George Soros’ organization will lay off 40 percent of its employees

New York (Best Hindu News): George Soros’ Open Society Foundation will lay off at least 40 percent of its employees in a month. George Soros, 92, has announced that he has handed over the reins of his billion-dollar foundation to his son Alexander.

The job cuts were announced in a statement signed by Alexander Soros and foundation president Marc Malloch-Brown, reports CNN. It added that the foundation would undergo “significant changes” to its operating model.

“Through this new model, the board aims to transform operations into a global network, aiming to build on past achievements and create an agile organization capable of meeting immediate and emerging challenges,” the statement said.

A spokesperson for the Open Society Foundation told CNN that implementing the organization’s new vision required “difficult decisions”. It plans to reduce its workforce globally by at least 40 percent.

The Open Society Foundations currently has approximately 800 employees worldwide. Alexander Soros said that under his leadership, he planned to focus the foundation more on American domestic politics.

According to the Journal, he recently met with US administration officials and leaders of other countries, including Brazilian President Luiz Inacio Lula Silva and Canadian Prime Minister Justin Trudeau.

George Soros is estimated by Forbes to have a net worth of $6.7 billion, reports CNN, but he has donated much more – $32 billion – to his foundation since 1984.

According to the foundation’s website, Soros’ non-profit organization is the world’s largest private funder of independent groups working for justice, democratic governance and human rights.