Yahoo Finance Live’s Julie Hyman reports that billionaire investor Ray Dalio has given up control of Bridgewater Associates.
JULIE HYMAN: Just want to bring you some breaking news here about billionaire investor Ray Dalio, who's giving up control of Bridgewater Associates. He announced that during an interview with Bloomberg TV. Dalio said, giving up the co-CIO title is part of the natural progression. This is something that he has signaled in the past that he was going to be doing at some point. I believe it's been about a decade in which he has talked about handing over the reins in some way. And so now it looks like it is finally happening.
Remember, why is this significant? Why do we care about this? Well, Bridgewater has $150 billion in assets, and Dalio effectively built this firm, his firm, from the ground up and really has become a name to watch, not just in investing, but in leadership, et cetera. So interesting news here that this is being confirmed here today. So we'll keep you posted on anything else we learn about Dalio and his plans.