Why Is Ken Griffin And Citadel LLC Leaving Chicago? His Net Worth And Political Donations

Ken Griffin is the founder and CEO of the multinational hedge fund company, Citadel LLC. ( Source : Businessinsider )

Ken Griffin owns and leads Citadel LLC and Citadel Securities, which makes the most profits in the market.

Citadel LLC is a global hedge fund, while Citadel Securities is the largest market maker in the U.S. Both companies were founded and are looked over by Kenneth C. Griffin.

However, both the companies are separate entities; hence, the management is different except for Ken's involvement.

Mr. Griffin and Citadel LLC have created headlines recently regarding the company's headquarters placement.

Why Is Ken Griffin And Citadel LLC Leaving Chicago?

Ken Griffin revealed on June 23 that he is moving Citadel LLC's global headquarters from Chicago to Miami. Forbes writes that with Citadel LLC relocating, it has become the latest large company to move out of Illinois.

Big companies such as Boeing and Caterpillar were in the line before Griffin's Thursday announcement.

According to the Forbes report, Citadel Securities will also be making its move to Florida after Citadel LLC's relocation.

The billionaire leader has not mentioned any specific reasons for the decision. However, in his April interview with the Wall Street Journal, he said that he was considering moving the company’s headquarters because of incidents involving the safety of Citadel employees.

The Citadel employees reported that their colleagues were "mugged at gunpoint" while another colleague was "stabbed on the way to work." 

In the case of Citadel Securities moving to Florida, Griffin has cited the city as a better corporate environment. Though not confirmed by Ken himself, the public is obvious that this decision will heavily affect Illinois's economic stature.

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How Much Is Citadel LLC CEO Ken Griffin Net Worth?

Ken Griffin's estimated net worth is reported to be a whopping 28.9 billion USD, per Bloomberg.

An experienced hedge fund manager, he looks over Citadel LLC, which is worth $43 billion in assets under his management. The Citadel LLC CEO also runs Citadel Securities, worth $22 billion.

The billionaire had recently sold a $1.15 billion stake of Citadel Securities to Sequoia Capital and Paradigm, adding $6.5 billion more value to his net worth.

Ken Griffin is 2021's most earning hedge fund manager with a earning of $2 billion.
Ken Griffin is 2021's most earning hedge fund manager with a earning of $2 billion. ( Source : Forbes )

A January 2022 Bloomberg report writes that Citadel Securities' dominant force on Wall Street is responsible for Griffin’s almost $20 billion increase in wealth over the past three years. Now that the biggest market maker company is moving, the process is reported to last more than a year. 

Info On Ken Griffin Political Donations 

Ken Griffin has openly cited that he supports making unlimited contributions to politicians but that these contributions should be public.

Hence, his donations to politicians have been public throughout these years, whether small or big. He has mainly made public donations to the Republican Party.

Citadel leader Ken Griffin became the top donor with $40m donations to the Republican Party.
Citadel leader Ken Griffin became the top donor with $40m donations to the Republican Party. ( Source : Nypost )

Griffin's most donations are $26.75 million to a coalition in 2020, followed by a whopping $20 million to the Coalition To Stop The Proposed Tax Hike Amendment a few weeks earlier.

The Citadel LLC CEO also contributed $66 million to the 2020 United States elections. Meanwhile, the 53-year-old billionaire also became last year's top GOP donor with $40 million donated to the upcoming midterm election cycle.

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Ken Griffin Is In Support Of Richard Irvin 

Ken Griffin has publically shown his support to the mayor of Aurora, Richard Irvin. He is currently running as a Republican nominee for Governor of Illinois in the 2022 Illinois gubernatorial election.

The Chicago Tribune confirms that Griffin donated $50 million, with an additional $5 million contribution to Irvin's political campaign.

Illinois' wealthiest individual, Griffin, became Irvin’s chief political benefactor after he had given $45 million to Irvin for his GOP nomination against five rivals.

The reason behind Griffin's strong and hefty donation-support to Irvin is cited to be Griffin and J.B. Pritzker's long political feud. Pritzker is a Democrat and the current state governor, whom Irvin is competing against.