Billionaire Philanthropist George Soros Moves $18 Million to His Open Society Foundations

Billionaire philanthropist George Soros, who is known for financing a number of liberal causes in the world has in the recent past transferred $18 million to the accounts of his foundation, the Open Society Foundations. This makes George Soros to be in command of one of the most powerful philanthropy organizations in the US. The Open Society Foundations was launched back in 1979 and started by offering scholarship opportunities to the black South African people during the apartheid. The organization seeks to promote equality and justice around the world. This huge funds transfer propelled the foundation to the second position of the biggest foundations in the U.S. , as it is only second to the Bill and Melinda Gates Foundation.

Rejoinder

According to Eileen Heisman, the CEO at National Philanthropic Trust, this recent transfer of funds is big news. The recent move by the wealthy billionaire investor seems like he is distributing his wealth to his charity foundation. This will arm the Open Society Foundations with more funds to carry out its agenda and help in sorting out various projects that the charity supports. George Soros is estimated to have a net worth of around $24 billion and it is from this fortune that he has transferred the huge chunk of money to charity.George Soros did not comment on the recent donation but Laura Silber, the head of communications for the Open Society Foundations explained that they were not going to change their spending habits. The foundation plans to continue focusing on building more open societies through the advancement of democratic practices, justice and human rights. According to some sources from the foundation, who are privy to inside information, they revealed anonymously that George Soros is planning to leave his personal wealth in the hands of the foundation. The billionaire has been moving his wealth from his funds management to the Open Society Foundations silently over the years. The $18 billion has been a process that has taken several years before it was brought to light by a report appearing on the Wall Street Journal.

About Investor and Philanthropist George Soros

Soros is an old hedge fund manager who originated from Hungary. However, he had to escape from the country due to the persecution of Hungarian Jews during the Nazi occupation. George Soros and his family plus a couple of neighbors and friends were able to escape the holocaust by using falsified papers. Mr. Soros moved to London and enrolled himself at the London School of Economics whereby he worked as a railway porter and a waiter to support his education. Soros joined the world of finance and investments, where he made a huge fortune. He started his own hedge fund in 1969 and managed to become one of the most popular investors in the world especially in the year 1992 when he predicted the fall of the British pound and made a huge profit in the end.Mr. Soros is well known for supporting a number of liberal causes as well as democratic candidates. George Soros was a critic of President George Bush and the current U.S. president. He was one of the notable individual financiers of Hillary Clinton during the 2016 U.S. presidential campaigns.