George Soros, founder and CEO of Soros Fund Management just made a large donation of $18 billion to his foundation Open Society Foundations. The donation will be spread out over the several years and is part of an asset transfer. George Soros has decided to leave a large majority of his estate with the Open Society Foundation. This sudden transfer of wealth has turned the foundation into the second largest organization in the country, coming in right behind the Bill and Melinda Gates Foundation. Another possible reason behind this decision is to lessen a tax burden that Soros is facing.
This year George Soros and hedge fund managers alike face a end of the year deadline to pay taxes on earned fees from offshore fund assets. Many of them have turned to make charitable donations, to offset the tax burden.
George Soros is currently the chairman of the Open Society Foundations and three of his kids are active board members. George Soros is originally from Hungary. Soros and his family survived Nazi occupation by securing false identities and fake papers. He fled Hungary during the communist takeover for London. George Soros attended the London School of Economics and worked as a railway porter during the nights. He then emigrated to New York where he began to leave his impact on Wall Street. George Soros has become known as the man who broke the London bank, making $1 billion off that bet. George Soros started own hedge fund and ended up investing on behalf of his own family and his foundation.
George Soros has spent his money and time supporting Democratic candidates and certain liberal leaning causes. George Soros was a major contributor to Hillary Clinton’s 2016 presidential campaign. His foundation was launched to promote democracy human rights and free press. The Open Society Foundation has turned their focus to protecting minority groups such as LGBTQ community and the Roma people. George Soros says the foundation is responding to what he calls “a national wave of hate crimes.” George Soros has contributed $10 million to prevent violence. George Soros has been making donations to his foundation of nearly $800 million to $900 million each year. He’s expected to contributed another $2 billion over the next few years.
The Open Society Foundation said that they still will not award any more grants. The foundation has already spent $900 million on grants, which is more than the legal requirement. While George Soros may be getting old, he still has an active role in the organization’s work. George Soros continues to help people and those neglected throughout the world. The Open Society Foundation previously funded treatment centers in South Africa for the Ebola outbreak. While Soros Fund Management’s client is philanthropy, it’s expected for it to limit its macro trades, which are wagers on stocks, commodities and the direction of currencies. The foundation is not planning to increase its programming in the near future. Within his Soros Fund Management, he has accrued $13.3 billion.
George Soros’s Social Media: twitter.com/georgesoros