Ray Dalio, billionaire and founder of Bridgewater Associates.
David Paul Morris | Bloomberg | Getty Images
Devon Dalio, the son of 42-year-old hedge fund founder Ray Dalio, died this week in a car accident, a family spokesman said on Friday.
A family spokesman confirmed the death in a Thursday afternoon crash on Hearst Connecticut Media. An Audi crashed into a Verizon store in a mall and burst into flames, Greenwich police and fire chief Joseph McHugh said.
The cause of the accident is still being investigated, said Mark Zuccerella, the public intelligence officer at the Greenwich Police Department. The Verizon store was largely destroyed, the newspaper reported.
In a tweet, Ray Dalio – the billionaire founder of Westport, Bridgewater Associates of Connecticut, known as the largest hedge fund in the world – said that his family is “mourning and processing and would prefer to be incommunicado for the time being.” .
“We know that the terrible pain we feel has been and continues to be felt by so many others, so that our sympathies are brought to them,” he said in a follow-up tweet. “May God be with you and cherish your blessings, especially at this time of year.”
According to Devon Dalio’s LinkedIn page, he worked as a project manager at Bridgewater Associates. He was also a member of the board of directors of the Dalio Foundation, according to the foundation’s tax documents. In addition to his parents Ray and Barbara Dalio, he survived a wife, daughter and three brothers, the newspaper reported.
Connecticut Governor Ned Lamont, a Greenwich resident, issued a statement saying he was “devastated” by the death of Devon Dalio.
“As parents, we can’t imagine the pain and sadness of losing them,” Lamont said. “Our prayers are with Ray and Barbara, who were champions for the children of Connecticut.”