Billionaire investor George Soros has infused his nonprofit apparatus with $18 billion.
The Open Society Foundations will live on long after its founder, thanks to a move by Soros Fund Management LLC, which likely makes it the second-largest philanthropic group behind the Bill and Melinda Gates Foundation. The Wall Street Journal confirmed the transfer with foundation officials on Tuesday.
“It’s an ongoing process of migration from a hedge fund toward a pool of capital deployed to support a foundation over the long term,” committee member Bill Ford told the newspaper.
Mr. Soros and his dozens of endeavors across the globe have been lightning rods for criticism due to his support of left-wing causes, which includes the Black Lives Matter movement in the U.S. and relaxed immigration policies.
The billionaire has also been a critic of President Trump.
The complete story here> George Soros transfers $18B to Open Society Foundations for ‘long term’ support