by Mike LaChance, The Gateway Pundit:
Now that George Soros is 92 years old, he is passing control of his global operation to his son Alex, who is reportedly more radical than he is.
Things can’t be going too well at the organization however, because they are preparing to cut their staff by up to 40 percent.
Perhaps they are looking to consolidate so they can devote more funds to interfering in American politics.
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Bloomberg News reports:
Open Society Foundations, the nonprofit founded by billionaire George Soros, plans to cut at least 40% of its staff in the coming months.
The charity, which earlier this month confirmed Soros, 92, was handing control to his son Alex, said Friday its board approved “significant changes” to its operating model. That includes “a substantial reduction in headcount of no less than 40% globally,” according to a spokesperson.
Soros has donated more than $32 billion to the nonprofit, which had more than 500 employees as of the end of 2021 and gives money to humanitarian and democratic causes ranging from criminal justice reform to climate change initiatives. It currently controls the majority of assets managed by his $25 billion family office.
“The Board aims to transform operations across the global network, with the goal of generating a nimbler organization,” said a statement, signed by the younger Soros and the nonprofit’s president Mark Malloch-Brown. “While Open Society works on these internal changes, the Board remains firmly committed to the Foundations’ core priorities — democracy, human rights, climate justice, and addressing inequity.”
This is the most telling part of the report:
The nonprofit’s biggest expense in 2021 was compensation, according to its most recently available tax form. It spent almost $72 million on pay and another $40 million on benefits and pension plans.