Citadel founder and CEO Ken Griffin has announced that his firm will halt its expansion in New York City following Mayor Zohran Mamdani's tax plan targeting the ultra-wealthy. Griffin made the remarks during the Milken Global Conference, stating that the decision to move from Chicago to Miami in 2022 was the right one, given New York's current policies. He criticized Mamdani's recent social media post outside his penthouse as "creepy weird" and "frightening," citing the recent assassination of UnitedHealthcare CEO Brian Thompson nearby. Griffin also expressed admiration for President Donald Trump surviving three assassination attempts, though he noted past differences with the former president.
Part 1: Immediate Action & Core Facts
Citadel will pause its New York expansion and redirect resources to Miami. Griffin cited Mamdani's tax policies and a controversial social media post as key factors in the decision. The firm had previously considered New York as a potential headquarters but ultimately chose Miami in 2022.
Part 2: Deeper Dive & Context
Griffin's Criticism of New York
Griffin argued that New York's tax policies and crime rates make it less attractive for businesses. He claimed that Mamdani's video outside his penthouse was "poor taste" and put him in harm's way. The mayor's press secretary responded that Mamdani wants all New Yorkers to succeed but acknowledged the need for tax reform.
Citadel's Move from Chicago
Griffin highlighted Chicago's decline as a factor in his decision to relocate. He noted that crime, taxes, and broader economic concerns led many employees to leave Chicago for Miami or New York. The firm's workforce in Chicago has shrunk significantly since the move.
Political and Economic Implications
Griffin's decision could have significant economic consequences for New York, as Citadel's presence would bring jobs and investment. The move also reflects a broader trend of businesses relocating to states with more business-friendly policies. Mamdani's administration has defended its tax plan as necessary to address wealth inequality but faces criticism from business leaders.
Security Concerns
Griffin expressed concern about safety in New York, referencing the assassination of UnitedHealthcare CEO Brian Thompson. He suggested that Mamdani's actions could agitate extremists, further complicating security for high-profile figures.
Future Plans
Despite halting expansion in New York, Griffin indicated that Citadel may still proceed with a $6 billion redevelopment project in the city, which could create over 15,000 jobs. The firm's long-term strategy remains focused on Miami, where it sees a more favorable business environment.