George Soros is one of the Democrats’ strongest philanthropists, giving to many liberal causes and politicians. George Soros just transferred $18 billion dollars to his own foundation, Open Society Foundations. This massive contribution has shrunk his net worth. The Open Society Foundations has increased its reach through the entire world including North America and the United States.
According to Forbes, the Open Society Foundations has centers in more than 100 countries. It works to fight back authoritarianism, promote human rights and support minorities including refugees, the LGBT community and the Roma people in Europe. With the extensive work that Open Society Foundations has done, they have become the second largest charity, taking its place right behind the Bill and Melinda Gates Foundation. George Soros’ has spent much time in the United States, funding organizations such as Planned Parenthood and the Black Lives Matter. The Open Society Foundations was reported to have a budget of $940 million dollars this year. Open Society Foundations also gave grants to promote causes close to them including: justice reform, human rights and economic advancement.
According to the New York Times, the large contribution is intended to reduce George Soros’ taxes. According to tax rules, charities including Open Society Foundations are tax deductible. George Soros’ funds will still be managed by his Soros Fund Management. They just hired their first female chief investment officer with Dawn Fitzpatrick. George Soros was raised in Nazi occupied Budapest and later escaped Communist controlled Budapest in 1947, heading to London. George Soros eventually arrived in London, where he worked as a railway porter while also taking classes at London School of Economics, where he eventually earned a Master of Philosophy and a bachelor’s degree. He then left London and emigrated to New York, where he started his successful hedge fund. Over fifty years, George Soros has become one of the top financial leaders on Wall Street.
George Soros has been on the Forbes 400 list and has remained on that list since being named to it, thirty years ago. George Soros’ contributions has led to what The Atlantic calls the demonization of George Soros. Many on the right attempt to attack him with conspiracy theories. Despite those attacks George Soros continues to be a strong philanthropist helping the minorities. The Open Source Foundations continues to grow despite all the critics and their complaints. George Soros’ contribution to Open Societies Foundation has cut into his net worth.