The recent conflict between Ken Griffin and is escalating after the billionaire accused the mayor of City of endangering him by featuring his penthouse in a promotional video for a new tax initiative last month.
The CEO of Citadel has publicly criticized the mayor in light of the video used for the tax campaign, and an email was dispatched to employees last month suggesting that his company might reconsider proceeding with a multi-billion-dollar project in the city.
For Griffin, the situation turned personal when video not only criticized him, but also revealed his residence.
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‘He put me in harm’s way’: Griffin tears into Mamdani
Speaking to CNBC, he said, “What really upset me about the video was the fact that he put me in harm’s way.”
Griffin went on to mention the murder of UnitedHealthcare CEO, stating that the video turned him into a “political puppet.”
“You know, he seems to have forgotten that the CEO of another American company was assassinated just blocks from where I live in New York. And to put any citizen in harm’s way is just inappropriate for one of our political leaders,” Griffin continued.
Griffin has openly expressed his dissatisfaction with Mamdani and his attempts to position him as the emblematic figure for advocating the taxation of the wealthy and the second residences of people who do not reside in the city year-round.
“The tax itself is a tax that discriminates against a narrow group of people is also disconcerting. You know, our company’s thinking about making a $6 billion investment in New York City … are they going to now have a special tax rate for those that own office buildings who live out of state? Like, where’s this stop in New York?” he asked.
Ken Griffin vs Zohran Mamdani
Last month, Mamdani published a video detailing his new pied-à-terre tax.
The proposal aims to impose an annual surcharge on one to three family homes, condominiums, and co-ops valued over $5 million when owners maintain a separate primary residence outside of New York City, states the city. The mayor stood in front of Griffin’s residence and used it as an illustration of who will bear the costs of the new proposal.
Griffin acquired the penthouse, situated at 220 Central Park South, in 2019 for approximately $238 million, as reported by WSJ at that time. This purchase set the record for the highest price ever paid for a home in the US.
At that time, Griffin’s organization issued a statement to its staff describing the video as “shameful,” as per the employee email initially reported by the Wall Street Journal.
“It is shameful that he used Ken’s name as the example of those who supposedly aren’t carrying their fair share of the burdens associated with New York City’s often costly and wasteful spending,” Gerald Beeson, Citadel’s COO, said, as reported by WSJ.
New $6 billion project in city
He also indicated that the company might not proceed with a new project in the city.
Beeson mentioned that they are on the verge of starting the redevelopment of 350 Park Avenue, which will generate 6,000 well-paying construction jobs and facilitate the establishment of over 15,000 permanent positions in mid-town New York. “The project — if we move forward — will entail more than $6 billion dollars of spending.”
During a press conference held last month, Mamdani expressed his willingness to engage in a conversation with Griffin, stating: “The reason for that is that no matter any disagreement around fiscal policy and whether or not the state should tax secondary homes of non-resident New Yorkers that are worth more than $5 million, we all believe in the same city.”
What is Ken Griffin’s net worth?
Ken Griffin has a net worth of $41 billion, as per Celebrity Net Worth.
Griffin serves as the Chief Executive Officer of Citadel, a hedge fund managing assets exceeding $55 billion. This Chicago-based firm employs five primary strategies: fixed income and macro, quantitative strategies, commodities, equities, and credit. Additionally, he established Citadel Securities, a worldwide market-making enterprise.
Griffin is renowned for his unprecedented real estate acquisitions, which include some of the priciest residential properties ever sold.
