Billionaire hedge fund founder Ray Dalio says his family is 'mourning' after 42-year-old son was killed in a car crash

  • Ray Dalio announced on Twitter that his 42-year-old son Devon Dalio was killed in a car crash in Greenwich, Connecticut.
  • Investigators on Friday were still trying to determine what caused the car to crash. 
  • "My family and I are mourning and processing and would prefer to be incommunicado for the time being," Ray Dalio, founder of Bridgewater Associates, wrote on Twitter. 
  • Visit Business Insider's homepage for more stories.

Devon Dalio, the son of billionaire hedge fund founder Ray Dalio, was killed in a car crash Thursday afternoon, a family spokesperson confirmed to the Connecticut Post.

Devon, who was 42 at the time of death, was driving an Audi that crashed into a Verizon store in Greenwich, Connecticut, where it burst into flames, Greenwich police and Fire Chief Joseph McHugh told the Post. Investigators on Friday were still trying to determine what caused Dalio to crash.

His father shared the somber news in a tweet Friday.

"It is with great pain that I am sharing with you that my 42-year-old son was killed in a car crash yesterday," said Ray Dalio, the founder and co-chief investment officer of Bridgewater Associates, the world's largest hedge fund. "My family and I are mourning and processing and would prefer to be incommunicado for the time being.

Devon, Ray and his wife Barbara's eldest son, was the cofounder and partner of the private-equity firm P-Squared Management Enterprises, according to his LinkedIn page. He is survived by a wife and daughter.

He also served as a board member of his family's foundation, Dalio Philanthropies, and he was interested in supporting health, veterans, and animal welfare, a spokesperson told the Connecticut Post.

"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," Ray Dalio said in a subsequent tweet. "May God be with you and may you cherish your blessings, especially at this time of year."

The elder Dalio's tweet was met with an outpouring of support, and Connecticut Governor Ned Lamont said he and his wife were "devastated" by the news.

"As parents, we cannot imagine the grief and sadness of their loss," Lamont said in a statement to the outlet. "Our prayers are with Ray and Barbara, who have been champions for Connecticut's children."

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