Open Society Foundations, founded by 92-year-old former hedge fund manager George Soros, has announced that it will cut at least 40 per cent of its global staff. 

Alexander Soros, son of George Soros, took over Open Society Foundations last month, before immediately announcing a 40 per cent cut in staff. Photo credit: Shutterstock.

‘The Board aims to transform operations across the global network, with the goal of generating a nimbler organization’, said a statement from the nonprofit’s president Mark Malloch-Brown.  

‘While Open Society works on these internal changes, the Board remains firmly committed to the Foundations’ core priorities — democracy, human rights, climate justice, and addressing inequity.’

It remains unclear as to which region the cuts will take place in.  

OSF was founded in 1979 with the goals of working for justice, democratic governance, and human rights worldwide. George Soros has contributed $32 billion to the foundation with grants distributed by OSF totalling $19 billion since its founding, according to the OSF website. 

The foundation was taken over by Soros’ son, Alex Soros, in June. 

In an interview with the Wall Street Journal, Alex Soros said he had met recently with US government administration officials, Senate Majority Leader Chuck Schumer, Brazil President Luiz Inácio Lula da Silva and Canadian Prime Minister Justin Trudeau in a bid to push for issues important to the foundation.