George Soros: The billionaire in the eye of storm over his remark on India, Modi

Hungarian-American billionaire-philanthropist George Soros, 92, has sparked a row in India with his remarks against PM Narendra Modi on the Adani-Hindenburg issue. While delivering a speech ahead of the 2023 Munich Security Conference, Soros — who has been a vocal critic of Modi — said that the Gautam Adani crisis will substantially weaken Prime Minister Narendra Modi’s stranglehold on the government.

“Modi is silent on the subject, but he will have to answer questions from foreign investors and in parliament,” Soros said. “This will significantly weaken Modi’s stranglehold on India’s federal government and open the door to push for much-needed institutional reforms. I may be naive, but I expect a democratic revival in India,” Soros, a celebrated hedge fund tycoon, said.

Also read: BJP slams US billionaire Soros for Modi-Adani ‘close allies’ remark

Reacting to Soros’ statement, Union Minister Smriti Irani on Friday termed Soros’s statement as a “declaration to destroy India’s democratic processes” and called upon Indians to be united in their response to “foreign powers who try to intervene in India’s democratic processes” and “give a fitting reply to George Soros.”

A US short seller, Hindenburg Group, has accused Adani Group of engaging in “brazen stock manipulation and accounting fraud” over decades. Adani Group, in its response, has denied the claim.

Who is George Soros?

Founder of the Open Society Foundations, which offers grants to groups and individuals that promote democracy, transparency and freedom of speech, Soros is the world’s 253rd wealthiest person, with a net worth of $8.5 billion, according to the Bloomberg Billionaires Index. According to Forbes, Soros’s net worth as of February 17, 2023, is $6.7 billion.

Born in Hungary in 1930, he lived through the Nazi occupation of 1944–1945. His Jewish family somehow managed to survive by concealing their background and securing false identity papers.

Also read: US billionaire Soros slams Modi, says PM is creating ‘Hindu nationalist state’

Having left Budapest in 1947 for London, Soros worked part-time as a railway porter and as a night-club waiter to support his studies at the London School of Economics. In 1956, he moved to the United States, where he made his fortune by entering the world of finance and investments. It was in 1973 that he launched his own hedge fund and subsequently went on to become one of the most successful investors in the history of the United States.

Along with Modi, Soros has also been critical of Chinese President Xi Jinping and former US President Donald Trump. In 2020, Soros slammed the Modi government while addressing an event at World Economic Forum (WEF) in Davos and said nationalism was making headway and the “biggest setback” was seen in India. In the same year, he pledged $1 billion to fund a new university network to tackle the spread of nationalism.

The man who broke the Bank of England

Soros is also known as ‘the man who broke the Bank of England’. By betting against the British pound in 1992, he extricated the currency out of the exchange-rate system that preceded the euro. Though the currency crashed in what became known as Black Wednesday, Soros had earned $1 billion from his huge short positions.

Soros established Open Society Foundations, a network of foundations, in 1984 by using parts of his wealth. Known for his support to the liberal causes, Soros donated $128.5 million to the Democratic Party in 2022; he was the party’s biggest donor. He was also a prominent face behind former US President Barack Obama’s presidential campaign.