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Devon Dalio, 42, son of owner of world's biggest hedge fund Ray Dalio dies after his Audi hit store and burst into flames as his father reveals his 'terrible pain' and says to 'cherish your blessings'

Devon Dalio, 42, died in a fiery car crash in Connecticut on Thursday afternoon, his family confirmed

Devon Dalio, 42, died in a fiery car crash in Connecticut on Thursday afternoon, his family confirmed

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. 

A family spokesperson confirmed his death in a statement to Hearst Connecticut Media Friday evening, saying: 'It is a heartbreaking tragedy and the family is in mourning.'

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. 

Devon worked as a project manager at Bridgewater Associates, known as the world's largest hedge fund, founded by his father Ray Dalio in 1975. In addition to his father and mother Barbara Dalio, Devon is survived by a wife, daughter and three brothersBarbara Dalio (L) and Ray Dalio (C) are wealthy philanthropists in Connecticut

Devon had worked as a project manager at Bridgewater Associates, known as the world's largest hedge fund, founded by his father Ray Dalio in 1975. In addition to his father and mother Barbara Dalio, Devon is survived by a wife, daughter and three brothers

Devon, who was the eldest son of billionaire hedge fund founder Ray Dalio, crashed his black 2016 Audi into a Verizon store at the Riverside Commons shopping complex in Greenwich just before 4pm on Thursday

Devon, who was the eldest son of billionaire hedge fund founder Ray Dalio, crashed his black 2016 Audi into a Verizon store at the Riverside Commons shopping complex in Greenwich just before 4pm on Thursday

The car smashed to the front doors of the store before bursting into flames, destroying most of the business (pictured)

The car smashed to the front doors of the store before bursting into flames, destroying most of the business

Authorities say the vehicle had jumped over a parking strip and the curb before plowing into Verizon at Riverside Commons on East Putnam Avenue near Exit 5 on I-95

Authorities say the vehicle had jumped over a parking strip and the curb before plowing into Verizon at Riverside Commons on East Putnam Avenue near Exit 5 on I-95

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.

Ray Dalio addressed his son's death on Twitter Friday,saying the family prefers to be 'incommunicado for the time being'

Ray Dalio addressed his son's death on Twitter Friday,saying the family prefers to be 'incommunicado for the time being'

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.  

Pictured: Police rope off the area around the Verizon store where the crash happened

Pictured: Police rope off the area around the Verizon store where the crash happened

A large number of first responders addressed the accident at the shopping center

A large number of first responders addressed the accident at the shopping center

A car was driven into a Verizon store at a shopping center, killing Dalio, the driver

A car was driven into a Verizon store at a shopping center, killing Dalio, the driver

Pictured: First responders checking out the scene of the deadly car accident

Pictured: First responders checking out the scene of the deadly car accident

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.

Ray Dalio, 71, was ranked the 46th richest person in the world by Forbes this year, with an estimated net worth of $18billion. He currently serves as Bridgewater's chairman and co-chief investment officer

Ray Dalio, 71, was ranked the 46th richest person in the world by Forbes this year, with an estimated net worth of $18billion. He currently serves as Bridgewater's chairman and co-chief investment officer

Dalio's youngest son Mark Dalio (pictured left) is a wildlife filmmaker. Both are pictured above during the Launch Of OceanX, at the American Museum of Natural History on June 4, 2018

Dalio's youngest son Mark Dalio (pictured left) is a wildlife filmmaker. Both are pictured above during the Launch Of OceanX, at the American Museum of Natural History on June 4, 2018

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. 

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