George Soros’ foundation, which is now controlled by the billionaire activist’s son, plans to cut 40 percent of its workforce, according to reports and a statement from the Open Society Foundations (OSF)
The board of directors of OSF, which George Soros founded in 1979 and personally led until about a month ago, has approved “significant changes” to the organization’s operating model that require “difficult decisions” and will make the foundation “nimbler,” The Epoch Times has learned.
“The changes are intended to maximize Open Society’s impact in helping to counter the forces currently threatening open and free societies,” said a joint statement released Friday by George Soros’ son and OSF chair, Alexander Soros, and the organization’s president, Mark Malloch-Brown.
While OSF did not immediately respond to a request from The Epoch Times for more details, a spokesperson confirmed to CNN that the “difficult decisions” are job cuts amounting to at least 40 percent of the organization’s global workforce.
OSF employs around 800 people worldwide, with around 320 of those on the chopping block.
Barely a month ago, George Soros told The Wall Street Journal that he had ceded control of his $25 billion empire to his 37-year-old son, Alex Soros, who suggested that he would be even more politically engaged than his father.
The Democrat megadonor told the outlet that he initially didn’t want to cede control of the foundation to any member of his family “as a matter of principle.”
However, he said that he and his son “think alike” and that he’s taking over at the helm of the foundation because “he’s earned it.”
Alex Soros told the outlet that he’s “more political” than his father and that he’s worried about the prospect that former President Donald Trump might win the 2024 race for the White House.
“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 told the Journal, suggesting that the deep pockets of the Soros organization will be deployed to support presidential campaigns opposing Trump.
Alex Soros was quietly elected to the OSF board as its chairman in December 2022. He now directs political activity as president of Soros’s political action committee.
“We are going to double down on defending voting rights and personal freedom at home and supporting the cause of democracy abroad,” a spokesperson for Alex Soros told the Financial Times regarding his priorities for political action.