Devon Dalio car crash: Raymond Dalio Billionaire hedge fund son dies crashing into Greenwich Verizon store. Did drugs, alcohol or mental health problems play a role?
Devon Dalio, 42, was the son of Raymond Dalio, 71, the billionaire founder of Bridgewater Associates, a 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.
Authorities have not said whether speed could have played a factor in the crash. Social media was awash in speculation of whether drugs or alcohol may have contributed to the crash.
Also causing speculation was Dalio’s state of mind, and claims of Dalio dealing with mental health problems which led to him not controlling and crashing.
What went wrong?
Dalio apparently crossed over a parking strip and mounted a curb before hitting the doors and drove all the way into the store, police told the Greenwich Time.
When police arrived at the scene, the store was engulfed in smoke. Greenwich police said the car’s gas tank probably ruptured as the car entered the store. Employees were able to get out without being harmed.
Dalio was a co-founder/partner at P-Squared Private Equity and was 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.
Hedge fund dynasty family – could one son keep up?
‘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.’
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.