Any ardent follower of world trends in the sphere of politics, popular culture, and social justice must have come across this name: George Soros. He is believed by many to be the financial muscle behind liberal culture, something that resonates very strongly with the millennials and Gen Z of today.
George Soros also has an image problem. Most people see him as a shady character and he has been the subject of many hair-raising conspiracy theories in the past. He is also a billionaire who awkwardly gives a whole lot of his wealth to his Foundation which funds groups that shape public policy in areas of justice, democratic governance, and human rights.
In this short article, we will point out established facts about the man, how he makes his money, and his contributions to society.
Hedge Fund Mogul
George Soros is regarded as one of the earliest and most successful hedge fund managers in the finance world. According to Forbes, he has been in the business of managing clients’ money since 1969. He founded his hedge fund, Quantum Fund, in 1973 and managed it till the year 2000. He was very successful at doing this and in 1992 he took a bet against the British Pound and made $1 billion. This was a very laudable feat and he was nicknamed “The Man Who Broke the Bank of England.”
George Soros continued as a hedge fund manager till he stepped down in 2000. According to Forbes, he is worth $8.6 billion. He should be worth more than this but for some strange reason, he gives out a ridiculous amount of his wealth to philanthropic and progressive causes. He founded his organization called “The Open Society Foundations“ in 1979 and this is where the bulk of his wealth goes.
The Open Society Foundations
George Soros moved a whopping $18 billion of his net worth to the Open Society Foundations in 2017. This was a significant portion of his wealth which was pegged at about $25 billion at the time.
According to their official website, the Open Society Foundations is the world’s largest private funder of independent groups working for justice, democratic governance, and human rights.
Some of the landmark achievements highlighted on their website are supporting democracy in China and promoting an open society in the former Soviet Bloc.
Soros’ Open Society is the major driver of conspiracy theories targeted at George Soros. Conservative conspiracy theorists believe that he uses the foundation to spread extreme liberal ideologies that are not in tandem with their beliefs.
He has been accused of owning and funding Black Lives Matter and Antifa. Conspiracy theorists also believe that he is on a mission to destroy America and some say he is a former Nazi member. All these accusations were debunked by the Reuters Fact-Checking Team.
George Soros’ net worth
George Soros’ current net worth is $8.6 billion and he is among the top 10 richest hedge fund managers in the world.
What you should know
A Hedge Fund Manager is a firm or individual who manages, makes investments, and oversees the operation of a hedge fund, while a hedge fund is an investment company that helps its clients invest their money in lucrative diversified portfolios.
George Soros is also a major player in the Hollywood circle.