George Soros hands over leadership of US$25 billion empire to younger son Alex Soros

George Soros will cede control of his company to his youngest son Alexander Soros. Photo / Getty Images

Billionaire investor turned philanthropist George Soros is ceding control of his US$25 billion empire to a younger son, Alexander Soros, despite reports his older son Jonathan Soros was set to take the reins.

Alexander, 37, once thought to be a ‘long shot’ to take over, will now have control of the empire. He was once more known for his lifestyle than his activity in the political world.

In 2016, Alexander was depicted in the media as a billionaire playboy who spent his days “shuttling models” back and forth between his multiple estates for parties. In 2021 he was reported to have left a $700 tip after buying tequila from a bar in Brooklyn during a night he was spending with two women.

In comparison, Jonathan Soros, one of three children George Soros had with former wife Annaliese Soros, has studied at Wesleyan University and holds degrees from Harvard in both law and public policy. He also worked with the Soros investment firm from 2002.

Former president of Soro’s flagship company Open Society Foundations, Aryeh Neiher told the Daily Mail that he “expected Jonathan to be the one” to take over once George Soros stepped down.

Jonathan agreed, saying he always expected his father to change his mind.

“As a trader, it’s the thing he’s most famous for.”

According to the Daily Mail, the relationship between Jonathan and George came to a head in 2011, when the pair disagreed over hiring for senior positions.

Jonathan now lives with his wife and family in New York and claims he is on “good terms” with his father. The two are now “friendly but not close,” according to the Wall Street Journal.

George said they “didn’t get on at certain points,” and claimed Jonathan “wanted to be out on his own”.

Alex’s appointment was a surprise move. In the past, George Soros had said he did not want his foundation to be passed on to one of his children “as a matter of principle”.

He has since backtracked on that, claiming Alex “has earned it”.

Ahead of the appointment, the younger Soros has made a point to present a more professional image, befriending multiple people of note, including Nancy Pelosi, Barack Obama and US Senator Chuck Schumer, AP reported.

Alex said he was broadening his father’s “liberal aims” and embracing different causes including voting and abortion rights, as well as gender equity. He said he aims to keep using the family’s wealth to back left-leaning US politicians.

According to reports, Alex Soros recently met with Biden administration officials, Senate Majority Leader Chuck Schumer and heads of state, including Brazil’s President Luiz Inácio Lula da Silva and Canada’s Prime Minister Justin Trudeau, to push for issues related to the family foundation.

In December, the board of Open Society Foundations elected Alex as its chairman, succeeding his father. The newspaper also reported that Alex now directs political activity as president of Soros’s super PAC.

The Wall Street Journal reported that the younger Soros is the only family member on the investment committee overseeing Soros Fund Management, which manages money for the foundation and the family.

During the interview with the newspaper, Alex expressed concern that former President Donald Trump would return to the White House and hinted that the Soros organisation would play a key financial role in the 2024 presidential race.

“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 the interview that took place at the fund manager’s New York offices.

Alex is the oldest of two sons from George Soros’ marriage with his second wife, Susan Weber.

Soros’ business holdings include his nonprofit Open Society Foundations, which is active in more than 120 countries around the world and funnels about US$1.5 billion annually to groups such as those that back human rights and promote the growth of democracies around the world, according to its website.

The fight over control of the Soros empire is reminiscent of the TV show Succession, which saw a family fight for control of a media empire. The show featured the children scheming to run the company.