Ray Dalio has denounced a New York Times (NYSE:NYT) report that alleged the co-founder of Westport”™s Bridgewater Associates forced the company into a protracted and often hostile negotiation over his retirement from its leadership.
The Times”™ article ”“ co-written by Rob Copeland, the author of an upcoming unauthorized biography on Dalio ”“ claimed that “he had hardly gone without a fight” and that his departure from the corporate helm “followed more than six months of frantic behind-the-scenes wrangling over how much money his successors at the firm were willing to pay the billionaire to go away.”
The Times”™ piece was sourced by “a half dozen current and former Bridgewater employees who said they risked angering Mr. Dalio and could be sued by the firm if they spoke publicly.” Neither Dalio nor any current Bridgewater executive was quoted in the article.
“In the end, Mr. Dalio, with an estimated net worth of $19 billion, agreed to surrender his control over all key decisions at Bridgewater only if the firm agreed to give him what could amount to billions of dollars in regular payouts over the coming years through a special class of stock,” the article declared.
For his part, Dalio used his LinkedIn page to question the coverage. Under the heading “Principle of the Day: Don”™t Believe Everything You Hear,” Dalio did not mention the Times by name but left no doubt regarding the subject of his posting.
“Ignore the gossip and instead focus on the most important big things that affect you the most,” he wrote. “I hope I can help you reflect well on some of these by offering perspectives and principles that you are free to take or leave as you like. I appreciate our relationship and hope you do too.”
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