George Soros awarded the Presidential Medal of Freedom

Posted: January 4, 2025, 04:19 pm.

Last updated: January 4, 2025, 04:19 pm.

Hungarian-born hedge fund manager and philanthropist George Soros is the latest political megadonor to be awarded the Presidential Medal of Freedom.

Soros, the Republican Party's enemy No. 1, has been accused of donating more than $32 billion to the Open Society Foundations, a network founded by the 94-year-old Soros that is dedicated to promoting libertarian ideology and Democrats who embrace such principles. Awarded the President's Medal. Independence Day by President Joe Biden in the East Room of the White House this afternoon.

Soros' son Alexander accepted the award on his father's behalf. Alexander took control of his father's philanthropic empire in June 2023.

As an immigrant who found freedom and prosperity in America, I am deeply touched by this honor,” the elder Soros said in a statement.

Soros escaped the Nazi occupation of Hungary by fleeing to the United Kingdom in 1949. He studied at the London School of Economics before setting up his first hedge fund, Double Eagle, in 1969.

Known as “The Man Who Broke the Bank of England” by short-selling $10 billion worth of pounds sterling, making him a $1 billion profit during the UK's 1992 Black Wednesday currency crisis, Soros made a windfall. Used the profits as seed money for Soros Fund Management. Which he founded in 1970 in New York City.

Soros Fund Management has become one of the most successful hedge funds in Wall Street history with a 20% annual return rate over four decades.

Political donors to award recipients

Soros has been one of the largest donors to the Democratic Party in elections since the mid-1990s. Biden's recognition of her highest civilian honor sent GOP loyalists into a tizzy.

Biden said he was honoring the billionaire for his continued focus on “global initiatives that strengthen democracy, human rights, education and social justice.” While Republicans opposed recognition, it is certainly not rare for a president to award the Presidential Medal of Freedom to a major party donor.

Dr. Adelson is the widow of Sheldon Adelson, the late founder, chairman and CEO of Las Vegas Sands. Adelson, the world's richest casino tycoon, was Trump's largest campaign donor in 2016, 2020 and 2024.

Award Details

President John F. Kennedy established the Presidential Medal of Freedom through an executive order in 1963. The Commander-in-Chief may award the Medal “to any person recommended to the President for award of the Medal or to any person selected by the President on his own initiative.”

It is unclear whether Biden was recommended to award the medal to Soros or whether it was of his own volition.

Along with Soros, Biden gave the Presidential Medal of Freedom to former Secretary of State Hillary Clinton, renowned chef Jose Andres, who has five restaurants in Las Vegas, and frontman Bono, whose U2 opened the Strip's newest attraction, the Sphere, in September. 2023.