Devon Dalio (Ray Dalio’s Son) Wiki – Devon Dalio (Ray Dalio’s Son) Biography
- Devon Dalio, 42, was the son of billionaire hedge fund founder Ray Dalio, 71, and his wife Barbara
- Dalio was killed in car accident on Thursday afternoon when he smashed into a Verizon store in Greenwich, CT
- Police say his 2016 Audi mounted the curb before plowing into the store in the Riverside Commons shopping complex on East Putnam Avenue
- The car then burst into flames, setting fire to the business. The Verizon store was largely destroyed
- Devon was the only one killed in the accident, the cause of which remains unknown and is under investigation
- His father, Ray Dalio, is the founder of Westport, Connecticut’s Bridgewater Associates – known as the world’s largest hedge fund
The son of billionaire hedge fund founder Ray Dalio has died after being involved in a fiery car accident in Connecticut this week, the family has announced.
Devon Dalio, 42, 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.
In a tweet, Devon’s father Ray Dalio – the billionaire founder of Westport, Connecticut’s Bridgewater Associates – known as the world’s largest hedge fund – said his family ‘would prefer to be incommunicado for the time being.’
‘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,’ he said in a follow-up tweet. ‘May God be with you and may you cherish your blessings, especially at this time of year.’
The cause of the deadly crash is still unknown and is under investigation, the Greenwich Police Department said.
Authorities say Devon’s 2016 Audi plowed into the Verizon store in the Riverside Commons shopping complex on East Putnam Avenue near Exit 5 on I-95 just before 4pm.
The car had jumped over a parking strip and the curb before crashing directly into doors and entering the store.
Police arrived at the scene around 3.50pm to find the store ‘completely engulfed in smoke’, blocking officers from entry, the paper reported.
Authorities have not said whether speed could have played a factor in the crash. The exact model of the car is unknown however, a 2016 Audi S6 can reach high speeds in just 4.4 seconds, according to the carmaker.
Fire Chief Joseph McHugh said it was likely the car’s gas tank had ruptured upon impact, causing the vehicle to explode in flames.
The blaze was extinguished by the Greenwich Fire Department before it could cause further damage to the shopping center.
Photos of the scene show the Verizon store was largely destroyed. Devon was the only victim in the crash and Verizon employees were able to exit the store safely, police said.
According to his LinkedIn page, Devon formerly worked as a project manager at Bridgewater Associates, founded by his father in 1975.
He later co-founded his own private equity firm, P-Squared Management Enterprises. Devon 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 Governor 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.’
The Dalio family is considered one of the wealthiest in the state.
Ray Dalio, 71, was ranked the 46th richest person in the world by Forbes this year, with an estimated net worth of $18billion.
Dalio currently serves as Bridgewater’s chairman and co-chief investment officer after launching the firm out of his two-bedroom apartment in New York City 45 years ago, according to the company’s website.
The hedge fund giant has since expanded into one of the largest in the world, managing roughly $140billion.
Bridgewater became famous for making money during the 2008 financial crisis and is known for its unique corporate culture.
The firm fosters an ‘idea meritocracy’ in which employees are encouraged to weigh in on investment decisions with ‘radical transparency’ and accountability, regardless of their place in the company’s hierarchy.
Dalio stepped down from the hedge fund’s day-to-day operations in 2017, but his views on markets and the economy are still very closely followed.
Earlier this year Dalio predicted US corporations would lose as much as $4trillion due to the economic damage from coronavirus outbreak. He also estimated that global corporate losses will amount to $12 trillion due to the pandemic.
In August, Bridgewater Associates revealed it had raised its investment in gold-backed exchange-traded funds by a third in the second quarter, buying the equivalent of 170,000 ounces of gold at the time worth $340million.
The total value of Bridgewater’s assets included in the 13F filing, which discloses equity investments, was listed as $6billion.
Dalio and his wife Barbara shared four sons, including Devon, who was the oldest, Paul, Matt, and Mark.
The couple’s second-eldest son Paul Dalio is based in New York City where he works as a screenwriter and composer, according to social media.
Matt is the founder and chairman of the China Care Foundation, which seeks to help Chinese orphans, and the CEO of computer operating system company Endless Mobile. The couple’s youngest son, Mark Dalio, is a wildlife filmmaker.