George Soros’s Non-Profit Cuts 40% of Their Employees

Things appear to be not going so well in Soros world.

In a surprising move, George Soros’s non-profit Open Society Foundations, is cutting close to half of their staff.

The move comes shortly after George handed the family empire to his son Alexander Soros.

In response to cutting 40% of their employees The Open Society Foundation released a statement that read “Through this new model, the Board aims to transform operations across the global network, with the goal of generating a nimbler organization.”

Open Society Foundations, the nonprofit founded by billionaire George Soros, plans to cut at least 40% of its staff in the coming months https://t.co/2FhnS4YbFW

— Bloomberg (@business) June 30, 2023

George Soros’ Open Society Foundations will lay off at least 40% of its staff one month after the 92-year-old announced he handed the reins of the multi-billion-dollar foundation to his son, Alexander Soros https://t.co/l3xo4mVc1f

— CNN (@CNN) July 1, 2023

Here’ what CNN reported:

George Soros’ Open Society Foundations will lay off at least 40% of its staff one month after the 92-year-old announced he handed the reins of the multi-billion-dollar foundation to his son, Alexander Soros.

ADVERTISEMENT

The job cuts were announced in a statement signed by Alexander Soros and the foundation’s president, Mark Malloch-Brown. It said the foundation would undergo “significant changes” to its operating model.

“Through this new model, the Board aims to transform operations across the global network, with the goal of generating a nimbler organization better able to build on past achievements and confront urgent and emerging challenges,” the statement said.

A spokesperson for the Open Society Foundations told CNN that implementing the organization’s new vision required “difficult decisions,” and that it planned to reduce its headcount by no less than 40% globally.

Founded by billionaire George Soros, the nonprofit Open Society Foundations currently employs about 800 people globally. At least 40 percent of those workers will soon be out of jobs. https://t.co/Byqknd8hLo

— The Daily Beast (@thedailybeast) June 30, 2023

Check out what The Daily Beast reported:

Open Society Foundations, one of the world’s most prominent philanthropic networks, is gutting its staff, the organization said on Friday. Founded by billionaire George Soros, the group currently employs about 800 people globally; at least 40 percent of those workers will soon be out of jobs.

Earlier this month, Soros generated headlines after announcing that he was ceding control of Open Society to his 37-year-old son Alexander. The younger Soros quickly declared that he planned to chart a new course—while maintaining his father’s core liberal values—telling The Wall Street Journal that he was “more political” than his dad.

Open Society issued a vague press release on Friday describing “significant changes to the Foundations’ operating model” it planned to implement “in the coming months” in an effort to become more nimble. A spokesperson for the group told The Daily Beast in an email that those changes would entail significant layoffs.