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Billionaire Citadel founder Ken Griffin is encouraging New York’s business leaders to take on socialist Mayor Zohran Mamdani, warning that the city’s future could be at risk if employers and investors stay quiet.
“They need to find their voice and fight for their city,” Griffin said Thursday at a Manhattan event, according to Bloomberg.
“My advice is to speak up. What’s the worst that’s going to happen? It will be that New York empties of talent and that’s a catastrophe. If the mayor wants to say a few words about you, your record speaks for itself: You create jobs, you create value and you pay taxes.”
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Griffin’s remarks mark the latest chapter in an ongoing clash between Wall Street’s billionaire class and Mamdani, whose proposals to raise taxes on wealthy New Yorkers and luxury property owners have drawn fierce criticism from business leaders concerned about the city’s economic competitiveness.
The financial titan, whose net worth is estimated at $48.3 billion according to the Bloomberg Billionaires Index, argued that New York’s corporate leaders should focus on the long-term future of the city rather than short-term political battles.
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“Everything should be viewed through the lens of, Citadel will be here far longer than he’ll be mayor,” Griffin said.
The comments come as Griffin and Mamdani appear to be cautiously opening a dialogue after months of public sparring over taxes, wealth and the city’s business climate.
The socialist mayor recently reached out to Griffin after previously criticizing the billionaire hedge fund manager over his Manhattan penthouse and personal wealth. Mamdani notably stood outside Griffin’s luxury property to promote his proposal to raise taxes on second homes in New York City worth more than $5 million.
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The outreach comes as some business leaders warn New York risks alienating major employers and investors — a concern Griffin has raised before in another major American city.
The tensions have fueled concerns among some business leaders that New York could follow a path similar to Chicago, where Griffin spent years criticizing crime, taxes and public policy before moving Citadel’s headquarters to Miami in 2022. The relocation marked the departure of one of the financial industry’s most influential firms and underscored the economic impact that can follow when a major corporate player leaves a major city.
Griffin has repeatedly pointed to Florida’s business climate as a model and warned that policies targeting high earners and businesses could make New York less competitive.
Griffin said he plans to talk to Mamdani “at some point in the months ahead.”
“Let’s see where he is on the state of policy at that time,” he said. “Actions speak louder than words.”
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