Billionaire Citadel founder Ken Griffin is urging New York’s business leaders to actively challenge Mayor Zohran Mamdani’s tax proposals. Griffin warned that the city risks losing valuable talent if business leaders remain silent on policies he believes threaten its economic future.
“They need to find their voice and fight for their city,” Griffin stated at a Manhattan event, as reported by Bloomberg. He advised business leaders to speak up, suggesting that the worst-case scenario of New York emptying of talent would be a “catastrophe.” Griffin emphasized that their track record of job creation, value generation, and tax payment should speak for itself.
Griffin’s comments highlight an ongoing tension between Wall Street’s prominent figures and Mayor Mamdani, whose proposed tax increases on wealthy New Yorkers and luxury property owners have drawn criticism. Business leaders express concern over the city’s economic competitiveness under these proposed policies.
The financial titan, with an estimated net worth of $48.3 billion, stressed the importance of focusing on the city’s long-term prosperity over short-term political disputes. “Everything should be viewed through the lens of, Citadel will be here far longer than he’ll be mayor,” Griffin remarked.
This exchange follows a period of public sparring between Griffin and Mamdani regarding taxes and the city’s business environment. Mamdani had previously criticized Griffin’s wealth and Manhattan penthouse, even standing outside Griffin’s property to advocate for his tax plan on high-value second homes.
The situation has raised concerns among some business leaders that New York could face a similar economic downturn as Chicago experienced. Griffin relocated Citadel’s headquarters from Chicago to Miami in 2022, citing concerns over crime, taxes, and public policy in the former city.
Griffin has previously pointed to Florida’s business-friendly climate as a model and cautioned that policies targeting high earners and businesses could diminish New York’s competitive edge.
Griffin indicated plans to discuss the matter with Mayor Mamdani in the coming months, stating, “Actions speak louder than words.”
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