Following last month’s reports that 92-year-old George Soros will pass control of global operations to his son Alex, the organization has announced it will cut its staff by up to 40 percent.
Cutting such a large amount of staff is never good news for an organization, with many questioning whether it’s related to the Alex Soros taking over, or something else.
As Bloomberg News reported:
Open Society Foundations, the nonprofit founded by billionaire George Soros, plans to cut at least 40% of its staff in the coming months.
The charity, which earlier this month confirmed Soros, 92, was handing control to his son Alex, said Friday its board approved “significant changes” to its operating model. That includes “a substantial reduction in headcount of no less than 40% globally,” according to a spokesperson.
Soros has donated more than $32 billion to the nonprofit, which had more than 500 employees as of the end of 2021, and gives money to humanitarian and democratic causes ranging from criminal justice reform to climate change initiatives. It currently controls the majority of assets managed by his $25 billion family office.
“The Board aims to transform operations across the global network, with the goal of generating a nimbler organization,” said a statement signed by the younger Soros and the nonprofit’s president Mark Malloch-Brown.
“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.”
However, the most telling part of the report is this:
The nonprofit’s biggest expense in 2021 was compensation, according to its most recently available tax form. It spent almost $72 million on pay and another $40 million on benefits and pension plans.
General Mike Flynn makes a valid point about the hypocrisy of Democrats regarding big money in politics.
“Democrats claim to be against big money in politics, but they’re all happy to take cash from Soros,” Flynn wrote.
In June, we reported George Soros was handing over control of the $25 billion empire to his younger son Alex.
The younger Soros has vowed to take things up a notch and pursue even more ultra-liberal causes.
The 37-year-old heir said he would broaden his father’s woke interests to include issues like “gender equality,” abortion rights, and voting.
Soros’ son will also throw himself into the nation’s political affairs before the 2024 election.
“I’m more political,” Alex told the Wall Street Journal when comparing himself to his father.
Alex Soros has visited the White House 17 times in a little over a year, meeting with big-name Democrats, and his organizations owned by George Soros met with Biden officials multiple times.
He was also recently photographed with Vice President Kamala Harris.
The Soros nonprofit Open Society Foundation currently directs about $1.5 billion annually to liberal causes worldwide.
Alex Soros’ profile on the Open Society website states he is also “the founding chair of Bend the Arc Jewish Action, and sits on the boards of Bard College, the Center for Jewish History, Central European University, the European Council on Foreign Relations, and International Crisis Group.”
He also told the Wall Street Journal he worried about the possibility of Donald Trump winning the 2024 presidential election, meaning we can expect billions to be pumped into the Biden presidential campaign.
“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.