GREENWICH, Conn. — The son of billionaire hedge fund founder Ray Dalio died in a car crash on Thursday, a family spokesperson confirmed Friday.
Devon Dalio, 42, died when an Audi he was driving crashed into a Verizon store at a shopping center and burst into flames, Greenwich police and Fire Chief Joseph McHugh told Greenwich Time.
The car passed over a parking strip and mounted a curb before hitting the doors and entering the store, Greenwich Police Department Public Information Officer Mark Zuccerella told the newspaper.
The cause of the crash is still under investigation, Zuccerella said. The Verizon store was largely destroyed, the Time reported.
Devon Dalio was the Dalios’ eldest son and was the co-founder of P-Squared Management Enterprises, a private equity firm that is focused on small- and mid-market health care technology companies, the newspaper reported.
Ray Dalio founded Bridgewater Associates, known as the world’s largest hedge fund, according to The Associated Press. In a tweet, the elder Dalio said his family was “mourning and processing and would prefer to be incommunicado for the time being.”
“We know that the terrible pain we are feeling has been and continues to be felt by so many others so our sympathies go out to them,” Ray Dalio said in a second tweet. “May God be with you and may you cherish your blessings, especially at this time of year.”
We know that the terrible pain we are feeling has been and continues to be felt by so many others so our sympathies go out to them. May God be with you and may you cherish your blessings, especially at this time of year.
— Ray Dalio (@RayDalio) December 19, 2020
According to Devon Dalio’s LinkedIn page, he worked as a project manager at Bridgewater Associates. He also served as a board member of the Dalio Foundation, according to the foundation’s tax filings.
In addition to his parents, Devon Dalio is survived by a wife, daughter and three brothers, the Time reported.
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