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A nonprofit organization set up by billionaire George Soros is set to cut nearly half its workforce under its new leadership.
Open Society Foundations announced Friday it would lay off at least 40 percent of its 800-person-strong workforce as its new chairman, Alex Soros, plans to use his family’s $25billion fortune to advocate for more woke causes and become more involved in elections.
He and President Mark Malloch-Brown said in a statement they would implement ‘significant changes to the foundation’s operating model… in the coming months.’
Those changes include significant layoffs, a spokesperson for the organization has confirmed, though it remains unclear which branches of the nonprofit would be most affected.
The announcement comes less than one month after Soros, 92, ceded control of his empire to Alex, 37, who has claimed he is ‘more political’ than his notorious liberal father.
Alex Soros, pictured in 2017, took control of his father’s empire last month
The 37-year-old has claimed to be ‘more political’ than his 92-year-old father, George
George founded a predecessor to the Open Society Foundation in his native Hungary in 1984, with the goal of ‘encouraging dissent behind the Iron Curtain.’
But over time, the foundation morphed into a larger machine promoting democratization, education, public health and the arts across the world.
It has disbursed more than $19billion in grants throughout its lifetime, after George donated more than $32billion.
Open Society Foundation currently controls the majority of assets maintained by the Soros family, but, Bloomberg reports, much of that money has gone to compensation for its employees.
In 2021, Open Society spent nearly $72million on pay and another $40million on benefits and pension plans, making employee compensation its biggest expenditure that year.
‘The Board aims to transform operations across the global network, with the goal of generating a nimbler organization,’ Alex and Mark Malloch-Brown said in their statement Friday.
They added that the changes to the internal workings of the organization ‘are intended to maximize Open Society’s impact in helping to counter the forces currently threatening open and free societies.
‘The Board expects that this new model will create a culture of “strategic opportunism” at the foundations and among the grantees they support,’ the statement continued.
‘This proposed new mode would favor both longer-term “patient capital” approaches as well as tactical short term needs.
‘While Open Society works on these internal changes, the Board remains firmly committed to the foundation’s core priorities — democracy, human rights, climate justice and addressing inequity.’
Open Society Foundations currently controls the majority of assets maintained by the Soros family, but much of that money has gone to compensation of its employees
The 37-year-old heir had previously told the Wall Street Journal he plans to broaden his father’s woke aims, but will embrace different causes like abortion rights and gender equality
Speaking to the Daily Beast, Samuel Brunson, who researches nonprofits at Loyola University School of Law, said the downsizing is not surprising, given that Alex may ‘have different priorities and goals’ than his father.
The 37-year-old heir had previously told the Wall Street Journal he plans to broaden his father’s woke aims, but will embrace different causes like abortion rights and gender equality.
To do so, Alex said he plans to use about $125million of the family’s $25billion reserve for its super PAC — which has backed the election campaigns of woke district attorneys and other law enforcement officials seeking to reduce incarceration rates and perceived racial bias in the justice system.
‘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,’ Alex Soros said.
He also said he was concerned about the possibility of Republican Donald Trump returning to the White House — suggesting the family will contribute greatly to Democrats in the 2024 presidential election.
‘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.
Still, Alex insisted he still plans to use the majority of his family fortune for the OSF.
Though Alex said he does not back every leftist cause. In contrast with many others on the left, Alex said he believes free speech on campus has become too restricted.
‘I have some differences with my generation in regard to free speech and other things,’ he said.
‘I grew up watching Bill Maher before bed, after all,’ he noted, referring to the TV personality who has spoken out against limitations on free speech on college campuses.
Alex has promised to be more political than his father, though he does not back every liberal cause and has lamented restricted speech on college campuses
Alexander Soros, 37, frequently posts shots of himself with Democratic politicians including Nancy Pelosi and Barack Obama
It marks a change in tone from his father who typically keeps a lower profile and exerts his influence through donations made to liberal causes. He is pictured with Pelosi, left, and Pictured with Secretary of Transportation Pete Buttgieg, right
In the last few months, Alex Soros has transformed his image from playboy to Washington heavyweight posting pictures of himself with Democrats, including Barack Obama and Nancy Pelosi.
Recently-updated White House logs reveal he has visited at least 14 times since December 2021.
Last year, Alex made two trips in April, three in September, four in October and four in December.
Another visit was logged in December 2021.
On December 1, 2022, he met with then Chief of Staff Ron Klain’s advisor Nina Srivastava who worked on Biden’s presidential campaign.
The same day he was one of 330 people to attend a state dinner hosted by the President and First Lady Jill Biden.
The moves comes as he promises to continue to back liberal causes and candidates, much like his father. George made his billions as a hedge fund tycoon in the UK.
Soros has also thrown millions of dollars behind liberal DAs – either with outright donations or funneled through political action committees – effectively buying elections and leading to the installment of at least 75 prosecutors who support his leftist agenda.
George Soros has pumped at least $40million into backing woke district attorneys
The billionaire’s DAs have stripped away bail laws and opted to forgo prosecuting crimes like theft and reckless driving, effectively giving criminals a free pass and leading to the breakdown of law and order across the United States.
As a direct result, crime has skyrocketed in major cities overseen by Soros’s DAs. In 2021 under Kim Foxx’s reign, Chicago had the most murders it’s seen since 1994. And in Philadelphia, drug use and violent crime has seen a surge since Larry Krasner took office.
The Hungarian-American financier has also been thrown into the spotlight in recent weeks as he became embroiled in the fall-out surrounding Trump’s arrest.
Trump frequently accuses George of funding Manhattan DA Alvin Bragg and suggesting he is to blame for the case that centers around a $130,000 hush money payment made to porn star Stormy Daniels.
George donated $1 million in 2021 to the left-leaning Color of Change political action committee that backed Bragg.
On April 2, the Trump campaign wrote: ‘Leftist Democrat District Attorney Alvin Bragg concocted a sham indictment of President Donald J. Trump. It is an unprecedented political persecution of the 45th President of the United States and a blatant attempt to interfere in the 2024 election.’
It added that ‘the American people and Republican primary voters, in particular, are outraged by the weaponization of our justice system by George Soros’ hand-picked and funded Manhattan DA against a completely innocent person and the leading Republican candidate for president.’
But George vehemently hit back at the accusations as he claimed he had no connection to Bragg.
His spokesman Michael Vachon said: ‘George Soros has never met, spoken with, or otherwise communicated with Alvin Bragg.
‘Neither George Soros nor Democracy PAC (a PAC to which Mr. Soros has contributed funds) contributed to Alvin Bragg’s campaign for Manhattan District Attorney.’
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