George Soros, the billionaire with a giving heart

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Posted by omeditors | Posted in Business Expert, Business Minds | Posted on 24-11-2017

George Soros, the famous philanthropist, and billionaire recently transferred $18 billion of his own wealth to his Open Society Foundations. This now makes him one of the most powerful philanthropists in the history of the United States. Soros began his philanthropy in 1979. Since 1984, the Open Source Foundations has donated $14 billion. He launched a scholarship program that catered for black South Africans. This was aimed at promoting worldwide justice and equality. His recent donation makes him at per with one of the largest charitable foundations in America, that is the Bill and Melinda Gates Foundation, which was founded by Microsoft Corporation’s billionaires.George Soros is ranked 20th in the Forbes list of 400 wealthy Americans. He has a net worth of about $23 billion. He was born in Hungary and later fled from the country due to the communist regime that was prevalent during that time. Soros studied at the London School of Economics. He managed to pay tuition fees for himself while working as a waiter and a railway porter.

The Open Source Foundations management does not plan on changing its operations even after the new injection of finances. They mention that they will continue focusing on building societies that focus on human rights, justice, and democracy.The transfer of funds has been taking place over a considerable amount of time. This has been done through George Soros’ investment company, Soros Fund Management. The transfer has been estimated to have taken about a year.Soros started Soros Fund Management back in 1969. He has managed to grow the company to one of the most successful investment companies in the world. Soros Fund Management is well known for its speculation of currencies. In 2011, the company converted its investment funds to a family office that is responsible for handling Soros’ and his foundation’s finances. The Open Society Foundations has various offices around the world. Their presence is felt in over 140 countries. The workforce consists of 1,500 employees.

The foundation operates with a budget of $940 million. The largest chunk of the foundation’s money goes towards human rights and democratic practices. Another considerable chunk goes towards supporting other regional and national foundations that are operated by local boards. These local boards help in ensuring proper distribution of the Open Society’s grants takes place.George Soros is also known for his support towards American Democratic candidates as well as progressive causes. This has made him become a common target for political conservatives. He supported Hillary Clinton’s presidential campaign in 2016. Soros also supported several nonprofit organizations that had opposed Donald Trump during president George W. Bush’s campaign.George Soros has now given away over $32 billion. He is the founder of Central European University that is in Budapest. The university is well known around the region for the social sciences courses that are offered. Under George Soros’ leadership, the Open Society Foundation has offered thousands of promising students a chance to education. The foundation has catered to both their school and university fees. These students would have been excluded from this chance because of to their individuality or origin.

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