One of the world’s most successful investors and most prominent philanthropist George Soros has given a whopping $18 billion donation to Open Society Foundation. The Wall Street Journal was the first media outlet to talk about the transfer according to an article on CNN on October 17, 2017. The foundation has already confirmed the donation. According to one official from the association, the process of transferring this cash has been there for several years.
The foundation has now become one of the largest charitable organizations around the globe. The only two funds ahead of it are the Bill Melinda Gate foundation by the Microsoft founder and Wellcome Trust. More reports said that the $18 billion that was donated is part of Soro’s wealth of about $23 billion.
The huge donation has now enabled Soros to control one of the most powerful philanthropic foundations in America and the world at large. Soros’ $23 billion net worth has made him the 20th richest person on the Forbes Magazine’s list of the richest Americans. According to one of the organization’s senior officials Laura Silber, the donation will not affect their spending. Instead, they will spend the money in advancing human rights, individual freedoms, justice, and democratic practices around the world.
What is Open Society Foundation (OSF)?
Open Society Foundation (OSF) is an organization that was started by Hungarian born American businessman George Soros with the aim of promoting democracy and accountability in different parts of the world. The foundation was started by Soros in 1979 using the money he had made out of his investments and is now present in over 100 countries.
Since the 1980s, the organization is believed to have spent over $14 billion. Over the years, the foundation has helped in the protection of the rights of the minority in different countries. Besides, minorities have gained recognition and have had an opportunity to actively participate in their societies. Some of the other greatest beneficiaries of the works of this foundation are drug users, HIV patients, the mentally disabled, and LGBT rights groups among others.
Who is George Soros and What Does He Do?
George Soros was born 87 years ago in Hungary. During WWII, Soros and his family had to conceal their Jewish roots to evade the atrocities perpetrated by the Nazis. They helped other vulnerable people use the tactic to survive. After the end of the war, he left the country for England where he studied economics at the London School of Economics. He then crossed the Atlantic to America where he became successful in finance investment.
Soros’ first philanthropy work involved provided a scholarship to black students from South Africa in 1979. He then founded the Open Society Foundation to promote democracy, freedom, and human rights in different countries around the world. During the Cold War, he supplied photocopiers used in reprinting banned texts thereby promoting information sharing in the Communist Eastern Bloc. Even after the end of Cold War, Soros has continued to support various groups in America, Africa, and Asia. He is one of the world’s biggest individual donors having given about $32 billion to various charitable causes in his lifetime. and Follow him Twitter.com