DEVON Dalio, the son of billionaire hedge fund founder Ray Dalio, died when his Audi slammed into a Verizon store and burst into flames.
A spokesperson for the family confirmed his death on Thursday following the crash in Connecticut.
Greenwich police and Fire Chief Joseph McHugh confirmed that Devon crashed his Audio into the mall where it then burst into flames.
The cause of the crash is still under investigation, Greenwich Police Department Public Information Officer Mark Zuccerella said.
On Friday night, 71-year-old Ray tweeted: "It is with great pain that I am sharing with you that my 42-year-old son was killed in a car crash yesterday.
"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."
The store was reportedly destroyed, and the cause of the crash is still under investigation, according to the Greenwich Time.
"As parents, we cannot imagine the grief and sadness of their loss," Connecticut Governor Ned Lamont, who also lives in Greenwich, said in a statement, according to the newspaper.
"Our prayers are with Ray and Barbara, who have been champions for Connecticut's children."
Devon was CEO of the Dalio Family Office for eight years before he founded his private equity firm.
He was also a former employee at Bridgwater Associates.
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His father Ray served as a co-chief investment officer of the world's largest hedge fund, Bridgewater Associates, which he founded in 1975.
According to Greenwich Time, Devon's philanthropic interests included health and wellness, support for veterans, disaster relief, and animal welfare.
Devon has left behind a wife, a daughter, and three brothers.
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