George Soros, a financier and philanthropist known for his significant impact on financial markets and political causes, turns 95 this year. Over recent years, Soros has transferred leadership of his philanthropic and investment empire to his son, Alex Soros.
Alex Soros took control of Soros Fund Management in December 2021 and made a notable investment of $2 billion in Rivian, an electric vehicle company. The purchase involved nearly 20 million shares at prices between $70 and $100 per share. By the following year, Rivian’s stock price had dropped to $18 per share, resulting in losses estimated at over $1 billion when the fund sold its position. HedgeFollow currently ranks Soros Fund Management as one of the least successful hedge funds in the United States.
In addition to financial challenges, there have been shifts in the political influence associated with the Soros name. After significant losses from investments like Rivian, Open Society Foundations announced in July 2023 that it would lay off 40 percent of its staff worldwide and halt all new grants until February 2024 while restructuring its operations.
The Open Society Policy Center became one of the top lobbying spenders during advocacy efforts for the Inflation Reduction Act (IRA), which included substantial provisions for electric vehicles such as billions allocated for EV chargers and tax credits. However, these measures did not prevent further declines in Rivian’s fortunes or reverse broader setbacks faced by organizations linked to Soros’s legacy. Capital Research Center has written extensively about George Soros’ involvement in pushing for the IRA; more information is available on their research page: https://capitalresearch.org/article/soros-and-the-inflation-reduction-act/.
Alex Soros also spent at least $4 million supporting Stacey Abrams’s gubernatorial campaign in Georgia during a period when Rivian was planning a large factory near Atlanta and seeking state subsidies. The Biden administration awarded Rivian a $6.5 billion loan from the Department of Energy for this project, but construction has yet to begin, and Rivian’s stock now trades below $12 per share.
One major area where George Soros left an imprint was through funding campaigns for local prosecutors often referred to as “Soros DAs.” These efforts were part of broader initiatives aimed at criminal justice reform and ending policies like the War on Drugs. However, after several years marked by increased crime rates and growing public dissatisfaction with these reforms—alongside high-profile recalls or resignations among supported district attorneys—the approach has faced widespread criticism.
The decline of “Soros DA” influence coincided with other contentious issues such as immigration policy. The second election victory of Donald Trump came amid debates over crime rates, immigration enforcement, and legislation like the IRA—all areas closely connected to organizations funded by George Soros.
On his milestone birthday, observers note that both financial performance and political reach associated with George Soros have diminished significantly under new leadership.
