john rubenstein is leaving.c: a lot of big news coming out of bridgewater in a statement from ray dalio. i would lead with john rubenstein leaving. john rubenstein was an unusual hire 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. he left apple years ago and joined bridgewater last year. ray dalio described as both leadership and technology. ray dalio thought john rubenstein would be a good fit because he worked with steve jobs in an environment that celebrated disagreement and, at times, friction. that is what goes on inside bridgewater and that's why he thought john rubenstein would work out well there. john rubenstein did not and his exit is precipitating a number of important changes at bridgewater. number one, ray dalio is getting out of bridgewater management by april the 15th and david mccormick who is minute the firm years, former treasury undersecretary under george w. bush, is being elevated to co-ceo with

that is what goes on inside bridgewater and that's why he thought john rubenstein would work out wellre. 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 april 15 and david mccormick who is minute the firm for eight years, you may remember under george w. bush, is being elevated to co-ceo with eileen murray, formally of morgan stanley, also who has a deep background in technology. as you can hear around may, the buzz is building. people are excited. they want to see what the shares are going to be trading at a we are hearing they are closing. the people around me -- there we have it. we are at $24. remember, this is a big uptick. up on talking about a 40% the share price. much excitement. the guys telling me that was 24 million shares being traded at 12% on the 200 million that were put into the market by snap. more tech ipos maybe two,. >> -- more tech ipos maybe to come. >> the odds of a fed hike in march were low. it is one of those weeks in that the fed changes the changes it ow

john rubenstein was an unusual hire less than a year ago for bridgewater. remember he was a key lieutenant at apple party helps to designing ipod. he left apple years ago, joined bridgwater last year. dalio described as both leadership and technology. dalio thought john rubenstein would be a good fit because he worked with steve jobs in an environment that celebrated disagreement and that time friction. that's what goes on inside bridgewater. that is why he thought jon rubenstein would work out well. jon rubenstein did not and his exit is precipitating a number of other important changes at bridgewater. number one, ray dalio is getting out of bridgewater management by. april 15 and david mccormick, who has been at the firm for 8 years, former treasury undersecretary under george w. bush, is being elevated to co-ceo with eileen murray of morgan stanley also who has a deep background in technology. isas you can hear, the buzz building. people are excited for they want to see what the shares are going to be trading at. we're hearing they are closing, as i said

john rubenstein, one of the graders of the ipod, -- creators of the ipod spending 10 months as ceo.pod 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 the world's biggest safety auto legal. global news powered by 2600 journalists and analysts in more than 120 countries. this is bloomberg. ♪ >> the possibility of a fed reserve rate hike at the march 15 meeting is looking more like a pro

john rubenstein is leaving the firm.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 into the corporate culture or you were out. vonnie: what is wrong with that? you buy into any corporate culture when you join a company and there is only so much an