Date Published: January 4, 2025, 04:19h.
Last Updated: January 4, 2025, 04:19h.
Hungarian-born hedge fund manager and philanthropist George Soros has been honored with the Presidential Medal of Freedom, making him the latest major political donor to receive this prestigious award.
Soros, known as the Republican Party’s top adversary for his substantial donations exceeding $32 billion to the Open Society Foundations, was presented with the Presidential Medal of Freedom by President Joe Biden at the White House. The award ceremony took place in the East Room.
Representing his father, Alexander Soros accepted the medal on behalf of George Soros, who has transferred the reins of his philanthropic endeavors to his son since June 2023.
Expressing his gratitude, Soros stated, “As an immigrant who found freedom and prosperity in America, I am deeply moved by this honor.”
Having escaped the Nazi occupation of Hungary and sought refuge in the UK in 1949, Soros began his career after studying at the London School of Economics. His financial acumen earned him the moniker “The Man Who Broke the Bank of England” for his profitable short-selling tactics during the UK’s 1992 Black Wednesday currency crisis.
Utilizing the proceeds from this venture, Soros founded Soros Fund Management in New York City in 1970, which became one of Wall Street’s most successful hedge funds with a remarkable 20% annual rate of return over four decades.
Political Donors Turned Awardees
Soros has been a prominent donor to the Democratic Party since the mid-1990s. President Biden’s decision to award him the Presidential Medal of Freedom drew criticism from GOP supporters.
President Biden emphasized Soros’ dedication to global initiatives supporting democracy, human rights, education, and social justice as the basis for the recognition, despite opposition from Republicans. It is not uncommon for presidents to award major party donors with the Presidential Medal of Freedom.
In November 2018, President Donald Trump bestowed the Presidential Medal of Freedom upon Dr. Miriam Adelson, recognizing her efforts in establishing research centers combating substance abuse and founding the Adelson Medical Research Foundation. Trump also lauded her contributions to the American Jewish community through support for various causes including Jewish schools, Holocaust memorials, the Israel Defense Forces, and Birthright Israel.
Dr. Adelson, the widow of Sheldon Adelson, former chairman and CEO of Las Vegas Sands, remains renowned as one of the world’s wealthiest casino magnates and a significant donor to Trump’s campaigns in 2016, 2020, and 2024.
Details of the Award
President John F. Kennedy established the Presidential Medal of Freedom in 1963 through an executive order, allowing the president to confer the honor on individuals recommended by others or chosen at the president’s discretion.
It is unclear whether Biden acted on a recommendation to award Soros or made the decision independently.
Aside from Soros, President Biden also presented the Presidential Medal of Freedom to former Secretary of State Hillary Clinton, renowned chef José Andrés, who operates multiple restaurants in Las Vegas, and musician Bono, whose band U2 launched the Sphere, a new attraction on the Las Vegas Strip, in September 2023.