Business, CEO Profile

George Soros to Make a $2 billion Donation on Top of the $18 Billion he has Already Donated to the Open Society Foundation

The Open Society Foundation is the second-biggest philanthropic organization in the U.S, closely trailing the Bill and Melinda Gates Foundation. George Soros, a business magnate and philanthropist, started the first Open Society Foundation in Hungary over three decades ago. Over the years, Soros has made annual donations to the foundation; he commits $800 million or $900 million to the organization each year. Recently, analysts estimated that Soros had donated over $18 billion to the charity. What’s more, Mr. Soros is expected to donate another $2 billion to the foundation over the next few years.

Even with the landmark donation from Mr. Soros, the Open Society Foundation will not increase the amount it offers to charities in grants or via programs. The foundation currently spends over $900 million more in such programs than it is legally obligated. Just like before, Soros Fund Management will preside over the assets of the foundation. The fund management also manages Mr. Soros’ private resources.

The foundation has worked round the clock to make its presence in the in the U.S and other countries—over 120—felt. Recently, the organization spearheaded efforts to quell a series of hate incidents that came in the wake of the 2016’s presidential poll; Soros immediately boosted the charity with over $10 million to this end. He is on record condemning the hate crimes and encouraging other foundations to work towards remedying the situation. Also, the Open Society is the forefront of advocating for the rights of gays and lesbians as well as condemning the abuses by the police. Elsewhere, the Open Society funded the establishment of treatment facilities during the 2014’s Ebola outbreak, a center for Roma arts and culture, etc.

Various experts have acknowledged the Open Societies’ invaluable role in the society. Darren Walker, the president of the Ford Foundation, is convinced that the Open Society has been more impactful than any other foundation—including the Ford Foundation—in the world. Eileen Heisman, the CEO of philanthropic Trust, believes that Mr. Soros, and by extension, the Open Societies has a crystal clear point of view and is unashamed of vouching for it. Patrick Gaspard, a senior fellow at the Open Society, believes that the Trumps’ administration has given the foundation a new sense of urgency, and https://www.nytimes.com/topic/person/george-soros.

Mr. Soros is at the center of criticism from the Republicans, perhaps because he has openly shown support for the Democratic Party and its leading politicians. Soros donated generously to Hillary Clinton in the run-up to last year’s presidential poll; his donations covered other politicians too. He even gave millions to super PACs that opposed Trump’s presidential bid. Mr. Soros was so sure that Hillary Clinton would carry the day that he even made a $1 billion bet on the same. The Republican establishment has often attacked Mr. Soros. For instance, a website linked to the conservative wing published an article that sought to portray Mr. Soros as a person hell-bent to make Ireland a pro-abortion country. Also, the article accused Mr. Soros of supporting causes that would weaken some European countries’ control over their borders, and more information click here.