Billionaire Ken Griffin calls Mamdani tax video 'creepy and weird'
Ken Griffin and Zohran Mamdani's latest feud is intensifying after the billionaire said NYC's mayor put him in harm's way for including his penthouse in a video last month to promote his newest tax initiative.
The Citadel CEO has spoken out against the mayor following the video used in the tax campaign, and an email was sent to Citadel employees last month hinting at the prospect of his company not going through with a multi-billion-dollar project in the city.
"You know, he seems to have forgotten that the CEO of another American company was assassinated just blocks from where I live in New York. And to put any citizen in harm's way is just inappropriate for one of our political leaders," Griffin said recently on CNBC.
Here's what to know on the entire conflict.
Mayor Mamdani explains new tax in online video. Why is Ken Griffin mad at Mamdani?
Last month, Mamdani released a video explaining his new pied-à-terre tax.
The proposal plans to "levy an annual surcharge on one to three family homes, condominiums and co-ops valued above $5 million when owners have a separate primary residence outside of New York City," the city says. The mayor stood outside of Griffin's home and used it as an example for who will be fronting the bill of the new proposal.
Griffin bought the penthouse, located in 220 Central Park South, in 2019 for around $238 million, WSJ reported at the time. It set the record for the most expensive home ever sold in the U.S.
Citadel's response to Mamdani tax video
At the time, Griffin's company put out a statement to its employees calling the video "shameful," according to the employee email first reported by the Wall Street Journal.
Gerald Beeson, Citadel's COO, sent the email last month disagreeing with Mamdani's use of Griffin's home in the tax-the-rich video.
“It is shameful that he used Ken’s name as the example of those who supposedly aren’t carrying their fair share of the burdens associated with New York City’s often costly and wasteful spending,” Beeson said, as reported by WSJ.
“In doing so, the mayor has once again manifested the ignorance and disdain of the elite political class towards those who have been consistently committed to building one of the greatest cities in the world.”
He also hinted at the possibility of the company not going through with a new project in the city.
“We are about to commence the redevelopment of 350 Park Avenue, creating 6,000 highly paid construction jobs and supporting the creation of more than 15,000 permanent jobs in mid-town New York,” Beeson said.
“The project — if we move forward — will entail more than $6 billion dollars of spending.”
In a separate press conference last month, Mamdani said he would be happy to speak with Griffin, and said: "The reason for that is that no matter any disagreement around fiscal policy and whether or not the state should tax secondary homes of non-resident New Yorkers that are worth more than $5 million, we all believe in the same city."
Ken Griffin's new comments about Mamdani feud. What did Ken Griffin say about Mamdani?
In an interview with CNBC, Griffin said that the video turned him into a "political puppet."
"The tax itself is a tax that discriminates against a narrow group of people is also disconcerting. You know, our company's thinking about making a $6 billion investment in New York City ... are they going to now have a special tax rate for those that own office buildings who live out of state? Like, where's this stop in New York?"
He then said that what really upset him "about the video was the fact that he put me in harm's way."
"He seems to have forgotten that the CEO of another American company was assassinated just blocks from where I live in New York," Griffin said.
At a conference on Tuesday, he even called Mamdani's video "creepy and weird," according to Fox Business.
"What the mayor of New York has made clear to my partners, and principally my New York partners, is that we need to double down on our bet in Miami because we want to be in a state that embraces business, embraces education, embraces personal freedom and liberty."
Mamdani responds to Ken Griffin backlash
In a statement to USA TODAY, Joe Calvello, the mayor's press secretary, said: “Mayor Mamdani wants all New Yorkers to succeed. That includes business owners and entrepreneurs who create good-paying jobs and make this city the economic engine of America."
"It also includes Ken Griffin, who is a major employer in our City and a powerful figure in our economy. That does not negate the fact, however, that our tax system is fundamentally broken. It rewards extreme wealth while working people are pushed to the brink," the statement continued. "The status quo is unsustainable and unjust. If we want this city to become a place that working people can afford, we need meaningful tax reform that includes the wealthiest New Yorkers contributing their fair share.”
Amethyst Martinez is the NYC Connect Reporter for the USA TODAY Network.