The eldest son of the owner of the world’s largest hedge fund died Thursday after he crashed his car into a Verizon store in Greenwich, Conn., authorities said.
Devon Dalio, 42, was the son of billionaire philanthropist Raymond Dalio, 71, chairman of Bridgewater Associates, the Westport-based $138 billion hedge fund he founded in 1975.
Dalio’s Audi crashed into the Verizon store at a shopping center Thursday afternoon and burst into flames.
Police are still investigating the cause of the crash, which almost destroyed the store, the Associated Press reported Saturday.
Dalio apparently crossed over a parking strip and mounted a curb before crashing through the front doors and all the way into the store, police told the Greenwich Time.
When police arrived, the store was engulfed in flames and smoke. Greenwich police said the car’s gas tank probably ruptured on entering the store. Employees were able to get out without being harmed.
The son was a co-founder/partner at P-Squared Management Enterprises, a private equity firm that specialized in health care technology companies.
He was also a former project manager at his father’s firm, according to his LinkedIn page. He graduated from Lafayette College.
Ray Dalio said in a tweet that his family was “mourning and processing and would prefer to be incommunicado for the time being.”
Dalio followed up with a second tweet:
“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.”
In addition to his father and mother Barbara, Devon Dalio is survived by a wife, daughter and three brothers.
“Annie and I are devastated to hear the news of the sudden and tragic passing of Ray and Barbara Dalio’s son, Devon,” Connecticut Gov. Ned Lamont, a friend of the family, said in a statement Friday.
“As parents, we cannot imagine the grief and sadness of their loss. Our prayers are with Ray and Barbara, who have been champions for Connecticut’s children.”
Dalio was in the news in September, when he set up large tents in the woods across from his fund’s headquarters so that traders and other staffers could enjoy coronavirus-protective fresh air while working.
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