World News for Students of English

14-06-2023 07:00

Billionaire investor George Soros has announced that he is passing control of his vast empire to his son, Alexander Soros.

In an interview with The Wall Street Journal, Soros, known for his philanthropy and support for liberal causes, explained that he had previously not wanted any of his five children to take over his Open Society Foundations (OSF).

However, he’s now decided to hand over the foundation and his 25-billion-dollar empire to his 37-year-old son, stating that he’s earned it. Alexander Soros, who describes himself as more political than his father, plans to continue supporting left-leaning US political candidates and expand the foundation’s focus to include voting and abortion rights, as well as gender equity.

As the chairman of OSF and president of his father’s political action committee, he will oversee the distribution of approximately 1.5 billion dollars annually to organizations promoting human rights and democracy worldwide.

Difficult words: empire (a large organization owned or controlled by one person or group), philanthropy (the generous donation of money to good causes), foundation (an organization that provides support for something).

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