Billionaire hedge fund manager Scott Bessent has released plans to divest from dozens of funds, trusts, and investments as he prepares to become the nation’s top economic policymaker under President-elect Donald J. Trump. The 62-year-old will oversee Trump’s economic agenda, which includes cutting taxes, rolling back regulations, and imposing tariffs.
Bessent’s assets and investments are valued at over $700 million, according to financial disclosures released on Saturday. He was previously a major Republican donor and adviser to Trump. As Treasury secretary, Bessent will play a central role in implementing cryptocurrencies such as Bitcoin.
The divestment plans come ahead of Bessent’s Senate confirmation hearing next Thursday. He has outlined steps to avoid conflicts of interest, including shuttering his investment firm and resigning from certain foundations.
Bessent owns significant assets, including farmland in North Dakota worth up to $25 million and a property in the Bahamas valued at the same amount. However, he is selling investments that could pose potential conflicts, such as a Bitcoin exchange-traded fund and an account trading China’s currency.
Critics have raised questions about Bessent’s qualifications and performance as a hedge fund manager, citing unremarkable performances from his previous funds. Nevertheless, Bessent was chosen for the Treasury role after an internal tussle among Trump’s aides, with some expressing concerns over potential conflicts of interest.
Source: https://www.nytimes.com/2025/01/11/business/scott-bessent-treasury-divest.html