George Soros-controlled Open Society Foundations is all set to lay off at least 40 per cent of its workforce a month after the 92-year-old US investor handed the reins to his son, Alexander Soros.
The Open Society Foundations announced the layoffs in a statement, which was signed by Alexander Soros and the foundation’s president, Mark Malloch-Brown. It said the foundation would undergo “significant changes” to its operating model.
“Through this new model, the Board aims to transform operations across the global network, with the goal of generating a nimbler organization better able to build on past achievements and confront urgent and emerging challenges,” the statement said.
Open Society Foundations currently has about 800 staff across the globe. A spokesperson for the Open Society Foundations told CNN that implementing the organisation’s new vision required “difficult decisions,” and that it planned to reduce its headcount by no less than 40 per cent globally.
With a net worth of about $8.5 billion, Soros is the founder of the Open Society Foundation. The organisation supports civil society groups around the world to advance “freedom and democracy.”
In February this year, Soros targeted Prime Minister Narendra Modi saying that the turmoil over the Adani Group crisis could open the “door to a democratic revival” in the country. Earlier this year, Hindenburg Research submitted a report accusing the Gautam Adani-controlled companies of using offshore companies to manipulate their share prices. The short-seller also flagged concerns about high debt, eroding $11 billion in investor wealth.
Soros has been critical of Modi and in return, was slammed by the BJP over attempting to intervene in “India’s democratic processes.”
“Modi is silent on the subject, but he will have to answer questions from foreign investors and in parliament,” said Soros.