>> Billionaire investor George Soros causing a major stir in the world of philanthropy. One of the richest men on the planet has transferred $18 billion of the wealth he built through his hedgefund over to his philanthropy, multiple media reported Tuesday. His recent donations to the Open Society Foundations, which he founded, catapults it to the second biggest U.S. philanthropic organization by sheer assets.
Eclipsed only by the Bill and Melinda Gates Foundation according to the latest figures compiled by Foundation Center. Lawrence Delavigne covers the hedge fund industry for Reuters.>> Soros is not new to philanthropy. He's been giving since at least 1979. He's given about $14 billion away to date. The Open Society Foundations primarily have fought for democracy and open government in Europe, supports refugees, LGBT communities, the Roma people.
A variety of issues for people who are at the margins and suffering.>> And he's not afraid to go all political. Soros has financially backed liberal issues in his adopted U.S. home, as well as Democrats including Hillary Clinton's 2016 bid for the White House. Not a fan of President Donald Trump, he told attendees at the famed World Economic Forum earlier this year that he was convinced the U.S. president, quote, would fail.
Soros's claim to fame rests on a famous trade back in the nineties when he bet against the British pound and won. He's been a legend ever since. But his focus now is on something else.>> Transferring from an investment vehicle to the foundation essentially cements what has long been planned, where Soros wants his legacy to be in philanthropy and not trading.
>> At 87 years old, he's left day to day trading decisions to his chief investment officer, but he's said to keep a close eye on his portfolio. Last year, he bet markets would fall if Trump won the White House. That's one bet he lost.