![\"Billionaire](\"https:\/\/www.cryptocabaret.com\/wp-content\/uploads\/2022\/10\/rays-768x432.jpg\")
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Billionaire hedge fund founder Ray Dalio has stepped down as chief executive of Bridgewater Associates, according to a transfer of voting rights on September 30. Bridgewater\u2019s co-chief executive explained on Tuesday that \u201cRay no longer has the final word,\u201d in regard to the hedge fund\u2019s future.<\/strong><\/p>\n On Tuesday, October 4, after founding Bridgewater Associates more than 40 years ago, Ray Dalio stepped down as co-CIO. Bloomberg\u2019s Erik Schatzker first reported<\/a> on the matter after the hedge fund founder relinquished all of 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 got a $5 million investment from the World Bank.<\/p>\n Schatzker report cites Bridgewater\u2019s co-chief executive, Nir Bar Dea, who told the reporter \u201cRay no longer has the final word.\u201d Dalio also spoke about his resignation on Twitter and he told the public<\/a> that today was a special day for him because he \u201ctransitioned my control of Bridgewater to the next generation.\u201d Dalio added:<\/p>\n I feel great about the people and \u2018machine\u2019 now in control. This transition moment is the culmination of a 47-year journey.<\/p>\n<\/blockquote>\n Dalio is also well known for being a critic of bitcoin (BTC<\/a>) and blockchain technology<\/a>. The hedge fund titan has explained on many occasions<\/a> that he believes governments would eventually outlaw cryptocurrencies<\/a>.<\/p>\n \u201cI think at the end of the day if it\u2019s really successful, they will kill it, and they will try to kill it,\u201d Dalio <\/span>said<\/span><\/a> two months before bitcoin (BTC)<\/a> reached $69K per unit. \u201cI think they will kill it because they have ways of killing it,\u201d he added. <\/span><\/p>\n Last February, Dalio noted that he had a \u201ctiny percentage\u201d of crypto in his portfolio because he wanted to \u201cdiversify.\u201d However, he further stressed: \u201cIt\u2019ll be outlawed, probably by different governments.\u201d As far as Bridgewater is concerned, Dalio explained<\/a> that the hedge fund\u2019s co-CEOs Mark Bertolini and Nir Bar Dea would be in charge of senior management.<\/p>\n \u201cHopefully 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,\u201d Dalio concluded<\/a> in his remarks on Tuesday.<\/p>\nHedge Fund Giant and Bridgewater Associates Founder Ray Dalio Steps Down, Co-CEOs Mark Bertolini and Nir Bar Dea to Take Over Senior Management<\/h2>\n
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