George Soros’ foundation lays off 40% of workforce after passing control over to his son

George Soros’ Open Society Foundations will lay off at least 40% of its staff one month after the 92-year-old announced he handed the reins of the multi-billion-dollar foundation to his son, Alexander Soros.

The job cuts were announced in a statement signed by Alexander Soros and the foundation’s president, Mark Malloch-Brown. It said the foundation would undergo “significant changes” to its operating model.

“Through this new model, the Board aims to transform operations across the global network, with the goal of generating a nimbler organization better able to build on past achievements and confront urgent and emerging challenges,” the statement said.

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Walt Disney World Swan and Dolphin Resort is laying off 1,100 employees

With the professional athletes gone, Walt Disney World Swan and Dolphin Resort is laying off about 1,100 employees because of low occupancy and canceled events in another hit to the tourism industry because of the coronavirus pandemic.

The layoffs are coming after Major League players stayed there this summer.

The Marriott hotel between Epcot and Hollywood Studios called the economic impact “historic, swift and devastating” as it alerted the state as a requirement under federal law for mass layoffs.

The entire Swan portion of the hotel had been home to MLS teams who were staying there in the “bubble” in July and August as they played in a tournament at ESPN Wide World of Sports.

NBA players also became guests at other Disney hotels when the league restarted play in Orlando amid the pandemic.

Even though all Orlando’s theme parks are open, September has been a brutal time for the industry as thousands of employees have recently been let go or placed on indefinite furloughs.

New notices filed this week showed 5,400 Universal employees are furloughed and 1,900 employees at SeaWorld’s Orlando properties are now permanently laid off after being furloughed since March.

The Swan and Dolphin warned the economic impact will carry over into 2021.

The 1,136 positions are in multiple departments of the hotel, including 256 banquet servers, 41 cooks, 67 housekeepers and 88 loss prevention officers. The notice said the layoffs are permanent and effective Nov. 13.

Included are about 135 union employees represented by Teamsters Local 385 who work primarily as servers, housekeepers and laundry attendants. Those employees may be among the first to return if the hotel reverses course and brings back jobs.

At 11%, metro Orlando had the highest regional unemployment rate in the state in August, according to a report released Friday.