Kenneth C. Griffin facts for kids
Quick facts for kids
Ken Griffin
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Griffin in 2017
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Kenneth Cordele Griffin
October 15, 1968 Daytona Beach, Florida, U.S.
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| Education | Harvard University (BA) |
| Occupation | Hedge fund manager Entrepreneur Investor |
| Years active | 1990–present |
| Known for | Founder of Citadel LLC and Citadel Securities |
| Title | CEO and co-CIO, Citadel LLC |
| Political party | Republican |
| Spouse(s) |
Katherine Weingartt
(m. 1991; div. 1996)Anne Dias
(m. 2003; div. 2015) |
| Children | 3 |
Kenneth Cordele Griffin, born on October 15, 1968, is an American businessman and investor. He is known for managing money and starting companies. He founded Citadel LLC, a large company that manages investments. He is the CEO and owns most of it. He also owns Citadel Securities, which helps people buy and sell stocks.
As of April 2023, Griffin's wealth was about $35 billion. This made him the 38th richest person in the world. Forbes magazine listed him as the 21st richest American in 2022. He has given over $1.5 billion to charity. These donations mainly support education, helping people improve their lives, and medical research.
Griffin has also given a lot of money to political causes. He usually supports Republican or conservative ideas.
Contents
Early Life and Education
Griffin was born in 1968 in Daytona Beach, Florida. His father worked in building supplies and later for General Electric. His grandmother inherited a business that included oil, farms, and seeds.
Griffin grew up in Boca Raton, Florida. He also spent some time in Texas and Wisconsin. He went to Boca Raton Community High School. There, he was the president of the math club. In high school, Griffin ran a small business from his room. It sold educational software by mail.
Griffin started at Harvard University in 1986. One of his first investments was buying options on Home Shopping Network. He made a $5,000 profit. He also invested in special bonds called convertible bonds. Even though businesses were not allowed on campus, he got permission. He installed a satellite dish on his dorm roof to get stock prices. He also started his first investment fund in 1987. It had $265,000, which he got from his grandmother and others. This fund helped him make money during a big stock market drop in 1987. Griffin graduated in 1989 with a degree in economics.
Career Highlights
After graduating in 1989, Griffin moved to Chicago. He worked with Frank Meyer, who founded Glenwood Capital Investments. Meyer gave Griffin $1 million to invest. Griffin made a 70% profit in one year.
In 1990, Griffin started his own company, Citadel LLC. It began with $4.6 million in managed money. His funds earned 43% in 1991 and 40% in 1992.
In the early 2000s, Griffin also founded Citadel Securities. This company helps people buy and sell stocks.
By 2003, Griffin was 34 years old. He was the youngest person on the Forbes 400 list. His wealth was estimated at $650 million.
During the 2007–2008 financial crisis, Citadel faced challenges. For 10 months, Griffin did not allow investors to take out their money. The company was losing a lot of money each week. Citadel's biggest funds ended 2008 down by 55%. However, they bounced back with a 62% return in 2009.
From Citadel LLC, Griffin earned large amounts of money. He earned $900 million in 2009 and $1.8 billion in 2020.
In November 2020, his wealth grew past $20 billion. This was because Citadel's value increased. Citadel Securities also made more profit in 2020. This was due to more trading and market activity.
In January 2021, Griffin was part of discussions about the GameStop stock situation. Citadel invested $2 billion into Melvin Capital. This company had lost money on GameStop stock. Robinhood, a trading app, stopped people from buying GameStop stock. Many people criticized this. Robinhood gets money from Citadel. This raised questions about fairness. Griffin testified about this to a government committee.
Giving Back: Philanthropy
Griffin has given a lot of money to various causes. He focuses on education, helping people in need, and supporting the arts.
Supporting Education
Griffin has worked with the Bill & Melinda Gates Foundation. They promote charter schools and fund tutoring.
In 2014, he gave $150 million to Harvard University. This was for financial aid for students. It was the largest single donation to Harvard at that time.
He is also a trustee for the University of Chicago. In 2017, his fund gave $125 million to the University of Chicago's economics department. It was renamed the Kenneth C. Griffin Department of Economics.
In 2021, he donated $5 million. This helped provide Internet access to students in Miami.
Griffin also gave $21.5 million to the Field Museum of Natural History. Their dinosaur exhibit is now called the Griffin Dinosaur Experience.
In 2019, his fund gave $125 million to the Museum of Science and Industry (Chicago). This was the largest gift in the museum's history. The museum will be renamed the Kenneth C. Griffin Museum of Science and Industry.
Helping People in Need
In 2010, Griffin supported the Chicago Symphony Orchestra. He also helped the University of Chicago's Center for Urban School Improvement. This program helps build inner-city charter high schools. He also contributed to the Lurie Children's Hospital.
In 2017, Griffin gave $15 million to the Robin Hood Foundation. This group works to fight poverty.
In 2022, the University of Chicago announced a $25 million donation from Griffin. This money will help train police managers. It will also work to prevent violence in neighborhoods.
Supporting the Arts
Griffin is on the Board of Trustees for the Museum of Contemporary Art, Chicago. He often supports their art shows.
In 2007, Griffin donated $19 million to the Art Institute of Chicago. This money helped build an addition to the museum. It is called the Kenneth and Anne Griffin Court.
He also serves on the Board of Trustees at the Whitney Museum of American Art in New York. Its lobby is named Kenneth C. Griffin Hall. In 2015, he gave $10 million to the Museum of Contemporary Art, Chicago.
In December 2015, he gave $40 million to the Museum of Modern Art in New York. In 2018, he donated $20 million to the Norton Museum of Art.
In 2021, he bought a rare copy of the Constitution of the United States for $43.2 million. He plans to display it in museums for everyone to see.
COVID-19 Donations
Griffin oversaw a $2 million donation from Citadel. This money went to Weill Cornell Medicine. It helped fund research to protect people from COVID-19.
In March 2020, Griffin gave $2.5 million. This helped provide food for children in Chicago Public Schools during the pandemic.
In May 2020, Griffin and his partners at Citadel donated £3 million. This helped develop a COVID-19 vaccine. It also supported hospitals in the United Kingdom.
Political Views and Activities
Griffin identifies as a Republican. He believes in free markets and smaller government. In 2012, he said that wealthy people should have more influence in politics. He thinks that a bigger government does not create prosperity.
In 2017, he praised Donald Trump's efforts to change taxes and healthcare. In 2018, he was appointed to a finance role for a Republican political group.
In 2018, Griffin criticized Trump's social media posts about the Federal Reserve chairman. He called them "completely inappropriate."
In 2019, he criticized proposals for a tax on very wealthy people. He said that "soaking the rich doesn't work."
In 2020, Griffin opposed a plan to change Illinois's income tax. He wrote an article in the Chicago Tribune about it. He also hinted that his company might move out of Illinois if the tax plan passed.
After the October 7 attacks on Israel in 2023, Griffin spoke to Harvard University leaders. He asked them to condemn student groups that criticized Israel. He also supported not hiring students who signed such letters. In 2024, he said Harvard should focus on educating leaders. He believes they should not get too caught up in other issues.
Political Contributions
Griffin believes that people should be able to give unlimited money to politicians. However, he thinks these donations should be public.
He has given money to many Republican political groups and candidates. During the 2010 elections, he donated over $721,000. Most of this went to Republicans. In 2012, he gave about $1.1 million to a group supporting Mitt Romney.
In 2015, he gave $2 million to a Republican group. He also supported Marco Rubio for president. He gave $5 million to a group supporting Rubio.
Griffin was a big donor to Rahm Emanuel's campaign for mayor of Chicago. He also supported a group that backed Donald Trump in 2016.
In 2017, he gave $20 million to Bruce Rauner's campaign for Governor of Illinois.
In 2020, Griffin donated $20 million to a group opposing a tax hike in Illinois. He later gave more, bringing his total to over $53 million. He also donated to support Republican candidates in Georgia.
In 2021, Griffin donated $5 million to Ron DeSantis, the governor of Florida. This led to some questions because Griffin's company had invested in a company that DeSantis promoted. However, Griffin's company said there was no conflict of interest.
For the 2022 elections, Griffin gave $10 million to a group helping House Republicans. He also gave $5 million to a group supporting Senate Republicans.
Griffin supported Nikki Haley for president in 2024. He gave $5 million to her campaign. He also supported other Republican Senate candidates.
Personal Life
Marriages and Family
Griffin's first wife was Katherine Weingartt. They married in 1991 and divorced in 1996.
In 2002, Griffin met Anne Dias. She was a Harvard Business School graduate. They married in 2003 and had three children. They divorced in 2015. They share custody of their children.
Art Collection
Griffin collects modern and contemporary art. His art collection is worth nearly $800 million. It includes some of the most expensive paintings ever sold.
In 1999, he bought a painting by Paul Cézanne for $60 million. In 2006, he bought False Start by Jasper Johns for $80 million.
In 2015, he made the largest private art deal ever. He bought two paintings for $500 million. These were Interchange by Willem de Kooning for $300 million and Number 17A by Jackson Pollock for $200 million.
In 2017, he bought Andy Warhol's Orange Marilyn for about $200 million. In 2020, he bought Boy and Dog in a Johnnypump by Jean-Michel Basquiat for over $100 million. He loaned this painting to the Art Institute of Chicago for public display.
Homes and Properties
Griffin owns many homes and properties. Their total value is around $1 billion.
In 2009, he bought an apartment in New York City for $40 million. In 2015, he bought two apartments in Miami Beach for $60 million.
In 2017, Griffin bought a penthouse in Chicago for $58.75 million. This was the most expensive home sale in Chicago's history.
In 2019, he bought a mansion in London for $122 million. This also set a record.
Also in 2019, Griffin bought several floors in a building in Midtown Manhattan for $238 million. This was the most expensive home ever sold in the U.S. at the time.
Griffin has spent $450 million to buy a large waterfront property in Palm Beach County, Florida. He plans to build a large estate there.
In 2020, he bought a 7-acre oceanfront property in Southampton, New York for $84.4 million. He also bought several properties on Star Island in Miami Beach for $95 million.
In 2022, Griffin purchased a waterfront mansion in Coral Gables, Florida for $45.25 million.
Private Jets
Griffin owns two private jets. One is a 2001 Bombardier Global Express. The other is a 2012 Bombardier Global 6000.
Images for kids
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Ken Griffin's federal political contributions since 1996
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In January 2019, Griffin purchased 4 unfurnished floors at 220 Central Park South (pictured) for $238 million, breaking the record for the most expensive home ever sold in the United States.
See also
In Spanish: Kenneth C. Griffin para niños
- List of Harvard University people
