(NationalUSNews.com) — The Open Society Foundations, the group founded by billionaire leftist George Soros, announced last week that it will be laying off at least 40 percent of its workers worldwide, CNN reported.
The layoffs were announced by the Open Society Foundations’ head Alexander Soros and its president Mark Malloch-Brown.
In a statement, Soros and Malloch-Brown said the foundation was making “significant changes” to its operations model to create a “nimbler organization” that is better equipped to “build on past achievements and confront urgent and emerging challenges.”
An Open Society spokesperson told CNN that the changes required “difficult decisions” that included reducing its global staffing by at least 40 percent.
Currently, the organization employs around 800 people worldwide.
The announced cutbacks come a month after 92-year-old George Soros announced that he was handing control of the Open Society Foundations to his 37-year-old son, Alexander.
In an exclusive interview with the Wall Street Journal in June, the younger Soros told the outlet that he is “more political” than his father and suggested that the Open Society Foundations would be playing a significant role in the 2024 elections.
Alexander explained that while he would money to get out of politics, if the “other side” continues to do it, “we will have to do it too.”
In recent months, Alexander has met with officials from the Biden administration as well as several leaders of other countries, including Canadian Prime Minister Justin Trudeau and Brazilian President Luiz Inácio Lula da Silva.
Soros told the Journal that as a “matter of principle,” he initially wanted the Open Societies Foundations to go to “someone who is best suited” to manage it rather than putting it into the hands of one of his children.
However, his son Alexander “earned” his trust, he told the Journal.
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