Soros’ Foundations to Cut 40% of Staff After Handover to Son

Open Society Foundations, the nonprofit founded by billionaire George Soros, plans to cut at least 40% of its staff in the coming months.

The charity, which earlier this month confirmed Soros, 92, was handing control to his son Alex, said Friday its board approved “significant changes” to its operating model. That includes “a substantial reduction in headcount of no less than 40% globally,” according to a spokesperson.