American hedge fund billionaire Ray Dalio took to Twitter to explain why he decided to withdraw from the public-private partnership to help disadvantaged high school kids in Connecticut.
The decision, Dalio said, came after he and his wife committed $100 million and asked the state to also commit $100 million to helping students.
Dalio said a board was set up of "12 great members and one bad Republican politician who was hellbent on hurting the Democratic governor." Dalio alleged that this Republican politician would not abide by the board's agreement to work things out within the board and to go with the group's decisions.
"Instead she regularly broke confidences and leaked distorted stories to some media folks who wanted to write sensationalist stories," Dalio said in a statement.
"Despite the other board members being horrified by her behavior, there was no stopping her so we all saw that this partnership wouldn't work," Dalio continued.
Dalio said that he and his wife are committed to providing support without this partnership. The couple said they still plan to provide their support "with the many educators in Connecticut who love working with her [his wife] to achieve their common goals."
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"Because they have done this for about 10 years and it's been great without these politicians, we expect that it will continue to be great without them," Dalio said.
Dalio founded Bridgewater Associates in 1975 in New York and has served as co-chief investment officer since 1985.
