England,” when his aggressive selling of the currency pushed the government to devalue the pound.
Mr. Soros, 87, has continued to play the markets long after he stepped away from day-to-day management of his entire portfolio. Last year he wagered on Britain’s vote to leave the European Union and profited when shares of Deutsche Bank fell.Mr. Soros, 87, has continued to play the markets long after he stepped away from day-to-day management of his entire portfolio. Last year he wagered on Britain’s vote to leave the European Union and profited when shares of Deutsche Bank fell.
Not all his trades have been so successful. Also last year, he lost about $1 billion betting that Donald J. Trump would lose the presidential election.Not all his trades have been so successful. Also last year, he lost about $1 billion betting that Donald J. Trump would lose the presidential election.
Mr. Soros recently shook up oversight of his family office. Earlier this year, Dawn Fitzpatrick took over as the chief investment officer of Soros Fund Management.Mr. Soros recently shook up oversight of his family office. Earlier this year, Dawn Fitzpatrick took over as the chief investment officer of Soros Fund Management.