Ray Dalio, founder of one of the biggest hedge funds Bridgewater, has dumped his remaining shares in the firm and stepped aside from its board.
Bridgewater completed the final sale of Dalio’s equity shares, wrapping up his management transition started in 2022, according to a person familiar with the matter. Dalio will continue to be a significant investor in Bridgewater’s strategies and a mentor, the person said.
The billionaire has been selling his equity for years. To facilitate the final transition of his ownership, Bridgewater raised capital from existing investors and employees. Co-CIOs Bob Prince and Greg Jensen are two significant equity holders, the person said.
“We share our congratulations to Ray – he will always be our cherished founder, is a mentor to many, and remains a longstanding client with significant investments in Bridgewater’s strategies,” Bridgewater CEO Nir Bar Dea and Co-Chair Mike McGavick said in a July 21 letter to clients seen by CNBC. “Ray has always described the transition as a ‘dream come true’ and we’re excited to have made it a reality together.”
The Wall Street Journal first reported Dalio’s stake sale. The founder seemingly confirmed the transition in a LinkedIn post.
