George Soros has just donated $18 Billion to the Open Society Foundations, which is a nonprofit organization. He is well-known to have championed several democratic causes since long. This donation will make this organization as the second largest philanthropic non-profit in the world.
It was in 1979 that George Soros created the Open Society Foundations. Today it has branches as well as partners all around the world. It supports democracies. Also, it fights various issues of injustice as well as discrimination, besides several other causes.
The total expenditure of Open Society Foundations is around $14 billion since its existence. Its budget for 2017 is $940.7 million. This includes grants that will be made to seven regions all around the globe. It would focus on several issues this year. This would include economic governance, reform in justice, human rights, and much more.
George Soros clearly states that he has been highly successful in the financial markets. This is why he enjoys more independence than other people. This is why he can take a stand on several issues that are controversial. In fact, he feels obliged to do so as he is known that others cannot take this privilege.
The net worth of Soros is $23 billion. He is on the list of the 400 richest billionaires in this country. He is 87 years old and a highly successful hedge fund manager. It was in 1969 that he founded the Soros Fund Management.
After the presidential elections of 2016, Soros had donated $10 million to fight against the hate crimes that had spurted after Trump got elected as the President of the US. Soros has always supported the Democratic nominee, Hillary Clinton. Read this article on politico.com about George.
This donation from Mr. Soros has made Open Society Foundations one of the top ranking philanthropic organizations. It has the second largest ranking in the U.S. just below the Bill and Melinda Gates Foundation. This information is based on the 2014 figures that have been taken from the National Philanthropic Trust.
Soros has influence over the strategy of Open Society Foundations as he is a part of the investment committee that was set up by him. He is the chairman of this committee.
There is a chief investment officer at the firm Soros. He does not report to George Soros but to the investment committee of Open Society Foundations.
Soros will not be trading the billions that he has now donated to Open Society Foundations. He will be trading his own money only which has been kept separately within his firm.
This is an ongoing process in which capital from a hedge fund is moved to support a non-foundation organization over the long term.
The Open Society Foundations was founded by Soros in 1979. It was set up to fight communism that was fast spreading all across Eastern Europe. He set up another foundation in 1984. This was in Hungary, which is the country where he was born. It used to distribute photocopiers to universities as well as libraries. This was the initiative taken by Soros to break the hold of the government on information. Visit The New York Times to learn more about George.