Billionaire hedge fund founder Ray Dalio has stepped down as chief executive of Bridgewater Associates, according to a September 30 transfer of voting rights. Bridgewater’s co-chief executive made it clear on Tuesday that “Ray no longer has the final say,” regarding the hedge fund’s future.
Hedge Fund Giant and Bridgewater Associates Founder Ray Dalio Resigns, Co-CEO Mark Bertolini and Nir Bar Dea Take Over Senior Management
On Tuesday, October 4, after founding Bridgewater Associates more than 40 years ago, Ray Dalio stepped down as co-CIO. Bloomberg’s Erik Schatzker first reported on the matter after the hedge fund founder gave up all his voting rights to the board of directors on September 30. After founding Bridgewater in 1975, Dalio was considered a mogul hedge fund titan and within the first ten years of business, Bridgewater received $5 . million investment from the World Bank.
A Schatzker report quotes Bridgewater’s co-chief executive, Nir Bar Dea, as telling the reporter “Ray no longer has the final say.” Dalio also spoke about his resignation on Twitter and he told the audience that today was a special day for him because he was “passing my control of Bridgewater to the next generation.” Dalio added:
I feel great about the people and “machine” now in control. This transitional moment is the culmination of a 47-year journey.
Dalio is also known for being a critic of bitcoin (BTC) and blockchain technology. The hedge fund titan has made it clear on numerous occasions that he believes governments would eventually outlaw cryptocurrencies.
“I think at the end of the day, if it’s really successful, they’re going to kill it, and they’re going to try to kill it,” Dalio said two months before bitcoin (BTC) reached $69K per unit. “I think they’re going to kill it because they have ways to kill it,” he added.
Last February, Dalio noted that he had a “small percentage” of crypto in his portfolio because he wanted to “diversify.” However, he further emphasized: “It will be banned, probably by different governments.” Regarding Bridgewater, Dahlia explained that the hedge fund’s co-CEOs Mark Bertolini and Nir Bar Dea would be in charge of senior management.
“Hopefully, until I die, I’ll continue to be a mentor, an investor and a board member at Bridgewater, because they and I love doing those things together,” Dalio concluded in his remarks on Tuesday.
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