GOERGE SOROS’ DONATION OF US$18 BILLION

George Soros is a world known one of the most successful investors. Other than that, this billionaire is known to be an entrepreneur who is a major risk taker in the business industry. He was born on August 12, 1930, in Budapest and migrated to England in 1947. In London, George attended London School of Economics where he earned his degree in philosophy. Later on, he graduated with a master’s in philosophy. Before he started his first hedge fund in 1969, George started his career from the bottom by working at banks in the United States and England. He used the profits from his first hedge fund, which he had named the Double Eagle, to start his second hedge fund, Soros Fund Management, in 1970. Ever since George has been known in the business industry as a successful and smart investor up to date. He once made a short sale record of US$10 billion worth of Pound sterling.

In 1992, George was able to gain huge profits when he bet against the British pound when it crashed out of the European exchange rate mechanism. This earned him a profit of US$1billion in a day. Recently, the Investor transferred estimated US$18 billion to his foundation of human rights, the Open Society Foundation. This charity brought his lifetime giving to a record of US$32 billion. It also made the Open Society Foundations move to the rank of the second largest charitable foundation, behind tech billionaire Bill Gates foundation, in the world. According to Wall Street Journal and New York Times, the billionaire investor increased the speed of donations from his hedge fund. The latest donation of US$18 billion is a representation George’s approximated fortune of US$23 billion. Ever since the foundation (Open Society Foundation) was founded in 1970, it has given away almost US$14 billion and strives to build vital and tolerant democracies according to spokesperson Laura Sibler.

It has a 2017 budget of US$940.7 million which has grants to several regions of the world that focuses on issues such as justice reform and human rights and economic governance and advancement.George has been recognized as a real supporter of liberal causes. The 87-year-old was one of the largest contributors to Hillary Clinton’s presidential bid. He made his latest donation despite the escalating tension with the Hungarian government in a row over academic and press freedom. It is not clear what the Open society Foundations will use the donation toward, but it’s speculated that some of the money will go to ongoing projects of the foundation in countries such as Albania and Macedonia. On his twitter page, George posted articles talking about his foundation’s work in various countries including the previously mentioned. In his opinion, George says that he has a belief that his success in the financial markets and investing has given him a greater degree of independence than most people. This generally gives him a chance to stand on controversial issues; he feels obligated to do so.