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George Soros Donation Of $18 Billion Will Change The World

In the field of business, George Soros is a known successful investor who is Hungarian-American. This businessman has acquired a reputation of a risk taker, author, and entrepreneur. George comes from Budapest where he was born on August 12, 1930. He later on migrated from Budapest and moved to England in 1947 where he attended London School of Economics. Here George was able to earn degree in philosophy.

George’s future became brighter when he earned a master’s in philosophy. He was fortunate enough to get jobs in bank industry in the United States and England. After acquiring experience and knowledge in the industry, Soros decided to start his first hedge fund and named it the Double Eagle in 1969. In 1970, he used the profit he has gotten from Double Eagle to open his second hedge fund in 1970. He named this one The Soros Fund Management. This was the start of his overwhelming success in his career because, from 1970, George has only recorded outstanding profit gains in terms of finance.

A peak moment of Soros’ career was in 1992 when he bet against the British pound the moment it had crashed out of the European exchange rate mechanism. By making his bet, George was able to make an incredible profit of US$1 billion. This earned him a nickname as ‘The man who broke England bank.’ The multibillionaire has made news recently by his enormous donation of US$18 billion to the Open Society Foundation (Soros’ foundation of human rights). Adding to this donation, George recorded a lifetime giving of US$32 billion, a very impressive record. After the donation, the Open Society Foundations became the second largest charitable foundation after Tech Billionaire Bill Gates foundation in the word.

The Wall Street Journal and New York Times suggest that Soros increased the speed of donations from his hedge fund and that the donation he made was just a representation of his estimated worth or fortune of US$23 billion. The Open Society Foundation has a record of US$14 billion which it has given away since its formation in 1970. It has worked towards building vital and tolerant democracies in the world, as its spokesperson (Laura Sibler) puts it. Its budget of 2017 adds up to US$940.7 million. This money is meant for grants to different places in the world focusing on justice reforms and human rights and economic governance and progress.

In the recent presidential elections, George showed his support for liberal causes when he made huge contributions towards Hillary Clinton’s presidential bid. Soros made his latest donation and did not mind the increased tension with the Hungarian government in a row over academic and press freedom. This shows his passion and dedication towards giving to charity. The foundation has not exactly announced how the donation money is going to be used. However, it is probable that some of the donation will go towards the ongoing projects that the foundation is carrying in several countries like Macedonia and Albania. George tweeted about these countries and the ongoing work of his foundation there.

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