Financial Advisor, Philanthropy

George Soros Bounces Back In 2016 after His Political Spending Free In 2004

The real time net worth of the Hungary-born billionaire stands at $25.2 billion according to Forbes. George Soros, together with his family fled his country at the time of Nazi’s occupation and settled in London. He used the income he earned as a railway porter and waiter to see himself through the London School of Economics before starting his finance career at a merchant bank. George would later move to New York and started trading on Wall Street, an experience that challenged him to open his hedge fund worth $12 million in 1969. The hedge fund was later rebranded and took up the name Quantum Fund. He is well known for making an impressive profit in 1992, together with Stan Druckenmiller. George Soros established the Open Society Foundations. Many years down the line and George Soros presses on as far as making heavy investments is concerned – through the Soros Fund Management. SFM is a family office that boasts of assets worth $30 billion. George Soros recently appointed Dawn Fitzpatrick, a prominent professional in Wall Street, to manage his investment portfolio as the SFM’s chief investment officer. Soros has been supporting liberal causes for the longest time. Forbes terms him as a fierce critic of the current US President Donald Trump.

An article published in Politico on July 2016 revealed yet another rise by George Soros. He promised to offer over $25 million in support of Hillary Clinton’s campaign, as well other Democratic candidates and causes. George Soros had dialed back his giving after spending $27 million in 2004 aimed at ensuring the defeat of the former president George W. Bush. Besides coming back as the leading funder of the Democrat politics, George Soros bounced back as the leading boogeyman of the conservatives. Apparently, his support for Clinton was just occasioned by the desire to prevent Trump from becoming the president, but also by the fact that he has been friends with Clinton for 25 years. Other people who made donations to the Democratic Party include Tom Steyer, a San Francisco environmentalist who gave $31 million, Don Sussman, a New Yorker hedge funder who donated $13.2 million as well as the media moguls Fred Eychaner and Haim Saban who gave $11.1 million each.

Read more: http://www.politico.com/story/2016/07/george-soros-democratic-convention-226267

Towards the end of June 2016, George Soros committed $7 million to a super PAC, Priorities USA Action, which was in support of Hillary Clinton. Information available on the FEC records also revealed that Soros offered $2 million to an opposition research super PAC, the American Bridge 21st Century, and $700,000 to a number of Democratic Party Committees, campaigns, and PACs. Soros committed $5 million to yet another super PAC, Immigrant Voters Win, whose primary objective was to increase the voter turnout of the Hispanic community particularly in the key swing states. During the time that George Soros dialed back his giving, he shifted more of his philanthropic attention to his international foundations. Over the past three decades, he donated over $13 billion to nonprofit organizations and groups that are focused on defending the human rights, reshaping the democratic process of the Eastern Europe, and expanding access to education and healthcare in the United States and across the globe.

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