The US billionaire George Soros' scathing criticism of Prime Minister Narendra Modi over the Adani row has created a political furore in India. In a speech at the Munich Security Conference on Thursday, Soros alleged that the turmoil over Gautam Adani's business empire might weaken PM Modi's hold on the government.
But, who is George Soros? Here is all you need to know about the billionaire investor.
Who Is George Soros?
George Soros, 92, is a billionaire American-Hungarian investor, philanthropist, short-seller, and political activist. With a net worth of $ 8.5 billion, Soros is the founder of Open Society Foundations, which gives grants to groups that promote democracy, transparency and freedom of speech.
Soros was born into a very rich and well-to-do Jewish family in Hungary in 1930. He is one of the many well-known international investors.
According to a report by PTI, the family changed their title from "Schwartz" to "Soros" as a cover to keep their Jewish identity secret during anti-semitism in the country. Soros' family is a survivor of the ghastly Holocaust in Hunagary during Nazi occupation. The family then moved to London in 1947.
He set up a very successful investement management company Soros Fund Management in 1970. Since then, the firm has been generating massive profits in billions of dollars across the globe.
Soros has donated billions of dollars to multiple platforms for different social causes over the years. According to a Free Press Journal report, the US billionaire has been very active in political causes and projects all his life and is known to be a vocal critic of authoritarian regimes all over the world.
Soros is a strong supporter of democracy and has extended his support to multiple pro-democracy movements in several countries like Hungary, Serbia and Myanmar.
Not just that, he has also been a big supporter of programmes to mitigate climate change crises. Soros has also been encouraging the use of renewable energy across the world.
Among several professional hats that he wears, Soros is also a prolific writer and has authored many books on a range of issues that include politics, business and finance, social issues and philosophy.
In addition to all of these, he is a great admirer and proponent of economic equality, social justice and democracy.
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George Soros: Where Did He Study?
Soros went to the United Kingdom in 1947 and earned a degree in philosophy from the London School Of Economics. Later, he became an investment banker.
Soros studied philosophy under Karl Popper at the LSE only to abandon plans to become a philosopher. Investment banking became his calling and he joined the London merchant bank Singer & Friedlander.
After shifting to New York in 1956, Soros started working as an analyst at European securities.
In 1969, Soros opened his first hedge fund named Double Eagle.
Interestingly, Soros is also known as "the man who broke the Bank of England". He started to be referred to by this name after he was found involved in a short sale of $10 billion worth of pounds. He made over $1 billion profit during the Black Wednesday UK currency crisis in 1992.
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Is It The First Time Soros Has Criticised Modi?
George Soros has spoken against Prime Minister Narendra Modi earlier as well. In 2020, Soros slammed the Modi government while addressing an event at World Economic Forum (WEF) in Davos, saying nationalism was making headway and the "biggest setback" was seen in India.
"The biggest and most frightening setback occurred in India where a democratically elected Narendra Modi is creating a Hindu nationalist state, imposing punitive measures on Kashmir, a semi-autonomous Muslim region, and threatening to deprive millions of Muslims of their citizenship," he had said.
What Did He Say Against Prime Minister Narendra Modi?
During the Munich Security Conference, George Soros said Modi would "have to answer questions" from foreign investors and Parliament on allegations the Adani group is facing.
The stocks of Adani Group have taken a beating since US short-seller Hindenburg Research accused it of stock manipulation and accounting fraud. The Adani Group has denied any wrongdoing and has threatened to sue Hindenburg.
He added that the Adani Group row will "significantly weaken Modi’s stranglehold on India’s federal government". He also warned, "I may be naive, but I expect a democratic revival in India."
Reacting to the remarks made by George Soros, Union Minister and BJP leader Smriti Irani hit out at Soros, saying, "The man who broke the bank of England, a man who is designated as an economic war criminal has now pronounced his desire to break the Indian democracy. George Soros, who hedges bets against many countries has now declared his ill intentions in the democratic processes of India."