Billionaire Hungarian-American investor George Soros is known for donating generously to different political causes. Nonetheless, his donations had dipped in recent years, something that was seen as an attempt to take a political backseat. The investor shocked all by sundry by emerging from political philanthropy “oblivion” to pledge $25 million to Hillary Clinton’s campaign during the 2016 US Presidential Elections.
Federal Election Commission records indicate that Soros supported candidates who were vying on the Democratic Party ticket across the US. This is corroborated by Democratic funding insiders and the billionaire’s associates. It was also expected that he would make even more donations in the run up to Election Day, which he did. The hedge fund investor had planned to make his inaugural appearance in a Democratic convention to watch Hillary’s acceptance of the party’s ticket. However, he cancelled the trip because he wanted to spend more time monitoring Europe’s economic situation. Read his profile at Forbes.
Heightened Political Engagement
Soros’ close confidants concur that in 2016, he engaged in political affairs more than he had done for years. This they say, was due to the firm belief that he had in Clinton and the fact that he feared that Donald Trump’s presidency would be detrimental to global security and democracy. According to the philanthropist’s political adviser Michael Vachon, Soros has consistently supported democratic causes. Nonetheless, the stakes were higher in 2016 because the issues that he cares about such as criminal justice reform and immigration reform were under threat.
Soros was a key figure in Clinton’s campaign team due to his ability to catalyze giving among other rich activists. The involvement of elite liberal donors such as San Francisco, Don Sussman, Fred Eychaner, and Haim Saban in the campaign cycle is mainly attributed to Soros’ influence. In 2016, the billionaire’s giving motivations and patterns were similar to 2004 when he funded a strong campaign against George W. Bush. That year, he funded Senator John Kerry’s campaign to the tune of $27 million.
Moving the Masses Through Philanthropy
Soros has been making contributions to different causes for nearly four decades. His philanthropic spirit was the motivation behind the establishment of The Open Society Foundations, which are currently operational in over 70 countries across the world. Soros seeks to highlight the concept of an open society, which is characterized by social justice, social responsibility, and democracy.
George Soros serves as the president of The Open Society Foundations. Through it, he has made donations to different organizations including the Earth Island Institute, Alliance for Climate Protection, Green for All, Tides Foundation, Center for Reproductive Rights, The National Abortion Federation, and The Center for Responsible Lending. In as much as his philanthropy mainly focuses on America and Europe, it has had a global impact. So far, Soros has donated over $11 billion to different causes.