Billionaire Ray Dalio, the co-founder of Bridgewater Associates, has announced that he will step down from his role as co-CIO at the firm, effective immediately.
Previously in an interview with Bloomberg, he announced that he will give up control of Bridgewater Associates. And recently, on his official Twitter account, he announce to step down as co-CIO of Bridgewater. He conveyed this news in the following words:
“Today is a very special day for me and Bridgewater Associates because I transitioned my control of Bridgewater to the next generation and I feel great about the people and “machine” now in control. This transition moment is the culmination of a 47-year journey from my starting Bridgewater w/ 2 people helping me in my 2-bedroom apartment to a multi-generation institution w/ 1,300 people that I’m helping. I can now visualize it doing great things for generations w/ out me. That’s as good as it gets.”
Today is a very special day for me and Bridgewater Associates because I transitioned my control of Bridgewater to the next generation and I feel great about the people and "machine" now in control. This transition moment is the culmination of a 47-year journey (1/11)
— Ray Dalio (@RayDalio) October 4, 2022
Bridgewater Associates, founded in 1975, is one of the largest investment firms in the world. It administers over $150 billion in assets. Dalio has been one of the strongest pillars in Bridgewater of all time and is a well-known advocate for Bridgewater’s Principles, which are guidelines for decision-making at the firm.
Dalio has been a driving force behind Bridgewater Associates, which is now one of the largest hedge funds in the world.
Dalio’s departure from the co-CIO position comes at a time when Bridgewater is facing increasing competition from other hedge funds. The firm will likely continue to achieve strong performance under new leadership, but Dalio’s personal influence will be greatly diminished.