Citadel CEO Ken Griffin warns of tax-driven exodus from New York and critiques socialist ideas
Ken Griffin told progressive officials to study economic history, said high taxes are pushing Wall Street firms to Florida and Texas, and cautioned about AI hype and a potential Chinese blockade of Taiwan.
Citadel founder and chief executive Ken Griffin said at a Goldman Sachs symposium that high taxes and limited public services in New York are prompting financial firms to relocate to states with more business-friendly policies, such as Florida and Texas. He noted that Citadel plans to remain in the region for decades, while New York City Mayor Zohran Mamdani’s tenure is expected to be shorter.
Griffin questioned the growing popularity of socialist ideas among younger adults, urging politicians including Senator Bernie Sanders and Mayor Mamdani to "read a damn history book" and consider historical outcomes of such policies. He cited World Bank data showing that China’s shift toward market reforms lifted about 800 million people out of poverty over four decades.
The hedge-fund chief also expressed skepticism toward the current corporate enthusiasm for artificial intelligence, describing much of the discussion as marketing rather than substantive technological change. He told Goldman Sachs executive Ashok Varadhan Mahajan that AI is only one component of a broader technological revolution.
In addition, Griffin warned that a Chinese blockade of Taiwan could cause a rapid economic shock in the United States by disrupting supply from Taiwan Semiconductor Manufacturing Co., potentially shrinking the U.S. economy by an estimated eight percent within six months. Citadel did not respond to requests for comment.