Category: Leader

George Soros makes massive $18 billion transfer to his foundation

Over a period of few years, George Soros made an $18 billion contribution to his Open Society Foundation. This has made OSF as the second-largest foundation in the country, only second to the Bill and Melinda Gates Foundation. The Open Society Foundation now owns a majority of George Soros’ massive fortune. The 87-year-old George Soros has plans to give the rest to the Open Society Foundation during his lifetime or when he dies. His hedge fund’s strategy is now set to be determined by the Open Society Foundation’s investment committee.

At the end of 2015, the Open Society Foundation had $7.3 billion in assets and now assets have totaled $25 billion. George Soros has been making $800 million to $900 million each year and will be making a $2 billion contribution in the near future. The Open Society Foundations have awarded $14 billion in grants. The Open Society Foundation is beginning to curtail its macro trades, which are wagers on stocks, commodities, interest rates as well as the directions of currencies. The foundation will not be awarding more grants or expanding its programming.

George Soros’ sudden massive transfer was processed to minimize a tax bill that hedge fund managers like himself are facing. Hedge fund managers including George Soros had to pay taxes on fees associated from assets in offshore funds, but had previously deferred payment on. Soros and others are making charitable donations to organizations including their own foundations, to lessen the tax burden. Hedge fund managers together are holding $800 billion offshore. Managers such as George Soros could be facing a income tax rate of nearly 40 percent, not including state and local taxes. The tax break was eliminated in 2008 during the financial crisis.

George Soros has been a major contributor to Democratic candidates and liberal causes. Soros was a major donor to the Hillary Clinton presidential campaign in 2016. After the 2016 election, George Soros and the Open Society Foundation has turned their focus toward protecting minority groups during a time of “national wave of hate incidents.” George Soros and the Open Society Foundation have launched programs that protect gays and lesbians. They also have programs working to decrease police abuse. The Open Society Foundation has operations all over the world including South Africa, where they funded treatment centers for those affected by the Ebola outbreak. Soros has been advising those in the investment circles.

George Soros was originally born and raised from Hungary. He managed to survive Nazi occupation by securing fake documents and identities. He escaped Communism by fleeing to London and where he studied at the London School of Economics and worked as a railway porter. George Soros is best known as the man who broke the London bank, after a massive wager. George Soros then emigrated to the United States, where he became a successful hedge fund manager on Wall Street in New York. George Soros continues to stay involved with his foundation’s projects. George Soros continues to help the minority groups all over the world.

About George Soros: www.nytimes.com/topic/person/george-soros