The global charity run by the billionaire will cut at least 40% of its staff
George Soros at an event in Davos, Switzerland, May 24, 2022. © Fabrice Coffrini / AFP
The non-profit organization Open Society Foundations run by billionaire and philanthropist George Soros is laying off many of its staffers as part of the ongoing reorganization.
The process includes “a substantial reduction in headcount of no less than 40% globally,” a spokesperson told US news agencies. The charity employed more than 500 people as of the end of 2021, according to Bloomberg.
On Friday, the nonprofit’s board of directors released a statement, announcing “significant changes” to the operating model “intended to maximize Open Society’s impact in helping to counter the forces currently threatening open and free societies.”
Soros, 92, is in the process of handing over the control of his $25 billion empire to his 37-year-old son Alexander. The younger Soros told the Wall Street Journal last month that his views are similar to his father’s, and that he is “more political.”
Soros, who has made his fortune in finance and hedge-fund managing, has championed various liberal and progressive causes at home and abroad, which often drew criticism from conservatives.
READ MORE: George Soros names heir to financial empire – WSJ
Countries, such as Russia and Hungary, have accused Soros of meddling into their domestic affairs. In 2015, Russia banned several Soros-affiliated NGOs as “undesirable” organizations.
