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Alexander Soros speaks onstage during the Ford Foundation-United Nations Development Programme Forests for Climate event at the Ford Foundation on April 21, 2016, in New York CityDave Kotinsky/Getty Images for Ford Foundation

(LifeSiteNews) — Leftist billionaire George Soros’ Open Society Foundations will cut at least 40 percent of its workforce as his son Alex Soros takes over the reigns.

“The Board of Directors of the Open Society Foundations has approved significant changes to the Foundations’ operating model and has instructed management to proceed with the work necessary to implement it over the coming months,” the foundation, which funds a variety of leftist groups across the world, stated in a June 30 news release.

READ: ‘I’m more political’: George Soros’ left-wing son Alex takes over father’s financial empire

“While Open Society works on these internal changes, the Board remains firmly committed to the Foundations’ core priorities – democracy, human rights, climate justice, and addressing inequity,” the board stated.

Bloomberg News reports that these cuts include “a substantial reduction in headcount of no less than 40% globally,” according to comments the outlet received from the foundation.

“The nonprofit’s biggest expense in 2021 was compensation, according to its most recently available tax form. It spent almost $72 million on pay and another $40 million on benefits and pension plans,” Bloomberg reported.

“The younger Soros recently said he plans to use Open Society’s $25 billion war chest to fund the cause to expand abortion rights and voting rights. He also claimed to be ‘way more political’ than his father, the Democratic Party’s largest individual donor,” The Washington Free Beacon reported.

READ: George Soros’ ‘Russia Project’ aims to capture nation states in the web of globalism

“While Alex Soros has given only a fraction of his dad’s campaign donations, he has been spotted hobnobbing with President Joe Biden, Vice President Kamala Harris, Senate Majority Leader Chuck Schumer (D., N.Y.), former House Speaker Nancy Pelosi (D., Calif.), and other Democratic luminaries,” the Free Beacon reported. “Alex has visited the Biden White House nearly 20 times, and had several meetings with National Security Council officials.”

As previously reported by LifeSiteNews, Alex Soros has already come under criticism from notable politicians, including Hungarian Prime Minister Viktor Orbán who cracked down on the foundation years ago, forcing it to leave the country in 2018. Orbán has also  accused the younger Soros of planning to “incite” a migrant crisis on Hungary’s southern border.

According to CNN, the Soros-run Democracy PAC gave $81 million in political donations from 2019 to 2020. The Open Society Foundation has reportedly given grants totaling $19 billion with the intent of promoting neo-liberal and secular policies since 1979.

READ: George Soros is a prime example of why pro-lifers must be focused on the ‘Big Picture’