George Soros just transferred $18 billion to Open Society. That’s Billion with a B. The Open Society has instantly become one of the largest charities in the world.
Billionaire George Soros has transferred the bulk of his wealth to the Open Society Foundation, making it the second largest charitable organization in the world. Only the Melinda & Bill Gates Foundation is larger. However, while the Gates Foundation primarily focuses on non-controversial public health and education programs, Open Society has spent hundreds of millions of dollars funding politically targeted initiatives.
Soros’s investment firm is now being wound down and essentially absorbed into the Open Society. The leadership at the non-profit organization will ultimately control the investment firm. At one point, the Soros Fund Management was a $26 billion dollar hedge fund. However, the fund went private several years ago, returning money to outside investors.
In 2016, Soros gave $10.5 million to the Clinton campaign, and invested another $9.5 million to other liberal political causes.
Since then, Soros has pivoted more strongly towards philanthropy, and activist work. Soros has lived under both communist governments and Nazi occupation. In 1956, Soros moved to New York City. In 1979, already a wealthy investor, Soros began to donate money to various causes.
Soros poured millions of dollars into Hillary Clinton’s campaign in 2016. Soros gave $10.5 million to the Clinton campaign, and invested another $9.5 million to other liberal political causes, making him one of the most active donors in the election cycle.
Soros strongly opposed President Trump. Soros has blasted Trump on numerous occasions, calling him a “would-be dictator”, and stating that he would “fail.”
His [Trump’s] ideas that guide him are inherently self-contradictory and the contradictions are already embodied by his advisors.- George Soros
Soros believed that stock markets would tank after Trump took office, and bet against Wall Street. However, since Trump’s election, stock markets have surged roughly 25%, surely costing Soros money. Whether surging markets are due to Trump, his predecessor, or larger economic trends, remains unknown.
Who Does Soros Fund?
A variety of liberal activist groups have been funded by George Soros, including Black Lives Matter, All of Us or None, Alliance for Justice, and Catholics for Choice. Open Society most heavily supports democratic practice, economic governance, human rights movements, and justice reform.
Across the board, Soros funds “liberal” organizations. Many other billionaires who become active in politics tend to skew conservative. Even more liberal billionaires, such as Warren Buffet, tend to stray away from getting directly involved in politics. However, Soros has shown no qualms about throwing his weight behind liberal causes.
Many have also accused Soros of funding the controversial ANTIFA group. ANTIFA has been involved in a number of violent clashes with right-wing groups, and at times, more moderate liberal groups. However, there is no evidence that Soros has directly supported the group.
Abroad, Soros’s policies are even more heavily scrutinized. Former Macedonian PM Nikola Gruevski has stated:
“If it were not for George Soros behind it with all the millions he pours into Macedonia, the entire network of NGOs, media, politicians, inside and out … the economy would be stronger, we would have had more new jobs.”
Soros also funds the Central European University in Hungary. Outside of the United States, Eastern Europe is the largest destination for Soros’s donations. Many of his activities in Europe have been met with skepticism and sometimes outright hostility. The Hungarian Parliament, for example, passed a law to shut down the Central European University.
Soros hasn’t been targeted with widesweeping laws in the United States. However, many conservatives are highly suspicious of the billionaire and his philanthropic efforts.