The big news
Ken Griffin, the CEO of Citadel, just dropped a massive $3 billion donation to Carnegie Mellon University. But here’s the tea: not a single cent of that is heading to New York City. Instead, $2 billion is going toward a new 35-acre campus in Miami, while the other $1 billion is going to the university’s main campus in Pittsburgh.
Why NYC leaders are pressed
Steve Fulop, the President of Partnership for New York City, didn't hold back on 77 WABC’s “Cats Roundtable.” He called the move a major “loss for us.” The concern? Philanthropy is a finite game. As Fulop explained, “When people have second headquarters and second offices, the philanthropy doesn’t double. It gets shared between different places.” Essentially, New York is missing out on a massive bag that’s being funneled into Florida’s booming tech scene instead.
The political backdrop
Many are side-eyeing the timing. This comes months after NYC Mayor Zohran Mamdani publicly dragged Griffin in a social media video. Standing in front of Griffin’s $238 million penthouse, the mayor used the billionaire as a prime example of why the city needs a "pied-à-terre" tax on luxury second homes.
Whether that beef influenced the donation decision is up for debate, but the vibes are definitely off. Fulop also touched on rumors regarding City Hall’s alleged plans to use influencers to target business executives, though he noted he’s taking the administration’s denial of those claims at face value for now.
Why it matters
This isn't just about one donation. NYC is currently struggling to keep major financial players—like Goldman Sachs, JP Morgan, and Apollo—from looking at states like Texas as better alternatives for their operations. With the securities industry providing about 20% of state tax revenue, officials know they need to make the city more attractive to keep the talent and the money from leaving. It’s giving a major wake-up call to local leadership.
