TOPLINE
Billionaire philanthropist George Soros’ Open Society Foundations pledged Monday to invest up to $220 million in organizations and leaders working to improve conditions in Black communities, a move that further solidifies Soros’ standing as a major backer of racial justice initiatives and a major villain to right-wing groups who decry his support for “terrorists.”
KEY FACTS
Soros has long used his considerable wealth — estimated at $8.3 billion by Forbes — to address systemic inequality experienced by communities of color, including Open Society’s launch of a Racial Justice Initiative in 2003.
The largest share of the funding in Monday’s announcement —$150 million—will be issued through five-year grants to Black-led justice organizations that “helped to create and now sustain the momentum towards racial equality,” the Foundations said in a news release.
The recipients of this set of investments include groups such as Black Voters Matter and Circle for Justice Innovations along with organizations pushing for civil rights and legal justice, such as Repairers of the Breach and the Equal Justice Initiative, which is well known for founder and attorney Bryan Stevenson’s hit book and movie “Just Mercy.”
Open Society also will make up to $70 million in investments in efforts to advance racial justice, including in cities that are rethinking public safety, “moving beyond the culture of criminalization and incarceration, and aiming to create safe, healthy, and racially just communities,” the release said, echoing chants from protesters following the death of George Floyd who have pushed for smaller police budgets and more funds spent on social services.
The release hints at future announcements regarding funding to improve working conditions, especially for workers of color, as labor, racial, and social justice organizations prepare for a national “Strike for Black Lives” July 20.
Soros is a frequent target of right-wing publications, including Breitbart, and a frequent critic of President Donald Trump, who Soros has called a “con man.”
crucial quote
“This is the time for urgent and bold action to address racial injustice in America. These investments will empower proven leaders in the Black community to reimagine policing, end mass incarceration, and eliminate the barriers to opportunity that have been the source of inequity for too long.”
key background
Soros already has used his financial heft to back efforts gaining attention now as protesters push for an end to systemic racism. The Foundations gave $50 million to help the ACLU’s campaign to reduce mass incarceration and last year invested $25 million in multiyear grants to state organizations led by people of color, as well as $15 million to the NAACP Legal Defense and Educational Fund.
But some of that support has made him the subject of numerous unsubstantiated conspiracy theories, including allegations that groups he backed have paid protesters speaking out against racial injustice.
Soros often is described by the right as a “globalist,” a term seen by many as anti-Semitic, and is said to be at the heart of a nebulous global conspiracy.
In January, Soros pledged $1 billion to fund a new university network to tackle the spread of nationalism.
further reading
Open Society Foundations Announce $220 Million for Building Power in Black Communities
Labor Group Pushes For Nationwide ‘Strike For Black Lives’ On July 20 (Forbes)
Right-Wing Conspiracists Pull From Old Playbook: Blame George Soros For Riots (Forbes)