Wed Jul 5, 2023 – 10:54 am EDTWed Jul 5, 2023 – 11:36 am EDT
(LifeSiteNews) — Leftist billionaire George Soros’ Open Society Foundations will cut at least 40 percent of its workforce as his son Alex Soros takes over the reigns.
“The Board of Directors of the Open Society Foundations has approved significant changes to the Foundations’ operating model and has instructed management to proceed with the work necessary to implement it over the coming months,” the foundation, which funds a variety of leftist groups across the world, stated in a June 30 news release.
READ: ‘I’m more political’: George Soros’ left-wing son Alex takes over father’s financial empire
“While Open Society works on these internal changes, the Board remains firmly committed to the Foundations’ core priorities – democracy, human rights, climate justice, and addressing inequity,” the board stated.
Bloomberg News reports that these cuts include “a substantial reduction in headcount of no less than 40% globally,” according to comments the outlet received from the foundation.
“The nonprofit’s biggest expense in 2021 was compensation, according to its most recently available tax form. It spent almost $72 million on pay and another $40 million on benefits
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