Billionaire Hedge Fund Founder Ray Dalio Steps Down as Co-CIO of Bridgewater Associates – Bitcoin News



According to the transfer of voting rights that took place on September 30, Ray Dalio, a billionaire founder of Bridgewater Associates has been appointed chief executive of Bridgewater Associates. Bridgewater’s co-chief executive explained on Tuesday that “Ray no longer has the final word,” in regard to the hedge fund’s future.

Bridgewater Associates and Hedge Fund Giant Ray Dalio Resign, Mark Bertolini and Nir Dea Takeover Senior Management

Ray Dalio was elected co-CIO of Bridgewater Associates on Tuesday, October 4th, after having founded the company more than forty years ago. Bloomberg’s Erik Schatzker first reported on the matter after the hedge fund founder relinquished all of his voting rights to the board of directors on September 30. Bridgewater, which Dalio founded in 1975, was seen as a major hedge fund investor. In fact, the World Bank gave Bridgewater a $5 million loan within the first ten year of its existence.

Schatzker report cites Bridgewater’s co-chief executive, Nir Bar Dea, who told the reporter “Ray no longer has the final word.” Dalio also spoke about his resignation on Twitter and he told the public that today was a special day for him because he “transitioned my control of Bridgewater to the next generation.” Dalio added:

I feel great about the people and ‘machine’ now in control. This moment marks the end of 47 years worth of hard work.

Dalio, who is known as a critic for bitcoin (BTC), blockchain technology and other cryptocurrency technologies, has been well-known. He has repeatedly stated that the hedge fund mogul believes that governments will eventually ban cryptocurrency.

“I think at the end of the day if it’s really successful, they will kill it, and they will try to kill it,” Dalio two months before bitcoin (BTC) reached $69K per unit. “I think they will kill it because they have ways of killing it,” he added.

Last February, Dalio noted that he had a “tiny percentage” of crypto in his portfolio because he wanted to “diversify.” However, he further stressed: “It’ll be outlawed, probably by different governments.” As far as Bridgewater is concerned, Dalio 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 will continue to be a mentor, an investor, and board member at Bridgewater, because I and they love doing those things together,” Dalio concludedHis remarks Tuesday.

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