BREAKING: The $25 billion international network of foundations started by George Soros is shuttering offices around the world
https://www.msn.com/en-us/money/markets/soros-closes-offices-across-25-billion-philanthropy-empire/ar-AA1i6wdd
(Bloomberg) – The $25 billion international network of foundations started by George Soros is shuttering offices around the world as it prepares to cut more than 40% of its staff.
Employees of the Open Society Foundations’ Africa operations received correspondence last week detailing the next steps of the process, which includes closing half a dozen offices on the continent in addition to its Baltimore and Barcelona locations, according to a copy of the emails seen by Bloomberg.
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“With the decision by the board in June to cut the staff by more than 40%, our staffing size and footprint by necessity needs to diminish,” Binaifer Nowrojee, OSF’s vice president of programs, said in one of the emails. “We no longer have the bandwidth to operate multiple small offices, and thus the decision to further reduce our locations.”
The hedge fund titan’s charity doles out more than $1 billion in grants annually, including over $100 million in Africa. The locations where OSF will no longer have staff include Addis Ababa, Ethiopia; Kampala, Uganda; Cape Town; Kinshasa, Democratic Republic of the Congo; Abuja, Nigeria; and Freetown, Sierra Leone, according to an email from Africa Executive Director Muthoni Wanyeki. Offices in Nairobi, Kenya; Dakar, Senegal; and Johannesburg will remain open.
“I’m very sorry that it’s turned out this way,” Wanyeki wrote to staff in an email seen by Bloomberg. “It’s obviously not what any of us expected and I’m also very sorry that I didn’t have the information on this earlier,” she added, saying the changes aren’t what leadership “committed to two years ago.”