Billionaire philanthropist George Soros has transferred control of his $25 billion financial and charitable empire to his son, Alex Soros.
In an interview with the Wall Street Journal, the Hungarian-born financier stated that his son had “earned it.”
For decades, the Soros family has directed their wealth toward supporting democracy-building initiatives in numerous countries. However, George Soros, now 92 years old and a former hedge fund manager, has recently faced the negative impact of anti-Semitic conspiracy theories.
A spokesperson for Soros confirmed the details of the interview, which was published on Sunday.
George Soros is known as one of the largest donors to the US Democratic Party, while his son Alex, a 37-year-old history graduate, is the second-youngest among his five children.