Soros' Open Society Foundations Cuts at Least 40 Percent of Staff

Open Society Foundations, the grant-making nonprofit founded by billionaire George Soros and used to control most of the assets managed by the family's $25 billion office, is planning to cut at least 40% of its staff in upcoming months. 

The move comes after Soros, 92, confirmed last month that he had handed over control of his company to his son Alex, Bloomberg News reported Friday. 

A spokesman for the charity said its board has approved "significant changes" to its operating model, including a "substantial reduction in headcount of no less than 40% globally. 

Over the years, the elder Soros has donated more than $32 billion to the nonprofit, which at the end of 2021 had more than 500 employees and donated money to humanitarian causes, as well as left-wing initiatives such as criminal justice reform and climate change matters. 

"The Board aims to transform operations across the global network, to generate a nimbler organization," it said in a statement signed by Alex Soros and Mark Malloch-Brown, the nonprofit's president.

Even with the internal changes, "the Board remains firmly committed to the Foundation’s core priorities — democracy, human rights, climate justice, and addressing inequity," the statement also said. 

The foundation's most recently available tax form shows that its largest expenditure in 2021 was for compensation, spending almost $72 million on pay and $40 million more for benefits and pension plans. 

Meanwhile, in a recent interview with The Wall Street Journal, Alex Soros, at 37, says he is "more political" than his father, whose money has been used for years to help finance campaigns for Democrat figures.

Conservatives have denounced funding tied to George Soros as an agenda for criminal justice reform that is soft on crime. 

Alex Soros says he is concerned about former President Donald Trump's candidacy for the White House, and told The Journal that "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."

The younger Soros has met with Biden administration officials, Senate Majority Leader Chuck Schumer, Brazil President Luiz Inácio Lula da Silva, and Canadian Prime Minister Justin Trudeau to push for issues related to his family's foundation.