A nonprofit founded by billionaire philanthropist George Soros plans to lay off at least 40 percent of its global staff of 800, The Daily Beast reports.
Open Society Foundations is “the world’s largest private funder of independent groups working for justice, democratic governance, and human rights,” according to the group’s website.
Soros earlier this month announced that his 37-year-old son Alexander would be running the company.
“The Board has directed Open Society’s senior leadership to proceed with the work necessary to implement this new approach in accordance with local requirements and obligations to our employees and representatives,” an Open Society spokesperson said in a statement to The Beast.
Loyola University Chicago School of Law’s Samuel Brunson told the outlet that the layoff announcement isn’t a surprise, noting that Alexander Soros may “have different priorities and goals” than his father.
Brunson said it’s too soon to determine whether the announcement reflects potential headwinds for the broader nonprofit sector.
