Billionaire-philanthropist George Soros hands over control of his empire to son Alexander

Hedge fund tycoon and philanthropist George Soros revealed that he has handed over control of his business empire to his 37-year-old son Alexander Soros.

In an interview to The Wall Street Journal, Soros senior, who had earlier said he did not want any of his five children to inherit his Open Society Foundations (OSF), said Alexander "earned it".

Alexander told WSJ that he is more political than his father and added that he intends to continue supporting left-leaning US political candidates with his family's money. "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," he was quoted as saying.

In December, the OSF board had elected Alexander as its chairman and he now directs political activity as president of Soros' political action committee.

“We are going to double down on defending voting rights and personal freedom at home and supporting the cause of democracy abroad," Financial Times Quoted Alexander as saying.