George Soros hands control of empire to son Alex

YEREVAN, JUNE 12, ARMENPRESS. Billionaire financier George Soros is handing control of his massive empire to his son Alexander, Reuters reported citing a Soros spokesperson.

The spokesperson confirmed the details from an interview with Soros published in The Wall Street Journal on Sunday.

A hedge fund manager turned philanthropist and major backer of liberal causes, Soros, 92, said he previously didn't want his Open Society Foundations (OSF) to be taken over by one of his five children.

But speaking of his decision to turn over the foundation and the rest of his $25 billion empire to his 37-year-old son, who goes by Alex, the elder Soros said: "He's earned it."

Also interviewed by the newspaper, Alex said he's "more political" than his father and that he plans to continue donating family money to left-leaning U.S. political candidates.

He told the Journal that he would broaden the foundation's priorities to include voting and abortion rights as well as gender equity.

The OSF board elected Alex as its chairman in December, and Alex now directs political activity as president of Soros' political action committee.