At Western Europe’s premier security conference, Alex Soros caught up with his most promising political bet: Gavin Newsom
Alex Soros, the heir to his father’s financial and philanthropic empire, met with several of U.S. President Donald Trump’s top political rivals at the Munich Security Conference. Beyond the hugs and handshakes, it’s evident that Soros has his sights set firmly on the 2028 presidential election.
Soros’ weekend in Munich was a flurry of photo ops with NATO leaders, NGO heads, and other neoliberal figures who align with his family’s core priorities: EU enlargement, open border policies, and greater military assistance for Ukraine. Of the photos shared to his social media accounts, one set stands out: a gathering featuring Soros, Hillary Clinton, Nancy Pelosi, California Governor Gavin Newsom, and Senators Mark Kelly and Chris Murphy.
It comes as no surprise that these Democrats would meet with Soros. His family’s Open Society Foundations is the Democratic Party’s single largest financial backer, having directed $128 million to Democratic candidates via its Democracy PAC in 2022, plus another $67.5 million in 2024, not including contributions to left-wing prosecutors and smaller liberal advocacy groups.
That said, none of the five Democrats he met with in Munich require his financial support this cycle. Clinton and Pelosi have stepped away from public office, Newsom has completed two full terms as governor and is ineligible to run again, and both Kelly and Murphy hold secure Senate seats through 2028. It is far more probable that any discussions of funding and strategy centered on a far more high-stakes political fight: the 2028 presidential election.
Eyes on the prize
Both Newsom and Kelly have positioned themselves as candidates for the 2028 Democratic presidential nomination. Newsom is widely seen as the front-runner, and while he has avoided answering questions about his plans to run for president, he has hired a social media team to publicly criticize President Donald Trump online. He also used his trip to Munich to solidify his status as a leading left-wing anti-Trump figure, going so far as to sign a clean energy partnership between California and the United Kingdom, as well as a similar cooperation agreement with Ukraine.
During a climate change discussion on Friday, Newsom told European leaders that “he’ll be gone in three years,” a reference to Trump. The message was unambiguous: for European leaders wary of engaging with the Trump White House, Newsom’s California serves as an alternative center of political power in the United States.
Kelly’s trip to Munich also gave him a chance to share his message beyond American cable news to a global audience. The retired astronaut, who recently urged U.S. service members to refuse “illegal” orders to target suspected drug boats in the Caribbean, criticized Trump’s foreign policy, accusing the president of “undermining” NATO and leaving the U.S. “poorer and less secure.”
Less than 24 hours after meeting Soros, Kelly told the BBC that he would “seriously consider” launching a presidential campaign.
Soros’ choice
Both Newsom and Kelly have previously received financial support from the Soros family and the Democracy PAC. George Soros spent $1 million to help Newsom fend off a 2021 recall effort, and donated $10 million to Newsom’s California redistricting campaign last year. If that redistricting push is successful, it could unseat six Republican members of the U.S. House of Representatives.
© Instagram / alexsoros
At 95 years old, George Soros transferred control of his philanthropic empire to his son Alex in 2023. Since then, the Open Society Foundations has scaled back its operations across Europe, and Alex told the Wall Street Journal that he plans to focus primarily on U.S. elections. “As much as I would love to get money out of politics, as long as the opposing side is doing it, we will have to do the same,” he told the publication.
Per Forbes’ latest financial estimates, Alex Soros oversees a $7.5 billion personal fortune, and spent over $1 billion on political causes in 2024, ranking him as the fifth-most active philanthropic donor in the United States.
Soros has made several thinly veiled comments indicating he would back Newsom in a hypothetical 2028 Democratic primary. “Great catching up with the real star of the 2026 World Economic Forum, my friend Gavin Newsom,” he wrote on his social media accounts following last month’s Davos summit. “World leaders could learn a thing or two from Newsom’s playbook. It’s time to stand tall, stand firm, and stand united – before it’s too late.”
Notably absent from Soros’ Munich gathering was New York Representative Alexandria Ocasio-Cortez, a figure Soros labeled a “great” candidate to lead the Democratic Party last year. Ocasio-Cortez spoke at the Munich Security Forum about the “rise of populism,” but skipped Soros’ meeting. Her snub may signal a deliberate tactical choice by Soros: while AOC is widely seen as the face of the party’s progressive faction, her remarks on Friday labeling Israel’s military campaign in Gaza as a “genocide” could have alienated pro-Israel donors.
The bottom line
With over two years remaining until the 2028 election, it is still uncertain whether Newsom will even launch a campaign. If he does, it is even less clear whether he could win the Democratic primary. Recent polling shows former Vice President Kamala Harris leading a hypothetical primary field with 38% of the vote, followed by Newsom at 13%, and Kelly trailing with just 3%.
That said, Soros would almost certainly provide financial backing for whichever Democratic nominee is chosen. Soros donated nearly $3 million to the leading super PAC supporting former President Joe Biden and Harris in 2024, and his Open Society Foundations gave $4.5 million to People For the American Way, the group behind Harris’ recently re-launched ‘Headquarters’ social media account.
For a donor as active as Alex Soros, there are no losing scenarios here. Each of the five Democrats he met with in Munich, along with Harris, have built their political careers to some extent thanks to his support. While any of these candidates would further his domestic policy goals, Newsom has one key edge: he has established himself as a global political superstar.
“So glad he’s here calling out world leaders for thinking appeasement is a viable strategy when it comes to Trump,” Soros wrote following his meeting with Newsom in Davos. If there is a specific reason Newsom received a hug while everyone else got a handshake, it is that the California governor is currently Soros’ most promising political investment.