Ken Griffin, the CEO of Citadel, recently made headlines with a remarkable donation of $3 billion to Carnegie Mellon University, specifically for a new campus in Miami. This move came just a few months after Mayor Zohran Mamdani called on him to advocate for a tax on pied-à-terre properties, and it’s being viewed as a setback for New York City, according to the president of a local business advocacy group.
Griffin’s donation includes funding for a new 35-acre campus aimed at bolstering Florida’s tech industry, along with an additional $1 billion dedicated to the university’s main location in Pittsburgh. Interestingly, he has not directed any money toward Carnegie Mellon’s Manhattan campus, which business leaders consider more than just a coincidence, especially since the mayor has prominently used Griffin as an example to support his “tax the rich” agenda.
Steve Fulop, who leads the Partnership for New York City, discussed the implications of Griffin’s gift during a radio interview, noting that philanthropy linked to second headquarters or offices rarely benefits both locations simultaneously. “When someone like Griffin, who has ties to both New York and Chicago, chooses to give to Miami instead, it feels like a loss for us,” he mentioned while speaking to John Catsimatidis.
Fulop, a Democrat and former mayor of Jersey City, also addressed concerns raised by recent reports about political tactics involving the mayor’s inner circle, indicating a potential smear campaign against city business leaders. He expressed dismay over such actions, especially considering the potential dangers of singling out executives in a time of heightened political violence.
Earlier this year, in a viral video, Mayor Mamdani pointed to Griffin’s lavish second home as a prime example of why the city needs a pied-à-terre tax, aimed at high-value second homes. However, this tax has faced legal challenges after a judge ruled that the city mishandled resident information related to the tax, forcing a pause on its implementation.
Fulop emphasized the ongoing challenges New York faces as businesses consider relocating to states like Texas, suggesting that the city needs to take proactive measures to retain its financial institutions. His remarks reflect broader concern over New York’s tax environment and its impact on the local economy.
Griffin’s donation stands out not only for its size but also for its significance, surpassing the previous record set by Michael Bloomberg’s 2018 gift to Johns Hopkins University.
