breaking news on bridgewater associates.co-chief executive officer in april according to a post on his linked in. let's bring in erik schatzker but he has been following dalio and spoke to him and demos earlier this year. your first thoughts on something that is a little bit further into this letter, jon rubinstein is leaving. ofk: to your point, a lot big news coming out of bridgewater in this statement from ray dalio, and i would lead with jon rubinstein leaving is co-chief executive officer. jon rubinstein was an unusual higher less than a year ago for bridgewater. you may remember he was a key lieutenant of steve jobs and apple. he helped to design the imac and ipod. he left apple years ago, joined bridgwater last year, in this role ray dalio described as both leadership and technology. given his background at apple, ray dalio was relying on jon rubinstein to help redesign a new technology architecture for bridgewater. and today ray dalio says jon rubinstein did in fact to do that. vonnie: yes come he gives him a lot of

bridgewater associates. ray dallio is stepping down. >> a lot of big news coming out of bridgewater. i would lead with john rubenstein leaving as the co-chief executive officer. matt: aw, snap. snapchat's parent company snap begins trading publicly. can it live up to thehype? it is all straight ahead on "bloomberg best." hello and welcome. i'm matt miller in berlin. this is "bloomberg best," your weekly review of the most important business news and the interviews from bloomberg television around the world. let's take a day by day look at the top headlines starting with monday when a proposed $12 billion exchange merger teetered on the brink of failure. $13 billion attempt to acquire the london stock exchange appears to be on the verge of collapse. a lot of people were saying that politics is going to kill this deal, but it turns out it was the regulator. >> yes, they asked them whether they could give us mts, an electronic trading platform for bonds. lsc said they would not do that. they agreed to sell their

bridgewater associates. y dalio is stepping down. >> a lot of news coming out of bridgewater from ray dalio. i would lead with john rubenstein leaving as the co-chief executive officer. >> and aw, snap! snapchat's parent company begins trading, publicly. can it live up to the height -- to the height -- hype? it is all straight ahead on bloomberg best. ♪ matt: hello and welcome. i am matt miller in berlin. this is bloomberg best, your weekly review of the most important business reviews and analysis from business -- bloomberg television around the world. let's take a day by day look at the top headlines starting with monday when a proposed $12 billion exchange merger teetered on the brink of failure. $30 billionbank's attempt to acquire the bank -- >> a lot of people are saying politics will ultimately kill this deal, but it turns out it was the regulator. >> they asked him whether they divest nts, which is a electric trading platform for european government bonds. they already agreed to sell their french hous

management shakeup at bridgewater associates for the second time in a year.he billionaire grappling with succession at the largest hedge fund. he will step down is interim ceo, but extends as co-chief investor. john rubenstein, one of the graders of the ipod, -- creators of the ipod spending 10 months as ceo. ipod shares will be $17 each, getting snap in market value of $20 billion. snap is the first technology company to go public in the u.s. in what is the biggest social media offering since twitter. stock will offer trading thursday under the name snap. china revenue tripling last year, more than $1 billion. mainland accounted more than 15% of tesla's $7 billion revenue last year. charging concerns caps on revenue fall one third a year later. elon musk says china can become tesla's biggest market. kyoto news says airbag maker takata may file for bankruptcy after splitting it healthy business unit into a new company. takta and one of its potential suitors have declined to comment. it's for the products are linked to at least 70 deaths worldwide, triggering

shaking at bridgewater associates for the first time in a year, the first time the ceo is grappling withhe largest hedge fund. dahlia will step down as the ceo next month, but will the other guy remain chief investment officer? afterre hiring rubenstein 10 months as co-ceo. airbag maker takata being failed -- filed for bankruptcy after putting its healthy business units into a new company. they made these concerns about the disruption. takata and one of its suitors, key safety systems, have declined to comment. they are linked to at least 17 deaths worldwide, the biggest auto safety recall. yahoo! has ended the inquiry into its 2014 security breach, saying it was inadequately informed, and an independent committee said executives did not understand or investigate the breach, though there is no -- thee the in information was suppressed. they will not give the board , and theany votes yahoo! chief counsel has resigned. reports from malaysia has committed visa free visit from north koreans on security concerns. they are hunting several citizens linked to the murder of the half-brother of ch

. >> getting back to breaking news on bridgewater associates.liano is stepping down as interim -- ray dalio is stepping down as interim cofounder. onc, your first thoughts something that is further into this letter. john rubenstein is leaving. >> a lot of big news coming out of bridgewater and a statement from ray dalio. i would start with john rubenstein leaving. john rubenstein was an unusual higher less than a year ago for bridgewater. you may remember, he was a key lieutenant of steve jobs at apple and helped design the imac and the ipod. andeft apple years ago joint bridgewater last year. ray dalio described as both leadership and is technology. palio. john rubenstein would be a good fit because he worked with steve jobs in an environment that celebrated disagreement and friction. that is what goes on inside bridgewater and that's why he thought john rubenstein would work out well there. dump rubenstein did not in his exit is precipitating a number of important changes at bridgewater. ray dalio is getting out of bridgewater management by ap

the latest c suite shakeup at bridgewater associates.epping but will remain as cio, while jon rubinstein is leaving the firm after 10 months as co-ceo. let's of different headlines. what is the story? >> jon rubinstein is stepping down after 10 months in his role. ray dalio has been stepping income is stepping out, co-ceo, not sure how public it was that he stepped back into the role, so he has been working on this transition plan for several years. be a ten-yeard to transition plan, and jon rubinstein was supposed to be this tech, silicon valley guy who was going to show that rich a tech firm ash investment firm, and that did not work out. ofbe there is a question whether bridgewater is the place where you bring an outsider in to the ceo role? scarlet: was that the problem? belize the media twists in the news. he put it on his facebook page and said there was a mutual agreement that john rubinstein was not a cultural fit. joe: here is the quote. excited about this change and expect to remain a professional investor at bridgewater until

news, the latest shakeup at the world's largest hedge fund, bridgewater associates is now out in detaily dalio, the billionaire founder stepping down as co-chief executive officer. he will remain code chief investment officer. john rubenstein is leaving the firm. he is staying on as an advisor but there are cultural differences, according to a letter on linked in by ray dalio. i want to bring in a professor at the columbia graduate school of business. how big an announcement is this? ray dalio is in his 60's and making changes at this point, that would be surprising. fabio: the corporate culture is amazingly complex and unique. the question about david maccormack being the head, there are two differentiating things that need to be maintained at ridge water. -- bridgewater. one is the corporate culture, it is absolutely unique. you have a system of total transparency and it has driven out a whole lot of talented people, not only john rubenstein but a co-ceo in 2004, brett mccormick from verizon. he lasted about six months. it has about 30% turnover in the first two years. you either buy