History of Scott Bessent in Timeline

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

August 21, 1962: Scott Bessent Born

On August 21, 1962, Scott Kenneth Homer Bessent was born in Conway, South Carolina.

Others born on this day/year

1980: Graduation from North Myrtle Beach High School

In 1980, Bessent graduated from North Myrtle Beach High School in Little River, South Carolina.

1984: Graduation from Yale College

In 1984, Bessent graduated from Yale College.

1984: Received Degree from Yale University

In 1984, Bessent received a Bachelor of Arts degree in political science from Yale University and also served in various roles during his undergraduate studies.

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: Fundraiser for Al Gore

In 2000, Bessent hosted a fundraiser for Al Gore at his home. That year, he also donated $1,000 to John McCain.

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.

2007: Bought House in Bedford Hills

In 2007, Bessent bought a house in Bedford Hills, New York, for $11.3 million.

2007: Donation to Barack Obama

In 2007, Bessent donated $2,300 to Barack Obama.

2009: Sold Unit at One Sutton Place South

In 2009, Bessent sold his unit at One Sutton Place South for $9.5 million, at a loss.

2010: Bought House in Miami Beach

In 2010, Bessent bought a 9,719-square-foot house in Miami Beach for $9.5 million.

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: Married John Freeman

In 2011, Bessent married John Freeman.

2011: Returned to SFM

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

2011: Sold House in Bedford Hills

In 2011, Bessent sold the house in Bedford Hills, New York, for $7.1 million, losing at least $4.2 million.

2013: Donation to Hillary Clinton's Campaign

In 2013, Bessent donated $25,000 to Hillary Clinton's campaign.

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.

2014: Sold House in Miami Beach

In 2014, Bessent sold his renovated house in Miami Beach for $14.5 million.

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: Donation to Trump Inaugural Committee

After Trump was elected president in 2016, Bessent donated $1 million to Trump's 2017 presidential inaugural committee.

2016: Bought John Ravenel House

In 2016, Bessent bought the 9,407-square-foot John Ravenel House for $6.5 million.

2016: Key Square Group Returns 13%

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

2017: Donation to Trump Inaugural Committee

After Trump was elected president in 2016, Bessent donated $1 million to Trump's 2017 presidential inaugural committee.

2017: Decline of Key Square Group

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

2017: Bought Unit at 720 Park Avenue

In 2017, Bessent bought a unit at 720 Park Avenue for $19.25 million.

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.

2019: Sold Home in Southampton

In 2019, Bessent sold his renovated 10,665-square-foot home in Southampton, New York, for $19 million.

2021: Sold Unit at 720 Park Avenue

In 2021, Bessent sold his unit at 720 Park Avenue for $15 million, taking a loss.

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: Comments on China

In 2022, Bessent praised Trump and former Japanese prime minister Shinzo Abe for containing China and called China "ever more antagonistic".

2022: Sister Wyn's Death

In 2022, Bessent's younger sister, Wyn, passed away after an illness.

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: Donation to Trump's 2024 Campaign

In 2023 and 2024, Bessent donated more than $1 million to Trump's 2024 presidential campaign.

2023: Major Gains for Key Square Group

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

February 2024: Fundraiser for Trump's 2024 Campaign

In February 2024, Bessent hosted a fundraiser in Greenville, South Carolina, that raised nearly $7 million for Trump's 2024 campaign.

April 2024: Palm Beach Fundraiser

In April 2024, Bessent was a host of a Palm Beach, Florida, fundraiser that raised $50 million for Trump's campaign.

July 2024: Key Economic Advisor

In July 2024, Bessent was a key economic adviser to Trump.

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.

December 28, 2024: Net Worth Disclosure

As of December 28, 2024, Bessent's net worth was at least $521 million according to his financial assets disclosure.

2024: Donation to Trump's 2024 Campaign

In 2023 and 2024, Bessent donated more than $1 million to Trump's 2024 presidential campaign.

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."

March 2025: Sale of John Ravenel House

In March 2025, Bessent sold the John Ravenel House for $18.25 million plus $3 million for furnishings and fixtures, setting a record for the highest price ever for a house in Charleston.

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.