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Devon Dalio, son of billionaire hedge-fund founder Ray Dalio, killed in Greenwich crash

A car crashed through a Verizon store which was then destroyed by fire.
Credit: AP
FILE - In this March 23, 2019 file photo, Bridgewater Associates Chairman Ray Dalio speaks during the Economic Summit held for the China Development Forum in Beijing, China. A family spokesperson says the 42-year-old son of hedge fund founder Ray Dalio died in a car crash this week. The family spokesperson on Friday, Dec. 18, 2020 confirmed Devon Dalio's death in a Thursday afternoon crash to Hearst Connecticut Media. (AP Photo/Ng Han Guan, File)

GREENWICH, Conn. — Devon Dalio, the 42-year-old son of hedge fund founder Ray Dalio, died in a car crash this week, a family spokesperson said Friday.

Greenwich Police say they responded to the emergency call around 3:50 PM on Thursday. They reported finding a 2016 Audi inside a Verizon store and the store completely engulfed in smoke. The fire and smoke prevented the officers from approaching the interior of the store, according to police. The car's operator was pronounced dead at the scene.

Preliminary investigations indicate the car went over the parking strip, mounted the curb, crashed through the store's front doors, and traveled completely into the store. Police say the cause of the collision, cause of the fire, and cause of death to the operator are still under investigation.

Police say employees were able to exit the store without injuries.

Officials have not identified the driver, but a family spokesperson confirmed the death in a Thursday afternoon crash to Hearst Connecticut Media. 

In a tweet, Ray Dalio - the billionaire founder of Westport, Connecticut's Bridgewater Associates, known as the world's largest hedge fund - announced his son's death and said his family was "mourning and processing and would prefer to be incommunicado for the time being."

The cause of the crash is still under investigation, Greenwich Police Department Public Information Officer Mark Zuccerella said. The Verizon store was largely destroyed.

According to Devon Dalio's LinkedIn page, he worked as a project manager at Bridgewater Associates. He also served as a board member of the Dalio Foundation, according to the foundation's tax filings. In addition to his parents Ray and Barbara Dalio, he's survived by a wife, daughter and three brothers, the newspaper reported.

Connecticut Gov. Ned Lamont, a Greenwich resident, released a statement in which he said he was "devastated" by the 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."

This is a developing story, stay tuned for updates. 

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