This year has probably been one of the most significant in Open Society Foundations’ history.
The more than 30-year-old foundation, created by billionaire hedge fund manager George Soros to further his goal of creating democratic, open societies around the world, is undergoing a major reorganization that has already resulted in massive staff layoffs and office closures.
The effort is being led by George’s son, Alexander Soros, who took over as board chair of the $25 billion, New York-based foundation in December 2022. It will include laying off at least 40% of roughly 800 employees globally, to streamline operations and become a nimbler grantmaker that can respond more quickly to global crises.