Radical billionaire George Soros’ Open Society Foundations (OSF) is slashing 40 percent of its workforce.
OSF, which is now controlled by the top Democrat donor’s son Alex Soros, confirmed media reports of staff cuts in a statement.
George Soros founded OSF in 1979 and personally led the organization until about a month ago when he handed over control of his multi-billion dollar empire to his son.
The board of directors has approved “significant changes” to the organization’s operating model that require “difficult decisions,” OSF said in a statement.
The move will make the foundation “nimbler,” the organization added.
“The changes are intended to maximize Open Society’s impact in helping to counter the forces currently threatening open and free societies,” said a joint statement released Friday by OSF Chair Alex Soros and Mark Malloch-Brown, the organization’s president.
OSF employs around 800 people worldwide.
Roughly 320 of those employees are now on the chopping block.
Barely a month ago, George Soros told The Wall Street Journal that he had ceded control of his $25 billion empire to his 37-year-old son, Alex Soros, as Slay News reported.
The younger Soros suggested that he would be even more politically engaged than his father.
The Democrat megadonor told the outlet that he initially didn’t want to cede control of the foundation to any member of his family “as a matter of principle.”
However, he said that he and his son “think alike” and that he’s taking over at the helm of the foundation because “he’s earned it.”
Alex Soros told the outlet that he’s “more political” than his father.
He also said he’s concerned that President Donald Trump might win the 2024 race for the White House.
“As much as I would love to get money out of politics, as long as the other side is doing it, we will have to do it, too,” he told the Journal, suggesting that the deep pockets of the Soros organization will be deployed to support presidential campaigns opposing Trump.
Alex Soros was quietly elected to the OSF board as its chairman in December 2022.
He now directs political activity as the head of Soros’ political action committee.
“We are going to double down on defending voting rights and personal freedom at home and supporting the cause of democracy abroad,” a spokesperson for Alex Soros told the Financial Times regarding his priorities for political action.
Alex Soros’s remarks to the Journal and the Financial Times suggest that the OSF and affiliated groups will continue to press ahead with the agenda charted by George Soros.
OSF President Mark Malloch-Brown recently argued for the adoption of a “new economic order” that would focus on “justice and stability.”
Malloch-Brown said in a speech that if there’s “one watchword for this new framework of global governance, it must be ‘inclusivity,’” and along with it, “a multilateralism that has the roots and staying power for the new world that we are going into.”
He said a challenge of this “new world” would be whether collective rights supersede individual rights and whether “the interest of the state to build that green transition, provide inclusive growth means that it’s at the expense of human rights.”
“It’s not at all clear where that battle lands, as it’s not at all clear where the battle for democracy lands,” Malloch-Brown said.
Some critics of the work of OSF have argued that its political agenda leans too far to the left.