The New York Times recently released an article discussing what is perhaps the largest transfer of wealth by a single sponsor. George Soros, the billionaire hedge fund manager, famous for shorting the British pound in 1992, made waves through his latest philanthropic effort, donating $18 billion to his Open Society Foundation, which he founded more than 30 years ago. This massive donation to Open Society has been taking place over the course of the last few years, yet it was only recently disclosed to the public. Mr. Soros’ Open Society Foundation made the leap to the second largest philanthropic organization in the U.S., trailing only the Bill and Melinda Gates Foundation.
George Soros has been known for his backing of the Democratic Party, donating significant amounts to their causes, most recently, in an effort to defeat Donald Trump during the 2016 Presidential Election. Many have speculated that this donation to Open Society, which has been continuous in its efforts to promote democracy around the world, will make him an even greater target for his critics. As of late, Open society has been placing a much larger emphasis on current human rights issues plaguing the United States, particularly those faced by the LGBT population, as well as minorities. After a rise in hate crimes across America, which Mr. Soro’s suggested correlated with the outcome of the most recent Presidential Election, he decided to donate $10 million to the cause. According to the Vice President of Open Society, Patrick Gaspard, Donald Trump’s victory in the Presidential Election has given the foundation an increased sense of urgency, and read full article.
Throughout his career, George Soros’ dedication to improving human rights throughout the world has continued to remain at the forefront of his agenda, and this staunch commitment can be directly attributed to his experiences living in Nazi-occupied Hungary during World War II. After escaping Hungary, Mr. Soros relocated to London, and eventually to the United States, where he would acquire his fortune on Wall Street. Continuing to up-the-ante regarding his efforts to promote democracy as his wealth increased, Mr. Soros decided to open the first Open Society in his native Hungary in 1984, taking the name of his foundation from a book written by Karl Popper. While Mr. Soro’s massive donation to Open Society has recently made headlines around the world, he has been donating large sums to the foundation for a number years, contributing around $800 million annually. The recent increase in his donations to Open Society has been attributed as being a part of his estate planning, and it is estimated that over the next few years, Mr. Soros plans to donate at least $2 billion more. Darren Walker, the President of the Ford Foundation, publicly lauded Mr. Soros and Open Society for their consistent efforts in impacting the world over the last few decades, citing these efforts as being unmatched by any other foundation, including the one that he heads. Today, at the age of 87, Mr. Soros remains committed to the causes that have been so great a part of his storied career, and https://www.nytimes.com/2017/10/17/business/george-soros-open-society-foundations.html.