Billionaire financier George Soros hands over empire to son

Hedge fund manager turned philanthropist, 92, said previously he didn't want his Open Society Foundations to be taken over by one of his five children

Billionaire financier George Soros said his son had 'earned it'.

Billionaire financier George Soros told the Wall Street Journal in an interview published on Sunday that he was handing control of his massive empire to his son, Alexander Soros.

The hedge fund manager turned philanthropist and major backer of liberal causes across the globe, Mr Soros, 92, said previously he did not want his Open Society Foundations (OSF) to be taken over by one of his five children.

But speaking of his decision to turn over the foundation and the rest of his $25bn (€23bn) empire to his eldest child, Alexander, 37, who goes by Alex, the Mr Soros said: "He's earned it."

Also interviewed by the newspaper, Alex said he's "more political" than his father and that he plans to continue donating family money to back left-leaning US political candidates.

"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," Alex Soros said.

The OSF board elected Alex as its chairman in December, and he now directs political activity as president of Soros's political action committee.

The foundation directs about $1.5bn a year to groups such as those backing human rights around the world and helping build democracies, the Wall Street Journal reported.

Meanwhile, Soros Fund Management, the family office of Mr Soros, slashed its stakes in electric vehicle maker Tesla.