Scott Bessent, a hedge fund manager once involved in George Soros’s investment operations, has recently emerged as a potential pick for Treasury secretary in a second Trump administration.
Having spent decades working alongside Soros—a prominent donor to Democratic causes—Bessent’s evolution into a key supporter of President-elect Donald Trump marks a striking political shift. Once a reliable donor to Democratic campaigns, Bessent’s contributions shifted rightward after he left Soros’s firm.
By 2016, Bessent had distanced himself from mainstream Democratic causes, contributing significantly to Republican-aligned super PACs and, ultimately, to Trump’s campaign.
What Was Bessent’s Relationship With Soros?
Bessent’s relationship with Soros began in the early 1980s when he joined Soros Fund Management after graduating from Yale University. Known for his sharp analytical skills and strategic thinking, Bessent quickly advanced, becoming an influential part of Soros’s team in London.
He then played a pivotal role in the “Black Wednesday” trade of 1992, when Soros famously “broke the Bank of England” by betting against the British pound. This trade earned Soros’s team over $1 billion and solidified Soros’s reputation as a formidable figure in global finance.
Scott Bessent speaks in Washington, D.C., on July 10. Bessent has recently emerged as a potential pick for Treasury secretary in a second Trump administration.
Photo by Dominic Gwinn / Middle East Images / Middle East Images via AFP) (Photo by DOMINIC GWINN/Middle East Images/AFP via Getty Images
Bessent’s role expanded further when he became chief investment officer (CIO) of Soros Fund Management in 2011, overseeing billions in assets and leading the firm’s investment strategy. He served as CIO until 2015 when he departed to launch his own hedge fund, Key Square Capital Management, with $2 billion in backing from Soros.
Even after leaving Soros Fund Management, Bessent maintained ties to organizations Soros supported, such as the International Crisis Group, which received substantial funding from Soros.
Soros and GOP Criticism
George Soros, a Jewish Holocaust survivor who fled communism in Hungary and immigrated to the United States, has been a frequent target of Republican criticism for his financial support of progressive causes and Democratic candidates. Since 2000, Soros has reportedly donated over $21 billion to progressive organizations and campaigns, making him one of the most influential donors in U.S. politics.
Republicans often invoke Soros’s name in campaign rhetoric, casting him as a symbol of elite liberal influence.
Figures like Donald Trump and Florida Governor Ron DeSantis have explicitly criticized Soros-backed candidates and policies, framing them as detrimental to public safety and conservative values. Soros’s contributions have been especially significant in local elections, supporting district attorney candidates who favor criminal justice reform—a stance that has drawn ire from conservative critics, who accuse Soros of promoting “soft-on-crime” policies.
George Soros at the World Economic Forum meeting in Davos on May 24. Scott Bessent, Trump’s potential Treasury secretary pick, once worked with Soros.
FABRICE COFFRINI/AFP via Getty Images
Bessent’s Shift Toward Trump
In the early 2000s, Bessent supported prominent Democrats like Al Gore and Hillary Clinton. However, by 2016, Bessent had distanced himself from Democratic causes, making substantial contributions to Republican-aligned super PACs and, eventually, to Trump’s campaign.
As the founder of Key Square Capital Management, Bessent has built a reputation as a prominent conservative donor. He has contributed over $1.1 million to Republican committees, including significant funds for Trump’s 2020 reelection campaign.
Federal Election Commission records indicate Bessent has donated directly to Trump-aligned PACs and organizations, marking a complete break from his Soros-affiliated past.
David Bahnsen, an investment advisor with strong GOP connections, described Bessent as “one of the most brilliant men on Wall Street.” Trump reportedly shares this sentiment, calling Bessent “respected by everybody” in the financial world.
A Possible Treasury Pick?
President-elect Trump has been vocal about his plans for a different approach in his second term, swiftly working to assemble a cabinet he expects to be loyal. Bessent’s name has surfaced as a potential choice for Treasury secretary, with betting markets and key advisers considering him a viable candidate.
Since Trump’s victory, Bessent has courted the president-elect, including a visit to Mar-a-Lago on Friday and an op-ed in The Wall Street Journal. In the piece, he noted that Trump’s election “drove the largest single-day increase in the U.S. dollar in more than two years, and the third largest in the last decade,” a point that reportedly resonated within the transition team.
