One of the world’s richest investors just abandoned ship.
Ray Dalio surrendered control of Bridgewater Associates, the world’s largest hedge fund. Dalio founded the firm in 1975.
The move will transition over $150 billion in assets to the next generation of leaders.
“The control of the company now sits with our operating board. There is nothing left to do on Ray’s transition. It’s done,” Co-Chief Executive Officers Nir Bar Dea and Mark Bertolini said in a statement.
“Hopefully until I die, I will continue to be a mentor, an investor, and board member at Bridgewater, because I and they love doing those things together,” Dalio wrote on Twitter.
The 73-year-old billionaire stepped down as Bridgewater’s chief executive officer in 2017 and chairman at the end of 2021, following which the prolific hedge fund manager served in his current role focusing on mentoring the committee that has oversight over the firm’s investment strategies, Reuters reports.
Growing like a weed: Hedge funds are firms that monitor a TON of money. Combined, hedge funds around the world have doubled the number of assets they manage since 2012.
- They managed $4.1 trillion in assets as of 2021.
Why does it matter? With money comes power – with power comes influence. Hedge funds have a lot of influence on the stock market. Their ability to influence the market with major money moves is growing.
Wall Street vs Main Street: Hedge funds are the big man on campus; retail investors (especially on Reddit) are constantly battling them for the position.
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