Citadel plans to relocate to Miami along with several of its employees. | Citadel/Facebook
Citadel plans to relocate to Miami along with several of its employees. | Citadel/Facebook
Ken Griffin, a billionaire hedge fund manager, announced Thursday that he is moving Citadel's headquarters from Chicago to Miami, taking with it the company and his philanthropic work.
The Citadel joins Fortune 500 giants Boeing, which left for Arlington, Virginia., and Caterpillar, which fled for Irvin, Texas, according to a report by the Chicago Tribune. The latest migrations out of the Land of Lincoln leads many wondering why so many corporate headquarters and influential people are leaving Illinois?
Adam Solano, who is seeking the Illinois State Senate District 31 seat, said in a statement that he knows what is behind the departures and he believes the math and tax equation can be solved.
“The controlling Democrat party here in Illinois has this ‘talent’ to make our problems worse while the rest of us want things to get better,” he told the Lake County Gazette. “Illinois needs more leaders that aren’t tied to a political job or a political paycheck and has the independence to make tough decisions to turn Illinois around – that’s why I’m running.”
Solano, who works in the financial services sector, according to his campaign website, said in a statement that he’s seen clients have their financial fortunes trampled by “Springfield’s legacy of incompetence.”
“For too many, the solution is to sell their home, find another job, and move to another state,” he said. “And some of the smartest people in this state that run some of the country's most successful and influential businesses know the common denominator to this problem: incompetence.”
The move of Citadel could be a financial disaster, with Zia Ahmed, a company spokesman, telling the Chicago Tribune that the firm generated billions in tax revenues for the state.
According to the Wall Street Journal (WSJ), Griffin told employees in a letter that the Sunshine State offers a more positive corporate environment, and he has already moved to Florida.
Griffin didn’t cite crime as a reason for the move, but the WSJ reported he expressed concern with Gov. J.B. Pritzker about the issue.
The Tribune also noted that Griffin donated more than $1 billion to the Museum of Science, Museum of Contemporary Art and the Art Institute, among other charitable contributions.
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