All articles tagged with #ken griffin
Citadel sold more than 80% of the portfolio it took on from Situational Awareness, completing about 100 block trades totaling $4bn in recent weeks to unwind positions after a tech AI sell-off; the firm says it has been proactive during periods of market dislocation, and its flagship fund was up about 6% in July.
Citadel says it has unwound more than 80% of the risk from the Situational Awareness portfolio after purchasing assets from Leopold Aschenbrenner’s hedge fund, executing over 100 block trades totaling more than $4 billion. The Wellington multi-strategy fund rose 5.94% in July, its best month since 2022, as the AI‑driven positions that had pressured stocks like SanDisk and Bloom Energy began to rebound following the asset transfer.
On a Curbed-reported earnings call, Vornado’s Steve Roth confirmed Ken Griffin will remain in the 350 Park Avenue project as the leading partner, with Griffin’s Citadel as anchor tenant and Vornado exercising its option to own up to 36% of the deal while Griffin holds about 60%; the $4.5 billion development is still slated to close in September, despite Griffin’s earlier threats to pull out over New York’s pied‑à‑terre tax controversy and a recent spate of related political tension.
Leopold Aschenbrenner, once hailed as the AI era’s golden boy behind the $20bn Situational Awareness hedge fund, posted extraordinary early gains on debt-fueled bets on AI, but a sharp AI-stock rout and lender pressure led to a rapid unwind and a late-night deal selling much of the portfolio to Citadel’s Ken Griffin. His background—from OpenAI/Anthropic links to a self-published AI treatise—highlights questions about risk, infrastructure, and how a young trader built such a fortune.
Manhattan’s commercial real estate remains hot, with American Express breaking ground on a new global HQ at Two World Trade Center, demolition beginning at 350 Park Ave, and Airbnb purchasing 281 Park Ave South for $81.5 million, signaling strong corporate demand despite political pushback. Industry metrics on vacancy vary (JLL ~13.5%, CBRE ~14.4%, Newmark ~14.3%, Colliers ~13%), while Cushman & Wakefield reports 19.3% due to a leasing-availability methodology designed to avoid double-counting occupied space—highlighting a robust market backdrop for big deals and continued development.
New York City's pied-à-terre tax will tax non-primary condos and co-ops at 0.8%–1.3% of assessed value (with the same bands for single-family homes) and will shift to market-value assessments over two years, affecting about 10,000 properties including Ken Griffin’s three NYC units. Griffin’s estimated next-year bill is roughly $1.3–$1.4 million, driven mainly by his Central Park South penthouse (about $15.6M) and Park Avenue co-ops (~$6.2M combined), with Bezos publicly supportive and other billionaires like Schultz and Trump also impacted.
Jeff Bezos publicly supports Mayor Mamdani's pied-à-terre tax on New York City properties valued over $5 million that aren’t primary residences, arguing such taxes can be reasonable if applied judiciously. He also pushed back against criticisms that singled out Citadel CEO Ken Griffin, saying Griffin isn’t a villain. Bezos noted he would be affected since he owns NY properties but lives in Florida. The tax originated with Gov. Hochul and was later backed by Mamdani, and it remains subject to legislative approval amid broader opposition.
Texas Gov. Greg Abbott welcomes New York companies relocating or expanding to Texas, touting the state’s no income tax and pro-growth climate, as New York City Mayor Zohran Mamdani faces backlash for criticizing Ken Griffin’s wealth. The article notes Texas has surpassed New York in financial-sector employment and JPMorgan Chase now employs more people in Texas than in New York, with Griffin and Apollo threatening to shift operations outside NYC after Mamdani’s backing of a pied‑à‑terre tax. A White House adviser says Mamdani’s anti‑corporate rhetoric could help Republicans in 2028, while Democrat Paterson urges resilience for NYC’s business community; Abbott’s border actions, including migrant relocations to sanctuary cities, are mentioned to illustrate broader political dynamics.
New York City Mayor Zohran Mamdani’s Tax Day video attacking billionaires backfires as Ken Griffin and other executives consider moving investments to Florida or Texas, fueling a broader exodus that could deepen NYC’s budget crisis and intensify a clash between blue-city taxation and red-state growth.
New York City Mayor Zohran Mamdani’s plan to tax luxury second homes—illustrated by Ken Griffin’s $238 million penthouse—highlights a broader fight over NYC's property taxes. Analysts note the policy would only address a symptom of the system, which undervalues high-end condos while overtaxing renters, and could raise roughly $500 million annually with many second homes valued well above reality. Gov. Hochul has resisted larger wealth taxes, so Mamdani's move is a small step toward his broader agenda rather than a comprehensive reform.
New York City Mayor Zohran Mamdani’s plan to tax luxury second homes worth more than $5 million has sparked strong pushback from billionaires, including Ken Griffin and Steven Roth. Roth called Mamdani’s “tax the rich” slogan as hateful as racial slurs, while Griffin described the campaign video outside his penthouse as “creepy and weird.” Griffin’s remarks come as Citadel signals possible relocation of expansion plans to Miami. Proponents say the pied-à-terre tax could raise around $500 million annually from about 11,200 second homes to help reform a tax system the mayor deems unfair; opponents warn the wealthy may flee. The debate mirrors broader battles over wealth taxes in other states and cities.
On a Vornado Realty Trust earnings call, Steve Roth said the phrase 'tax the rich' is as hateful as racial slurs and argued the top 1% drive New York’s economy and taxes; he defended Ken Griffin against mayor Mamdani’s Pied-à-terre tax critique, noted Vornado paid about $560 million in real estate taxes, and suggested Griffin could help back like-minded candidates to grow the tax base.
Billionaire Ken Griffin says NYC Mayor Zohran Mamdani's video portraying him as a poster child for taxing the rich — including showing where he lives — put him in harm's way, citing the murder of a CEO to argue risk to investors as he weighs a reported $6 billion NYC project. Mamdani did not publicly address the safety claim, while a mayoral spokesperson defended tax reform that includes the wealthy and pledged to help business growth; Griffin's project future remains undetermined.
New York Mayor Zohran Mamdani posted a viral video outside Ken Griffin’s penthouse criticizing the billionaire, prompting Vornado Realty Trust chair Steve Roth to call the stunt an ugly, unnecessary blunder on an earnings call. Roth warned the video could threaten Griffin’s involvement in a planned $4.5 billion Park Avenue tower with Vornado and Rudin, though he still expects the project to proceed despite the controversy.
New York City Mayor Zohran Mamdani faced sharp criticism from former Gov. David Paterson for a publicity video outside hedge-fund titan Ken Griffin's Manhattan residence to back Kathy Hochul's pied-à-terre tax; Paterson called the stunt Godfather-like and warned it could be dangerous amid political tensions. Citadel signaled it might drop its $6 billion Midtown development in response, and watchdogs questioned whether the tax would raise the projected $500 million in revenue.