from ZeroHedge:
George Soros is handing control of his $25 billion empire to his son Alex – who in recent years has been seen flying around the world to conduct business on behalf of his family’s Open Society Foundation.
In doing so, the 92-year-old Soros is passing over the family’s one-time ‘heir apparent,’ Jonathan Soros, 52 – the third child from George’s first marriage, and a Harvard-trained lawyer who stabilized the Soros investment firm after a tumultuous period saw several investment chiefs come and go.
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I expected Jonathan to be the one,” said former Open Society Foundation president Aryeh Neier, who ran the organization from 1993 to 2012.
Jonathan Soros thought he was the one as well, telling the Wall Street Journal; “I always knew he could change his mind,” adding “As a trader, it’s the thing he’s most famous for.”
Their differences upended the succession plan. George was impulsive. Jonathan was analytical and contemplative. Jonathan was respectful of George but pushed back when he disagreed with his father’s decisions, according to people who worked with them. When they butted heads about two senior hiring choices, George felt his authority challenged. Jonathan felt undermined.
Looking to keep peace in the family, Jonathan left the Soros’s investment business in 2011, he said. His father soured about picking him to lead the foundation. “We didn’t get on on certain points,” George said. “That became evident to both of us, particularly to him, and he wanted to be out on his own.” -WSJ
“We ended our business relationship on pretty good terms,” said Jonathan of his father. “I was disappointed but not regretful.”
Enter Alex – the oldest of two sons from George’s 2nd wife, Susan Weber, who was elected chairman of the Open Society Foundation in December and is now responsible for directing political activity as president of Soros’ super PAC.
Alex – once an unlikely choice to lead the family – cared little about finance and instead loved football and philosophy. He’s described by the Journal as a once-introverted fat kid who was embarrassed by his family’s wealth who blossomed into a red-shoe wearing party animal.
He cared little about finance and couldn’t persuade his father to watch football. Instead, they spent hours discussing ideas and global politics. His thesis topic, “Jewish Dionysus: Heine, Nietzsche and the Politics of Literature,” thrilled his father. For Alex, “it’s football, philosophy and politics, in that order,” said Svante Myrick, one of his friends. -WSJ
But now, it’s all business.
“I’m more political” said Alex, who recently met with officials from the Biden administration, Senate Majority Leader Chuck Schumer (D-NY) and heads of state such as Brazil’s President Luiz Inácio Lula da Silva and Canada’s Prime Minister Justin Trudeau to discuss affairs related to the Open Society Foundation – which donates roughly $1.5 billion per year to various causes and groups around the world.
