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Billionaire Ray Dalio's son killed in car crash

Anastasia Santoreneos
·2-min read
NEW YORK, NEW YORK - NOVEMBER 30: Bridgewater Associated founder Ray Dalio visits "Mornings With Maria" hosted by Maria Bartiromo at Fox Business Network Studios on November 30, 2018 in New York City. (Photo by Roy Rochlin/Getty Images)
Billionaire Ray Dalio's son killed in car crash. Source: Getty

Billionaire Ray Dalio has revealed his son, Devon Dalio, was killed in a car crash on Thursday afternoon.

“It is with great pain that I am sharing with you that my 42 year old son was killed in a car crash yesterday,” Dalio said in a tweet on Saturday.

“My family and I are mourning and processing and 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. May God be with you and may you cherish your blessings, especially at this time of year.”

Devon Dalio’s car reportedly crashed into a Verizon store in the Riverside Commons shopping centre in Connecticut.

Officials have yet to determine what caused him to crash into the store.

A spokesperson for the family told the Hearst Connecticut that it was “a heartbreaking tragedy and the family is in mourning”.

Devon is survived by his wife, daughter, parents Annie and Ray and three siblings. He was the co-founder and partner at P-Squared Private Equity and a board member of his family’s foundation. He also previously worked at his father’s hedge fund, Bridgewater Associates.

Who is Ray Dalio?

Ray Dalio, who recently spoke at the Yahoo Finance All Markets Summit, is an American billionaire hedge fund manager and philanthropist, who founded the world’s largest hedge fund, Bridgewater Associates in 1975.

Dalio has served as co-chief investment officer of Bridgewater Associates since 1985. It now manages around US$138 billion.

The billionaire is also a bestselling author, publishing the New York Times #1 bestseller and Amazon #1 bestseller Principles: Life & Work in 2017.

In April 2011, Dalio and his wife joined Bill Gates and Warren Buffett’s Giving Pledge, vowing to donate more than half their fortune to charitable causes within their lifetime.

They established The Dalio Foundation, which has supported polo eradication projects, hospitals and teachers.

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