Open Society Foundations (OSF) founder George Soros is ceding control of his $25 billion fortune to his son, Alexander (Alex) Soros, the Wall Street Journal reports.

Alex Soros is the only family member on the investment committee overseeing Soros Fund Management, the firm that manages money for the family and its philanthropic efforts.

In December 2022, the OSF board elected the 37-year old Soros to succeed his 92-year old father as chair. While George Soros has said he and his son “think alike,” Alex Soros told the Journal he “was broadening his father’s liberal aims…while embracing some different causes,” which include voting and abortion rights, as well as gender equity. Alex’s 52-year old half-brother, Jonathan, had previously been considered the likely successor to the Soros interests, but he stepped away from the business a decade ago.

Most of the $25 billion Soros fortune will be directed to OSF in the years ahead, a Soros spokesman told the Journal. In addition, Alex is president of the Soros-backed political action committee, Democracy PAC, which has supported election campaigns for district attorneys and law enforcement officials seeking to reduce incarceration. About $125 million has been set aside for the super PAC. “I’m more political,” Alex Soros told the Journal. “As much as I would love to get money out of politics, as long as the other side is doing it, we will have to do it, too.”

(Photo credits: Wikimedia/Niccolò Caranti and Nathalie Schuller)