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| Hundreds face axe from liberal Soros NGO | |
| (about 5 hours later) | |
| A global charity run by the billionaire will cut at least 40% of its staff | A global charity run by the billionaire will cut at least 40% of its staff |
| The non-profit organization Open Society Foundations run by billionaire philanthropist George Soros is laying off much of its staff as part of a reorganization. | The non-profit organization Open Society Foundations run by billionaire philanthropist George Soros is laying off much of its staff as part of a reorganization. |
| The process includes “a substantial reduction in headcount of no less than 40% globally,” a spokesperson told US news agencies. The charity employed more than 500 people as of the end of 2021, according to Bloomberg. | The process includes “a substantial reduction in headcount of no less than 40% globally,” a spokesperson told US news agencies. The charity employed more than 500 people as of the end of 2021, according to Bloomberg. |
| On Friday, the nonprofit’s board of directors released a statement, announcing “significant changes” to the operating model “intended to maximize Open Society’s impact in helping to counter the forces currently threatening open and free societies.” | On Friday, the nonprofit’s board of directors released a statement, announcing “significant changes” to the operating model “intended to maximize Open Society’s impact in helping to counter the forces currently threatening open and free societies.” |
| Soros, 92, is in the process of handing over control of his $25 billion empire to his 37-year-old son, Alexander. The younger Soros told the Wall Street Journal last month that his views are similar to his father’s, and that he is “more political.” | Soros, 92, is in the process of handing over control of his $25 billion empire to his 37-year-old son, Alexander. The younger Soros told the Wall Street Journal last month that his views are similar to his father’s, and that he is “more political.” |
| Soros, who made his fortune in finance and hedge-fund managing, has championed various liberal and progressive causes at home and abroad, which has often drawn criticism from conservatives. | Soros, who made his fortune in finance and hedge-fund managing, has championed various liberal and progressive causes at home and abroad, which has often drawn criticism from conservatives. |
| Countries such as Russia and Hungary have accused Soros of meddling in their domestic affairs. In 2015, Russia banned several Soros-affiliated NGOs as “undesirable” organizations. | Countries such as Russia and Hungary have accused Soros of meddling in their domestic affairs. In 2015, Russia banned several Soros-affiliated NGOs as “undesirable” organizations. |