George Soros' foundation lays off 40% of workforce after passing control over to his son

Open Society Foundations, the global philanthropic organization founded by billionaire investor George Soros, has announced significant job cuts, affecting at least 40% of its workforce. This development comes just a month after the 92-year-old Soros handed over control of the multi-billion-dollar foundation to his son, Alexander Soros.

Alexander Soros, along with the foundation's president, Mark Malloch-Brown, released a statement outlining the forthcoming changes to the organization's operating model. The statement emphasized the need for transformation to create a more agile organization capable of building upon past achievements and addressing urgent and emerging challenges.

A spokesperson for the Open Society Foundations acknowledged the difficult decisions involved in implementing the organization's new vision and confirmed plans to reduce the global headcount by a minimum of 40%. Currently, the foundation employs approximately 800 staff members worldwide.

In June, George Soros appointed his 37-year-old son, Alexander Soros, as the new chair of the foundation. In an interview with the Wall Street Journal, Alexander expressed shared values with his father but highlighted his own stronger political inclinations. He also mentioned his intention to shift the foundation's focus more towards domestic politics in the United States.

Since assuming leadership, Alexander Soros has engaged in meetings with officials from the Biden administration and liberal leaders from various countries, including Brazilian President Luiz Inácio Lula da Silva and Canadian Prime Minister Justin Trudeau, according to the Wall Street Journal.

With a net worth estimated at $6.7 billion by Forbes, George Soros has donated a staggering $32 billion to his foundation since its establishment in 1984. Open Society Foundations is recognized as the world's largest private funder of independent groups dedicated to justice, democratic governance, and human rights, as stated on the foundation's website.

As the organization transitions under Alexander Soros' leadership, the workforce reduction signifies a significant shift in the operations and direction of Open Society Foundations, representing a new chapter in its philanthropic endeavors.