George Soros is making changes at his Open Society Foundations.
Soros is famously known for “The Man Who Broke The Bank of England” – 1992 Black Wednesday UK’s currency crisis Soros took a massive US$10 billion worth short GBP position which ended up netting him a cool $1 billion profit.
“Markets are constantly in a state of uncertainty and flux, and money is made by discounting the obvious and betting on the unexpected,” said George Soros.
“Markets are constantly in a state of uncertainty and flux, and money is made by discounting the obvious and betting on the unexpected”
Now George Soros is making changes at his Open Society Foundations, with many believing it could be the billionaire investors final significant move
George Soros, now an octogenarian, celebrated his 91 birthday.
Apart from his speculative deals with massive windfalls, George Soros came to be known for his Open Society Foundation.
The left learning foundation works to build vibrant and inclusive democracies whose governments are accountable to their citizens, according to the Open Society Foundation. Website.
George Soros is the founder and chair of the Open Society Foundation has given away more than $32 billion of his fortune to fund the Open Society Foundations’ work around the world.
But George Soros’s philanthropy through his foundation together with the Gates Foundation has been criticized by right-wing website Breitbart as the “Death Star,” which they claim funds movements that disrupt liberal democracies and oppose opposing voices.
“George Soros is the founder and chair of the Open Society Foundation has given away more than $32 billion of his fortune to fund the Open Society Foundations’ work around the world”
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George Soros is making changes at his Open Society Foundations with many nonprofit groups given one year’s notice of defunding
Funded groups would receive “tie-off grants,” which would be the final year of funding to ease the blow of getting cut off.
Open Society Foundation is the second-largest private charitable foundation in the US.
So, the implication of George Soros’s changes at his Open Society Foundations means that a large chunk of nonprofit organizations is receiving $400 million severance payments to organizations around the world. Moreover, more than 150 foundation employees took buyouts as part of the restructuring.
“from a high-water mark in the early 2000s, we’ve seen a recession of democracy and human rights” – Mark Malloch-Brown (president, Open Society Foundation)
George Soros is making changes entailing tie-off grants
Public health recipients were stunned to be told during a global pandemic that they would be losing funding. Others supporting refugees were similarly surprised given the worldwide needs of the refugee population.
In 2018, in George Soros’s native Hungary, Open Society was forced to close its office under intense pressure from the government of Prime Minister Viktor Orban, a one-time recipient of a grant from the group.
“From a high-water mark in the early 2000s, we’ve seen a recession of democracy and human rights,” Mark Malloch-Brown, the president of the foundation, said in an interview. “We’ve been a little bit peacetime generals at a time where we’re in a war again,” he added.
George Soros is making changes, primarily frugal cuts at his foundation but why?
The Soros Fund Management continues to rake in profits. Soros Fund Management’s top 10 13F stock positions generated an average return of 22.7% since the end of September 2020 and outperformed SPY’s return of 13.6%.
So, is George Soros making changes for political reasons?