There they go, Zo!
Hedge fund titan Ken Griffin revealed this week he’s scaling again jobs within the Massive Apple as a “direct consequence” of Zohran Mamdani’s “tax the wealthy” antics — stoking fears that the well-to-do are beginning to flee the socialist mayor and taking their money with them.
Mamdani poked the bearish billionaire in a latest social media video that used Griffin’s record-breaking $238 million Midtown penthouse as a backdrop to drum up assist for a proposed tax on luxurious second properties within the metropolis.
An appalled Griffin first threatened to scrap a $6 billion Park Avenue growth for his Citadel hedge fund, then advised CNBC on Tuesday that the “creepy” video spurred him to develop his agency’s hub in Florida.
“We’ll add way more jobs in Miami over the following decade as a right away and direct consequence of the mayor’s poor choice right here with respect to his posting of that video,” Griffin mentioned.
Griffin’s wealthy reprisal is strictly the pull-up-the-stakes transfer that at many influential New Yorker leaders, together with Gov. Kathy Hochul, have publicly and privately warned Mamdani’s rabble-rousing will encourage.
Mamdani might discover his want to stay it to the wealthy will depart fewer of them to tax in New York Metropolis, warned John Ketcham, senior fellow on the Manhattan Institute.
“New York Metropolis is shedding its aggressive edge and Mayor Mamdani makes it far much less aggressive,” he mentioned.
“Buyers and job creators have choices and they’ll go the place they’re handled properly. More and more New York Metropolis has handled them inhospitably. New York Metropolis leaders have assumed they will’t do enterprise elsewhere, despite the fact that we’ve seen within the final a number of years a dramatic growth of the monetary sector’s actions in states like Florida and Texas.”
The mayor’s assault on Griffin has additionally heightened considerations amongst executives at Apollo World Administration — a $900 billion Wall Road asset supervisor — that Mamdani is stoking an anti-business ambiance.
Apollo execs have determined to open new hub in both Florida or Texas, with 1,000 staff — consistent with its headcount in New York.
“The golden goose of New York Metropolis is heading south in Spirit Airways,” joked James “Cadillac” McMahon, a pro-business lobbyist.
“With out finance jobs Manhattan is a really costly mall,” mentioned Zilvinas Silenas, president of Empire Heart for Public Coverage.
“It’s going to be quite a bit much less cash collected. One % of New York’s taxpayers usher in half of all of the revenue income. These finance jobs are why folks come to New York. All of the sudden these jobs go away New York goes to low a few of its luster and a few of its spirit.”
Mamdani’s rhetoric dangers the lack of 2,700 jobs within the monetary trade and $168 million in state and metropolis tax income yearly, the pro-business group Partnership for New York Metropolis estimates.
Apollo paid roughly $1.28 billion in whole revenue taxes throughout 2025, based on the corporate.
Citadel executives contended that Griffin, together with the agency’s principals and workforce members, have paid practically $2.3 billion in metropolis and state taxes over the previous 5 years.
And Griffin himself has directed $650 million in charitable presents towards establishments starting from the Robin Hood Basis, Memorial Sloan Kettering Hospital for Particular Surgical procedure, Success Academy constitution faculties, MoMA and extra.
Citadel’s potential escape from New York mirrors Griffin’s well-known falling out with Chicago.
Griffin decamped Citadel’s headquarters from the Windy Metropolis in 2022 to Miami over his considerations with crime and dissatisfaction with metropolis and state leaders. He acknowledged the parallels throughout his CNBC interview.
“I believe what Mamdani simply did to me, and extra broadly is doing to the town of New York, is triggering of the trauma I went by way of in Chicago,” he mentioned. “Chicago went by way of a renaissance throughout most of my 30 years there, after which underneath the management of J.B. Pritzker, Lori Lightfoot, and the present mayor, has simply devolved right into a state that has misplaced its means.”
Citadel’s huge growth alongside Park Avenue doubtless will go ahead, but it surely’s a subject of inner debate, Griffin mentioned. He mentioned the corporate additionally determined to develop its Miami footprint in latest days.
“The one choice that we’ve made with no regrets in the previous couple of days is to develop the dimensions of our workplace footprint in our new Miami headquarters,” he mentioned.
“That leaves us with the truth that we went to Miami and revised our constructing plan to make it an even bigger workplace constructing.”
Griffin has been speaking up Miami as a possible new Wall Road for years, lengthy earlier than Mamdani’s rise from little-known state Meeting member to ascendent socialist mayor.
“Miami, I believe, represents the way forward for America,” Griffin mentioned throughout 2023.
The dustup left many New York leaders calling for Mamdani to attempt to patch issues up with Griffin.
“Mayors make errors within the first few months of their time period, however he can crater our financial system,” one Democratic lawmaker mentioned. “He single-handedly prompted the biggest lack of jobs (with that video).”
Former Mayor Eric Adams known as it “dangerous coverage” to scare off millionaires and billionaires.
“The video was irresponsible, and the Mayor ought to do the precise factor and apologize,” he posted on X.
“I’m going to name (Griffin) to let him know the Mayor’s video doesn’t replicate the emotions of the vast majority of New Yorkers, and ask him to rethink.”
When requested about Griffin’s feedback, Mamdani on Wednesday responded with a phrase salad-filled dodge.
“I would like all New Yorkers to succeed — that features enterprise homeowners and entrepreneurs who create good-paying jobs, together with Ken Griffin,” he mentioned throughout an unrelated occasion.
“That doesn’t negate the actual fact, nonetheless, that our tax system is basically damaged. It rewards excessive wealth whereas working individuals are pushed to the brink. If we would like the town to be inexpensive, we want significant tax reform that features the wealthiest New Yorkers paying their fair proportion.”
