Billionaire Ray Dalio’s Son Dies In Connecticut Car Crash

Hedge fund billionaire Ray Dalio’s 42-year-old son, Devon, died in a car crash in Greenwich, Connecticut on Thursday, his family has confirmed.

Devon’s Audi crashed into a Verizon store at a shopping center on Thursday afternoon before bursting into flames, local authorities said. He had apparently crossed over a parking strip and mounted a curb before driving into the store, police told Hearst Connecticut Media. When officers arrived on the scene around 3:50 p.m., the store was “completely engulfed in smoke.”

Authorities are still investigating the cause of the car accident, the Associated Press reports. The Verizon store’s employees were unharmed.

Ray Dalio—the founder of the world’s largest hedge fund, Bridgewater Associates, confirmed his son’s death in a tweet on Friday. “My family and I are mourning and processing and would prefer to be incommunicado for the time being,” he wrote.

Ray Dalio is the 29th richest person in the world, with a net worth of $16.9 billion, according to Forbes’ estimates. He is the wealthiest person in the state of Connecticut and has given more than $850 million to philanthropic causes, Forbes calculates.

According to his son’s LinkedIn page, Devon was a cofounder at P-Squared Private Equity and was a former project manager at Bridgewater Associates. He was also involved in philanthropic efforts, serving on the board of his family’s Dalio Foundation. 

Connecticut Governor Ned Lamont released a statement saying he was “devastated” by Devon Dalio’s death. “As parents, we cannot imagine the grief and sadness of their loss,” he said, adding, “our prayers are with Ray and Barbara, who have been champions for Connecticut’s children.”