Billionaire Ray Dalio’s Son Devon Dead at 42 Following Car Crash

Devon Dalio, the son of hedge fund billionaire Ray Dalio, was killed last week at the age of 42 in a car accident after his vehicle crashed into a Greenwich, Connecticut storefront. Devon’s father announced the death on Twitter Friday, one day after the tragic loss. “It is with great pain that I am sharing with you that my 42-year-old son was killed in a car crash yesterday. My family and I are mourning and processing and would prefer to be incommunicado for the time being,” the 71-year-old Bridgewater Associates founder wrote.

“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,” he continued. Hearst Connecticut Media reported that Devon was the eldest of Ray’s four sons, and worked at his father’s hedge fund and as CEO of the Dalio Family Office before founding his own private equity firm, P-Squared Management Enterprises. In addition to his business life, Devon was a board member of the family’s Dalio Philanthropies foundation, and took on causes of health and wellness, veteran support, disaster relief and animal welfare, a family spokesperson told the media outlet. He leaves behind a wife and daughter, as well as his three brothers, dad Ray and mom Barbara.

The Greenwich Police Department said in a statement that the crash occurred just before 4 p.m. on Thursday when Devon’s 2016 Audi crashed into a Verizon store at the Riverside Commons shopping center, bursting into flames after impact. Greenwich Police Department Public Information Office Mark Zuccerella told Hearst Connecticut Media that the car went over a parking strip and hit a curb before crashing through the store doors, but that the cause of the crash remains unclear. When police arrived at the scene, Devon was found to have died in the crash, and the store was “completely engulfed in smoke.” Employees were unharmed in the collision, and no additional injuries were reported. The flames, Zuccerella noted, were likely caused by a gas tank rupture that was caused by the crash.

Devon’s loss is mourned not only by his friends and loved ones, but by Connecticut Gov. Ned Lamont, who issued a statement to Hearst Connecticut Media about the tragedy. “As parents, we cannot imagine the grief and sadness of their loss,” Lamont said. “Our prayers are with Ray and Barbara, who have been champions for Connecticut’s children.”