Times of Oman
George Soros gives $18 billion to philanthropy
October 18, 2017 | 1:53 PM
 
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Billionaire investor George Soros causing a major stir in the world of philanthropy.

One of the richest men on the planet has transferred $18 billion of the wealth he built through his hedge fund over to his philanthropy, multiple media reported Tuesday.

His recent donations to the Open Society Foundations, which he founded, catapults it to the second biggest U.S. philanthropic organization by sheer assets, eclipsed only by the Bill and Melinda Gates Foundation, according to the latest figures compiled by Foundation Center.

Lawrence Delevingne covers the hedge fund industry for Reuters.



LAWRENCE DELEVINGNE, REUTERS HEDGE FUND CORRESPONDENT SAYING: "The Open Society Foundations normally have fought for democracy and open government in Europe; supports refugees, LGBT communities, the Roma people, a variety of issues for people at the margins and suffering."

And he's not afraid to go all-political. Soros has financially backed liberal issues in his adopted U.S. home, as well as Democrats, including Hilary Clinton's 2016 bid for the White House.

Soros' claim to fame rests on a famous trade back in 90s, where he bet against the British pound and won. He's been a legend ever since. At 87-years-old, he's left day-to-day trading decisions to his chief investment officer, but said to keep a close eye on his portfolio. Last year he bet markets would fall if Trump won the White House - that's one bet - he lost.

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