Ken Griffin's net worth jumps $6.5 billion after huge Citadel deal — making him the 3rd-richest person in finance with $28 billion
- Ken Griffin's net worth has jumped $6.5 billion after
Citadel Securitieswas valued at $22 billion.
- Griffin has sold a stake in Citadel, a market-maker, for $1.15 billion to
Citadel Securities is reportedly selling a $1.15 billion stake to Sequoia and Paradigm, valuing the market maker at around $22 billion. It is the company's first outside investment.
When his wealth from the
It puts Griffin third on the list of
The increase saw Griffin overtake activist investor Carl Icahn and Renaissance Capital boss Jim Simons.
Griffin founded Citadel Securities in 2001 as a separate market-making business from his giant hedge fund Citadel.
It has since come to dominate the world of market-making, in which firms sit between buyers and sellers of
The boom in amateur investing during the coronavirus crisis has been especially profitable for Citadel Securities, which says it executes 37% of all US retail trades.
The business found itself at the center of the GameStop frenzy in January 2021, when many retail investors accused Citadel Securities of pressuring Robinhood to suspend trading in the meme stock.
Yet expert witnesses, including Griffin, testified to Congress that Citadel Securities played no role in Robinhood's move.
Griffin, a prominent collector, recently used some of his immense wealth to buy a copy of the US Constitution for $43.2 million in an auction at Sotheby's. He outbid a group of crypto fans, known as ConstitutionDAO, who had put together money in an effort to buy the document.
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