The Open Society Foundations, an NGO helmed by billionaire George Soros, plans to significantly scale back its operations in the EU, and instead focus its attention and resources on other parts of the globe.
This decision was unveiled in an internal email seen by Reuters, which while not specifying the new focus, suggests a shift away from the European Union.
Although this move raises questions about where the organization’s efforts will be directed next, Soros’ recent activities provide some clues. Historically, he has been a significant supporter of pro-immigration and pro-LGBTQ initiatives in the EU. However, his advocacy often put him at odds with his home country of Hungary, where he was targeted by the ‘Stop Soros’ law, that penalized foreign entities supporting illegal immigrants. As a result, the Open Society Foundations had to relocate its Budapest office to Berlin in 2018.
China’s Communist leadership, especially President Xi Jinping, has recently been in Soros’ line of fire. The liberal globalist has emphasized the importance of regime change in China, citing Jinping’s leadership as a pressing threat to open societies. However, his adversarial relationship with Beijing isn’t new: in the 1980s, Soros backed pro-Western activists in China, but his support was ultimately curtailed after the 1989 Tiananmen Square incident, with China alleging Soros’ operations as a CIA front.
What’s next for the Open Society Foundations? The reins are transitioning to Soros’ son, Alex. In June, it was announced that 37-year-old Alex would be succeeding his 93-year-old father in overseeing the NGO. While George Soros has focused on China, Alex’s concerns seem closer to home, specifically targeting the Republican Party.
Expressing his intentions, Alex told the Wall Street Journal about his plans to continue funding Democratic endeavours, aimed at preventing former President Donald Trump from clinching the next election. He emphasized the importance of financial backing in politics, stating, “as long as the other side is doing it, we will have to do it too.”
Information for this story was found via Reuters and the sources mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
