Ray Dalio gives up Bridgewater's control as part of succession plan

Ray Dalio, the billionaire investor who built Bridgewater Associates into one of the world's biggest hedge funds, has handed over control of the $150 billion firm to a new generation of investors, Bridgewater said on Tuesday.
 

Dalio has tranferred his majority stake to the board but remains a "meaningful" owner of the $150 billion hedge fund, the company said. He has stepped down as one of three co-chief investment officers and will have a new title the firm said: founder and CIO mentor.
 

The 73-year-old billionaire stepped down as Bridgewater's chief executive officer in 2017 and chairman at the end