George Soros Skips Former ‘Heir Apparent’ — Hands Reins Of Empire To ‘More Political’ Son Alex

June 12, 2023 in News by RBN Staff

source:  zerohedge

MONDAY, JUN 12, 2023 – 05:11 AM

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.

George Soros, left, and Alex Soros Photo: Alexander Soros via WSJ

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.

I expected Jonathan to be the one,” said former Open Society Foundation president Aryeh Neier, who ran the organization from 1993 to 2012.

From left, Jonathan Soros, David Miliband, president and CEO of the International Rescue Committee, and George Soros at a 2013 benefit event in New York. Photo: Neilson Barnard/Getty Images for International Rescue Committee

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 Soros wearing bright red shoes

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.

Foundation money also goes to universities and other educational organizations. The Soros super PAC, Democracy PAC, has backed the election campaigns of district attorneys and law-enforcement officials seeking to reduce incarceration rates and racial bias in the justice system, among the efforts that have riled the right.

The selection of Alex, a hip-hop fan and New York Jets devotee, was once a long shot. Early on, Alex barely spoke up in meetings and was best known for his highflying social life. “Gorgeous models, NBA pals and hide-and-seek at his mansion: Welcome to the lavish life of investor George Soros’ playboy son,” said one Daily online headline in 2016. -WSJ

Alex is also the sole Soros on the investment committee overseeing Soros Fund Management – which will migrate most of its $25 billion to the Open Society Foundation in the years ahead. Approximately $125 million has been set aside for the super PAC.

Between 2004 and 2006, Alex worked part time at the foundation. According to people who worked there, he didn’t make much of an impression – much less as a likely successor.

“Alex used to come to board meetings, but he hardly spoke,” said Neier.

Orange Man Bad

According to Alex, he’s concerned about the prospect of Donald Trump retaking the White House in 2024 – and has suggested a ‘significant financial role’ for the Soros organization in the effort to defeat him.

“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, as if his Super PAC didn’t employ Marc Elias, the Democrat superlawyer who worked tirelessly to change election laws leading up to the 2020 election.

According to Elon Musk – who recently compared George Soros to supervillain Magneto, the selection of Alex was “just a formality,” as “Alex has been de facto in charge for several years.”

The Journal cites Alex as suggesting that speed had become too constrained on college campuses and elsewhere, saying: “I have some differences with my generation in regard to free speech and other things—I grew up watching Bill Maher before bed, after all.”

Not everyone has sharks with lasers on their heads, Alex…