The billionaire recently handed over control of the organization to his son.
Open Society Foundations (OSF)*, the philanthropic organization founded by billionaire George Soros and led by his youngest son, Alexander Soros, plans to cut at least 40% of its employees, Bloomberg reports this Friday, citing a spokesperson for the organization.
According to an OSF statement published on Friday, its board of directors “has approved significant changes to the foundation’s operating model and has directed management to proceed with the work necessary to implement them in the coming months.” “The board is aimed at transforming operations through the global network, with the aim of generating a more agile organization, better able to take advantage of past achievements and face urgent and emerging challenges,” reads the document, signed by Alexander Soros and the OSF President Mark Malloch-Brown.
It is also noted that the new model, according to the board of directors, “will create a culture of ‘strategic opportunism’ in the foundation and among the beneficiaries it supports.” “This proposed new model would favor both long-term ‘patient capital’ approaches and short-term tactical needs,” the statement said.
*Classified in Russia as an unwanted organization.