George Soros, the Hungarian-American billionaire and philanthropist, has reportedly ceded control of his $25 billion foundation to his younger son, Alex Soros.

According to The New York Times, Alex Soros was elected the chairman of the Open Society Foundations, a grant-making network that supports liberal and progressive causes around the world, in December 2023.

He also serves as the president of the Soros super PAC and is the only family member on the investment committee for Soros Fund Management, a private investment firm that manages the family’s fortune.

George Soros, who is 92 years old, has been one of the most influential and controversial figures in global politics and finance for decades. He is best known for his successful bet against the British pound in 1992, which earned him more than $1 billion and earned him the nickname “The Man Who Broke the Bank of England”. He is also a prolific donor to Democratic Party candidates and causes in the United States, as well as a vocal critic of authoritarian regimes and human rights abuses around the world.

Alex Soros, who is 37 years old, has followed in his father’s footsteps as a supporter of liberal and progressive causes. He has written op-eds for CNN and other media outlets, defending President Biden’s efforts to combat antisemitism and praising Vice President Kamala Harris.

He has also been active in his father’s philanthropic endeavors, which have donated more than $32 billion to various initiatives since 1979. The Open Society Foundations operate in more than 120 countries and focus on issues such as democracy, human rights, education, health, and justice.

The succession plan marks a new era for the Soros family and their foundation, which have faced criticism and hostility from some political opponents and foreign governments.

George Soros has said that he intends to leave his entire fortune to his philanthropic efforts, which he traces back to his roots as a Holocaust survivor. Alex Soros has said that he shares his father’s vision and values, and that he is honored to take on the responsibility of leading the foundation.