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George Soros

George Soros (born György Schwartz on August 12, 1930) is a Hungarian-American billionaire hedge fund manager and philanthropist. As of October 2023, he had a net worth of US$6.7 billion, having donated more than $32 billion to the Open Society Foundations, of which $15 billion has already been distributed, representing 64% of his original fortune. Forbes called Soros the "most generous giver" (in terms of percentage of net worth). He is a resident of New York. Born in Budapest to a non-observant Jewish family, Soros survived the Nazi occupation of Hungary and moved to the United Kingdom in 1947. He studied at the London School of Economics and was awarded a BSc in philosophy in 1951, and then a Master of Science degree, also in philosophy, in 1954. Soros started his career working in British and American merchant banks, before setting up his first hedge fund, Double Eagle, in 1969. Profits from this fund provided the seed money for Soros Fund Management, his second hedge fund, in 1970. Double Eagle was renamed Quantum Fund and was the principal firm Soros advised. At its founding, Quantum Fund had $12 million in assets under management, and as of 2011 it had $25 billion, the majority of Soros's overall net worth. Soros is known as "The Man Who Broke the Bank of England" as a result of his short sale of US$10 billion worth of pounds sterling, which made him a profit of $1 billion, during the 1992 Black Wednesday UK currency crisis. Based on his early studies of philosophy, Soros formulated the General Theory of Reflexivity for capital markets, to provide insights into asset bubbles and fundamental/market value of securities, as well as value discrepancies used for shorting and swapping stocks. Soros supports progressive and liberal political causes, to which he dispenses donations through the Open Society Foundations. Between 1979 and 2011, he donated more than $11 billion to various philanthropic causes; by 2017, his donations "on civil initiatives to reduce poverty and increase transparency, and on scholarships and universities around the world" totaled $12 billion. He influenced the fall of communism in Eastern Europe in the late 1980s and early 1990s, and provided one of Europe's largest higher education endowments to the Central European University in his Hungarian hometown. Soros's extensive funding of political causes has made him a "bugaboo of European nationalists". Numerous far-right theorists have promoted false claims that characterize Soros as a dangerous "puppet master" behind alleged global plots. Criticisms of Soros, who is of Jewish descent, have often been called antisemitic. In 2018, The New York Times reported that "conspiracy theories about him have gone mainstream, to nearly every corner of the Republican Party".