Rise to Success: Career Highlights of Scott Bessent

From career breakthroughs to professional milestones, explore how Scott Bessent made an impact.

Scott Bessent is an American government official currently serving as the United States Secretary of the Treasury since 2025. Previously, he had a prominent career in the financial sector, including being a partner at Soros Fund Management. Bessent also founded Key Square Group, a global macro investment firm, demonstrating his entrepreneurial ventures in the hedge fund industry before transitioning to public service.

Sections (3)

Full Timeline Early Life & Education Career & Achievements

1991: Joined Soros Fund Management

In 1991, Bessent joined Soros Fund Management (SFM), eventually becoming head of the London office.

September 1992: Black Wednesday Profit

In September 1992, Bessent was a leading member of the group that profited by $1 billion on Black Wednesday, the British Pound sterling crisis.

1992: Black Wednesday Collapse

In 1992, Bessent was a leading member of the team whose bet on the Black Wednesday collapse of the British Pound sterling earned the firm over $1 billion.

2000: Founded Bessent Capital

In 2000, after resigning from SFM, Bessent founded a $1 billion hedge fund, Bessent Capital.

2005: Closed Bessent Capital

In 2005, Bessent Capital, the hedge fund founded by Bessent, closed.

2006: Yale Professorship

In 2006, Bessent became an adjunct professor of economic history at Yale.

2011: End of Yale Professorship

In 2011, Bessent ended his time as an adjunct professor of economic history at Yale, a position he held since 2006.

2011: Returned to SFM

In 2011, Bessent returned to SFM as chief investment officer.

2013: $1.2 Billion Profit

In 2013, Bessent made another $1.2 billion profit for Soros Fund Management by betting against the Japanese yen.

2013: $1.2 Billion Profit Betting Against Yen

In 2013, Bessent's bet against the Japanese yen yielded more than $1.2 billion in profit in three months.

2015: Launched Key Square Group

In 2015, Bessent left SFM to launch Key Square Group, a hedge fund.

2015: Left SFM

In 2015, Bessent left SFM.

2016: Key Square Group Returns 13%

In 2016, Key Square Group's main fund returned 13%.

2017: Decline of Key Square Group

From 2017 to 2021, Key Square Group declined or broke even every year and assets under management decreased.

2018: Returned Soros's Investment

In 2018, as part of a prearranged deal, Key Square Group returned Soros's investment as it took in other assets.

2021: Major Gains for Key Square Group

In 2021, Key Square Group started making major gains, continuing in 2022 and 2023.

2022: Opened Foundations and Supported Organizations

In 2022, Bessent opened two foundations, created the McLeod Rehabilitation Center, and supported the King's Trust and the Harlem Children's Zone. He also supports restoration of the Nathaniel Russell House.

2022: Major Gains for Key Square Group

In 2022, Key Square Group continued making major gains, after gains in 2021, and continuing in 2023.

2023: Major Gains for Key Square Group

In 2023, Key Square Group continued making major gains, after gains in 2021, and 2022.

November 2024: Op-Ed on Tariffs

In a November 2024 Fox News op-ed, Bessent wrote that tariffs "are a means to finally stand up for Americans".

November 22, 2024: Nomination for Treasury Secretary Announced

On November 22, 2024, President-elect Trump announced his nomination of Bessent for Treasury Secretary in the second Trump administration.

2024: Key Square Earns Double Digits

In 2024, Key Square Group earned "double digits" percentagewise.

January 16, 2025: Senate Committee Hearing

On January 16, 2025, Bessent appeared before the United States Senate Committee on Finance, defending plans to impose tariffs, supporting tax cut extensions, and calling for tougher economic policies on China and Russia.

January 27, 2025: Confirmed as Treasury Secretary

On January 27, 2025, Bessent was confirmed by the United States Senate as the 79th U.S. Treasury Secretary.

January 28, 2025: Sworn in as Treasury Secretary

On January 28, 2025, Bessent was sworn in as the 79th Secretary of the Treasury, becoming the first openly gay person to lead the U.S. Treasury Department.

March 2025: Defended Tariffs

In March 2025, Bessent defended Trump's threats to impose tariffs on Canada and Mexico, saying, "access to cheap goods is not the essence of the American Dream."

April 2025: Dispute with Elon Musk

In April 2025, a dispute between Bessent and Elon Musk arose after Bessent lobbied Trump to replace Gary Shapley with Michael Faulkender as Commissioner of Internal Revenue.

April 2025: Advocated Pressuring Trading Partners

In April 2025, after Trump announced Liberation Day tariffs, Bessent warned countries against retaliating, promising escalation. However, on April 9, Trump paused many of the tariffs, with Bessent's influence credited.

2025: Becomes Treasury Secretary

In 2025, Scott Bessent assumed the role of the 79th United States Secretary of the Treasury.

May 2026: Proposed Replacing Federal Reserve Chair

In May 2026, Bessent proposed seeking an early confirmation of a replacement to Chair of the Federal Reserve Jerome Powell, but later "walked back" the idea after criticism.