“Heartbreaking Tragedy” – Devon Dalio, Son Of Billionaire Hedge Fund Founder, Dies In Car Crash

Devon Dalio, 42, son of billionaire hedge fund founder Ray Dalio, was killed on Thursday afternoon after his Audi smashed into a Verizon store in a Greenwich shopping center and burst into flames, local news outlets reported.

The cause of the deadly crash is still under investigation, Greenwich Police Department Public Information Officer Mark Zuccerella said.

In a tweet, Devon’s father Ray Dalio, the billionaire founder of Westport, Connecticut’s Bridgewater Associates – the world’s largest hedge fund, said his family “would prefer to be incommunicado for the time being.”

Connecticut Gov. Ned Lamont, a Greenwich resident, released a statement in which he said he was “devastated” by Devon Dalio’s death.

“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.”

Devon was the co-founder of private equity firm P-Squared Management Enterprises, worked at Bridgewater Associates earlier in his career, and served as a board member of the Dalio Foundation.

He was married with a young daughter.