George Soros, the billionaire investor and philanthropist, is back in the news again. Former President Donald Trump has repeatedly alleged that he’s been bankrolling violent looting in order to overthrow the government, raising a political firestorm. This sudden wave of scrutiny comes on the heels of Soros’s decades-long reputation as an unparalleled funder of left-wing and Democratic causes. He helped drop more than $170 million in the 2022 midterm elections by himself.
Soros first came to prominence in 1992 as the “man who broke the Bank of England” after he short sold $10 billion worth of British pounds. Since then, right-wing groups and authoritarian regimes have pursued a campaign of vilification against him ever since. His philanthropy started in the late 1970s, first concentrating on funding scholarships for Black South Africans living under apartheid. Soros eventually ramped up his efforts on behalf of dissidents and pro-democracy organizations within the span of communist Eastern Europe. This commitment inspired him to use his wealth to found the OSF, now one of the largest global funders of human rights and public health projects.
This is not the first time Trump has used Soros as a boogeyman in his stories. His recent comments on the philanthropist are only the latest example of this playbook. The former president stated, “If you look at Soros, he’s at the top of everything,” suggesting that Soros’s financial influence poses a threat to conservative values and candidates. This framing plays directly into the broader right-wing narrative. In their telling, Soros is a secret puppet master of a “vast conspiracy” to destroy American democracy.
Critics say that these sorts of attacks are designed to intimidate would-be political contributors. Larry Jacobs, a political analyst, remarked, “Anyone who contributes to the Democrats can expect Soros treatment if they’re giving a large amount of money.” Jacobs suggested that Trump’s strategy aims to make it more difficult for Democrats to raise funds by creating an atmosphere of fear around large donations.
Perhaps of little comfort to Soros is how deeply this animosity towards him has festered in political circles. Viktor Orbán, Hungary’s Prime Minister, once described the threat posed by Soros in stark terms, saying, “We are fighting an enemy that is different from us… does not believe in working but speculates with money; does not have its own homeland but feels it owns the whole world.” These statements find an audience among those who already believe Soros is an outsider interfering in our domestic politics.
Even with the highly publicized criticisms he’s faced, Soros’s charitable investments have bipartisan foundations. As noted by Patrick Gaspard, a former labor aide to President Obama, it was not long ago that Republican senators would actively engage with Soros. They all appreciated his tremendous contributions to the missions of spreading democracy in Eastern Europe. “It’s hard to believe but at one point George’s work had bipartisan support,” he stated.
That was before the political landscape shifted dramatically to the right, post-election. As you might guess, today Soros is being portrayed as the cartoonish supervillain. Emily Tankin highlighted how his identity as a Jewish foreigner living in New York lends itself to negative stereotypes and conspiracy theories. “You couldn’t imagine a more perfect cartoon villain than Soros,” she said.
Today, Trump faces an onslaught of challenges, from colossal economic upheaval to intense political scrutiny. Some of these political analysts believe that targeting Soros obscures these much more urgent priorities. Rick Wilson stated, “Right now Trump’s in a lot of trouble across the board politically… All these things have led to a moment where they need some bait and they need some distraction out there.”
Soros’s office has consistently fought back against allegations connecting him to illegal conduct or violence. A spokesperson stated, “Allegations that George or OSF are in any way engaged in unlawful activity or in fomenting or promoting violence are 100% false.” This legal defense is indicative of Soros’s broader commitment to insulating his pursuit of social justice from the taint of political conspiracy theories.
The Open Society Foundations has supported numerous progressive organizations within the United States, including the American Civil Liberties Union and Planned Parenthood. Soros’s $32 billion in contributions have painted a target on his back that right-wing actors will exploit to weaken the progressive pipeline. Marjorie Taylor Greene stated bluntly, “No other person has undermined our democracy more than George Soros.”
As we head into the next election cycle, it’s notable to see these tensions rising. Expecting to see these dynamics play, so we’re both for the ride. Political strategist Rick Wilson warned that these attacks on Soros are not just about him but about suppressing free speech and stifling opposition funding. “It’s absolutely about scaring people and freaking people out,” he remarked.