George Soros gives empire to son Alex

American billionaire philanthropist George Soros has announced that he has handed over the management of his $25 billion (£19.9 billion) financial and charitable empire to his son, Alex, stating, via an interview with the Wall Street Journal, that his son had “earned it.”

For several decades, the Soros family has dedicated their wealth to promoting democracy in numerous countries. However, in recent years, George Soros, a 92-year-old former hedge fund manager, has been the subject of baseless anti-Semitic conspiracies.

George Soros is renowned as one of the largest donors to the US Democratic Party, and his son Alex is the sole family member serving on the investment committee for Soros Fund Management, the entity responsible for managing the $25 billion on behalf of the family and the charitable foundation. In December, Alex took over as chairman of the Open Society Foundations (OSF) and is also responsible for his father’s “super PAC,” a US mechanism that directs funds to political parties.

Alex has described himseld as “more political” than his father and expressed his intention to campaign against Donald Trump’s potential bid for a second term as US president.