Why Is Ken Griffin Leaving Chicago, Moving to Florida Along With $22-Billion Company?

Billionaire Ken Griffin announced that he is moving his billion-dollar company out of Chicago, citing several issues in the state.

Griffin, a hedge fund billionaire worth nearly $29 billion, said he had moved from Democratic-led Illinois to Republican-led Florida, according to Washington Examiner.

Griffin announced his plans on Thursday through a memo to his employees, per Chicago Sun-Times. He underscored that the headquarters of his Citadel hedge fund and his trading firm Citadel Securities will move to Miami, Florida, calling his destination a "vibrant, growing metropolis" that symbolizes the "American Dream."

"Over the past year, however, many of our Chicago teams have asked to relocate to Miami, New York, and our other offices around the world," Griffin noted, adding that Chicago will still be essential to the future of Citadel.

The billionaire noted that he has moved his family to Miami. The move to Florida is expected to take several years.

Possible Reason Why Ken Griffin Leaving Chicago

Ken Griffin has not officially stated the reason why Griffin desired to move to Florida, but Citadel officials reportedly said that crime in Chicago was a factor in his decision to transfer.

The billionaire also said in other forums that rising crime has made it challenging to attract "top talent" to Citadel, resulting in their firms in other cities having more employees than their Chicago firm.

In an interview with Wall Street Journal, Griffin also tackled the crime issue in the city.

"If people aren't safe here, they're not going to live here," the billionaire said.

Griffin also noted that he has multiple colleagues mugged at gunpoint. He also pointed out that he had a colleague stabbed on the way to work in Illinois. The billionaire also said there were also issues of burglary and that carjackers accosted his security detail, but they failed to get his vehicle.

Officials React to Ken Griffin's Move to Florida From Chicago

Several officials have expressed their thoughts following Griffin's announcement on Thursday.

Emily Bittner, the spokeswoman for Illinois Gov. J.B. Pritzker, said that even though some companies are leaving their state, "[c]ountless companies are choosing Illinois as their home."

Pritzker's office also noted that "they will continue to welcome those businesses... and support emerging industries that are already creating good jobs and investing billions in Illinois."

Pritzker's Republican opponent Aurora Mayor Richard Irvin blasted the Illinois governor, calling the governor's statement a "denial" of what other people see.

Mayor Lori Lightfoot's office also expressed gratitude to Griffin's company, Citadel, but said they are still "disappointed" with their decision.

"We thank the Citadel team for their contributions to our city and their many philanthropic commitments, particularly around education, arts and culture, and public safety," Lightfoot's office said.

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Written By: Joshua Summers

WATCH: Billionaire Ken Griffin Moving Citadel Headquarters Out of Chicago - From CBS Chicago