Key Takeaways
- • Citadel CEO Ken Griffin amplified criticism of NYC Mayor Zohran Mamdani's "tax the rich" video, calling it "creepy and weird" and stating it has prompted the hedge fund to accelerate its Miami expansion strategy.
- • Griffin announced that Citadel has filed permits with Miami and added "several hundred thousand square feet of new space" in response to Mamdani's video, with plans to add "far more jobs in Miami over the next decade" as a direct consequence of the mayor's actions.
- • Citadel's $6 billion Park Avenue redevelopment project—originally expected to create over 15,000 permanent jobs in New York—is now "a real topic of debate," though Griffin indicated the company will likely proceed with construction despite the political friction.
- • Griffin claimed Mamdani's video "put me in harm's way," invoking the 2024 assassination of UnitedHealthcare CEO Brian Thompson outside a Manhattan hotel near his penthouse, and argued the mayor "turned me into a political puppet."
- • Mamdani's office responded that NYC's tax system is "fundamentally broken" and rewards extreme wealth while working people struggle, though the mayor's press secretary acknowledged Griffin as "a major employer in our City and a powerful figure in our economy."
Summary
Ken Griffin, founder and CEO of Citadel, made public statements on Tuesday at the Milken Institute Global Conference directly responding to New York City Mayor Zohran Mamdani's viral tax-focused video that targeted the billionaire hedge fund executive. Griffin characterized Mamdani's social media post as "creepy and weird" and "in poor taste," asserting that it has fundamentally altered Citadel's investment allocation between New York and Miami.
In an exclusive CNBC interview, Griffin disclosed that Citadel has already filed permits with the City of Miami and added several hundred thousand square feet of new office space within the company's Miami building footprint. He stated unequivocally that the company will "add far more jobs in Miami over the next decade as an immediate and direct consequence of the mayor's poor decision" regarding the video. This signals a material shift in capital deployment and headcount allocation from the company's traditional New York base to its Florida operations.
Griffin addressed Citadel's flagship $6 billion Park Avenue redevelopment project, which was originally projected to generate over 15,000 permanent jobs in New York, acknowledging that the initiative has become "a real topic of debate" internally and politically. Despite the controversy, Griffin indicated Citadel "probably will go through [with] the building when it's all said and done," suggesting the company may compartmentalize its long-term real estate commitments from its near-term expansion strategy. In separate remarks, Griffin also invoked safety concerns, claiming Mamdani's video "put me in harm's way," referencing the 2024 assassination of UnitedHealthcare CEO Brian Thompson, who was killed outside a Manhattan hotel near Griffin's midtown penthouse.
In response, Mamdani's press secretary Joe Calvello stated via CNBC that the mayor "wants all New Yorkers to succeed," including business owners and entrepreneurs, and acknowledged Griffin as "a major employer in our City and a powerful figure in our economy." However, Calvello reiterated the administration's core argument that "our tax system is fundamentally broken" and rewards extreme wealth while working people struggle. The exchange underscores the widening tension between New York's progressive tax policy and elite financial sector operators, with tangible consequences for job creation and tax revenue generation in the city.
In an exclusive CNBC interview, Griffin disclosed that Citadel has already filed permits with the City of Miami and added several hundred thousand square feet of new office space within the company's Miami building footprint. He stated unequivocally that the company will "add far more jobs in Miami over the next decade as an immediate and direct consequence of the mayor's poor decision" regarding the video. This signals a material shift in capital deployment and headcount allocation from the company's traditional New York base to its Florida operations.
Griffin addressed Citadel's flagship $6 billion Park Avenue redevelopment project, which was originally projected to generate over 15,000 permanent jobs in New York, acknowledging that the initiative has become "a real topic of debate" internally and politically. Despite the controversy, Griffin indicated Citadel "probably will go through [with] the building when it's all said and done," suggesting the company may compartmentalize its long-term real estate commitments from its near-term expansion strategy. In separate remarks, Griffin also invoked safety concerns, claiming Mamdani's video "put me in harm's way," referencing the 2024 assassination of UnitedHealthcare CEO Brian Thompson, who was killed outside a Manhattan hotel near Griffin's midtown penthouse.
In response, Mamdani's press secretary Joe Calvello stated via CNBC that the mayor "wants all New Yorkers to succeed," including business owners and entrepreneurs, and acknowledged Griffin as "a major employer in our City and a powerful figure in our economy." However, Calvello reiterated the administration's core argument that "our tax system is fundamentally broken" and rewards extreme wealth while working people struggle. The exchange underscores the widening tension between New York's progressive tax policy and elite financial sector operators, with tangible consequences for job creation and tax revenue generation in the city.
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