{"id":870931,"date":"2026-10-04T22:48:16","date_gmt":"2026-10-04T22:48:16","guid":{"rendered":"https:\/\/www.newsbeep.com\/us\/870931\/"},"modified":"2026-10-04T22:48:16","modified_gmt":"2026-10-04T22:48:16","slug":"ken-griffins-3b-carnegie-mellon-donation-is-a-loss-for-nyc","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us\/870931\/","title":{"rendered":"Ken Griffin’s $3B Carnegie Mellon donation is a loss for NYC"},"content":{"rendered":"

Hedge fund honcho Ken Griffin\u2019s record-setting donation to Carnegie Mellon University<\/a> for a new campus in Miami \u2014 months after being dragged by Mayor Zohran Mamdani <\/a>to promote his pied-\u00e0-terre tax \u2014 is \u201ca loss\u201d for New York, the head of the city\u2019s business advocacy group said Sunday.<\/p>\n

The Citadel CEO pledged\u00a0$2 billion last week to support the launch of a new 35-acre campus to\u00a0turbocharge Florida\u2019s technology industry, in addition to a $1 billion donation to the institution\u2019s main Pittsburgh campus.<\/p>\n

Griffin, 57, did not allocate any funds to Manhattan\u2019s Carnegie Mellon campus, which business leaders claimed was no coincidence after the socialist mayor used the billionaire as a poster child <\/a>for his \u201ctax the rich\u201d agenda.<\/p>\n

Hedge fund CEO Ken Griffin appearing at an event announcing his $3 billion donation to Carnegie Mellon University in the Wynwood district of Miami on Oct. 1, 2026. AP Photo\/Rebecca Blackwell<\/p>\n

Griffin shaking hands with Carnegie Mellon\u2019s President Farnam Jahanian after announcing the record-setting donation to help build a new campus in Miami. AP Photo\/Rebecca Blackwell<\/p>\n

\u201cThis week, we saw a huge gift to Miami from Ken Griffin of Citadel \u2014\u00a0$3 billion. When people have second headquarters and second offices, the philanthropy doesn\u2019t double,\u201d Steve Fulop, the President of Partnership for New York City, said on 77 WABC\u2019s \u201cCats Roundtable.\u201d<\/p>\n

\u201cIt gets shared between different places. When Ken Griffin, who had a presence in New York City and a presence in Chicago, goes to Miami and gives that money [away], it\u2019s a loss for us,\u201d Fulop told host John Catsimatidis.<\/p>\n

Fulop, a Democrat who served as Jersey City mayor for three terms before stepping aside last year, also addressed recent reporting by The Post<\/a> that members of Hizzoner\u2019s inner circle planned to use influencers to smear city business leaders.<\/p>\n

\u201cIt sounded like a very extraordinary step in a negative way, especially when you think about the assassination of the CEO of UnitedHealthcare<\/a>,\u201d Fulop said, adding that the singling out of any executives by democratic socialist operatives tied to City Hall would be \u201cbeyond the pale.\u201d<\/p>\n

Mayor Zohran Mamdani announced a new tax on luxury second homes in a viral video outside Ken Griffin\u2019s penthouse in April. Mayor Mamdani\/X<\/p>\n

\u201cWe\u2019re in an environment with a lot of mental illness. And, of course, there\u2019s more political violence. I reached out to the Mayor, to his political director, to his [communications] director. We all connected, and they said it wasn\u2019t true. And so, you take him at his word. [But] you stay vigilant and watchful. You\u2019ve got to take [Mamdani] at his word because nothing has happened yet.\u201d<\/p>\n

In April, Mamdani filmed a social media video in front of Griffin\u2019s 24,000-square-foot property<\/a> at 220 Central Park South, saying that the billionaire\u2019s second home \u2014 which was purchased in 2019 for $238 million \u2014 exemplified the need for a pied-\u00e0-terre tax.<\/p>\n

CEO Ken Griffin, center, speaks at an event announcing his $3 billion donation to Carnegie Mellon University on Thursday, October 1, 2026. AP Photo\/Rebecca Blackwell<\/p>\n

The controversial tax on second-home condos and co-ops worth at least $1 million, and one- to three-family homes worth more than $5 million, was enacted this summer but hit a legal snag<\/a> last week when a State Supreme Court judge ruled that New York City improperly published the names of over 900,000 residents and individuals that the tax was wrongly aimed at.<\/p>\n

Florida Gov. Ron DeSantis with Griffin at the Carnegie Mellon announcement. AP Photo\/Rebecca Blackwell<\/p>\n

The city was ordered to restart its rollout of the pied-\u00e0-terre tax <\/a>from scratch. City lawyers had already filed a notice of appeal.<\/p>\n

Nearly 20% of state tax revenue is derived from the securities industry, which state officials estimated last year accounts for about 8% of the city\u2019s jobs.<\/p>\n

\u201cCitadel, Goldman, JP Morgan, Apollo are all talking about the attractions of Texas. That\u2019s bad for New York,\u201d said Fulop. \u201cWe\u2019ve got to fix that.\u201d<\/p>\n

A virtual rendering shows the Carnegie Mellon University Miami campus. Carnegie Mellon University<\/p>\n

A virtual rendering shows the Carnegie Mellon University Miami campus. Carnegie Mellon University<\/p>\n

Griffin\u2019s gift was the largest ever donation to an educational institution, dwarfing former Mayor Michael Bloomberg\u2019s $1.8 billion endowment<\/a> to Johns Hopkins in 2018.<\/p>\n","protected":false},"excerpt":{"rendered":"Hedge fund honcho Ken Griffin\u2019s record-setting donation to Carnegie Mellon University for a new campus in Miami \u2014…\n","protected":false},"author":2,"featured_media":870932,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[27],"tags":[28,138585,2808,92803,5871,2821,14734,367061,194,10766],"class_list":["post-870931","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-business","tag-carnegie-mellon","tag-florida","tag-ken-griffin","tag-metro","tag-miami","tag-philanthropy","tag-pied-a-terre","tag-us-news","tag-zohran-mamdani"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/870931","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/comments?post=870931"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/870931\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media\/870932"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media?parent=870931"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/categories?post=870931"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/tags?post=870931"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}