Liberal billionaire George Soros has transferred $18 billion in personal funds to his activist charity. He is expected to transfer another $2 billion within the next three years.
The massive donation knocked his net worth down from $23 billion to $8 billion, making him the 59th richest person in the country. It also makes the Open Society Foundations (OSF) one of the largest philanthropic nonprofits in the world, second only to Bill Gates’ charity in US assets.
It is unclear what Soros plans to do with the money, but OSF Chief Communications Officer Laura Silber says the donation will significantly change the way the foundation functions. “We’re going to operate as dictated by the needs and opportunities around the world, continuing to advance justice, human rights, and democratic practice,” says Silber.
For decades, Soros has used his wealth to promote liberal causes in the US and in Europe. In recent years, he has poured millions of dollars into Planned Parenthood, Black Lives Matter, and of course Hillary’s presidential campaign. He contributed $1.4 million to help pass a law that makes drug possession and minor theft charges misdemeanors in the state of California.
Soros has widely been criticized for his activities in Eastern Europe, and his political meddling has sparked protests in Serbia, Macedonia, Slovakia and Hungary. Hungarian Prime Minister Viktor Orban once called Soros a “puppet master” and accused him of ruining “the lives of tens of millions of people.”
Author’s Note: At at 87, Soros has to realize that his days in the spotlight are numbered. His massive donation makes me think that he is preparing his foundation to soldier on without him if he isn’t around for the next big liberal cause – or the next presidential election.
Two wealth managers familiar with the OSF believe the transfer may be a way for Soros to reduce taxes and/or to help his heirs avoid paying a crippling estate tax.
Editor’s note: Soros has proven over and over that he has a distorted view of America and its freedoms. This is a huge about of money, and if targeted to U.S. elections could be decisive in a number of races.