FOX Business Madison Alworth reports that Citadel CEO Ken Griffin has reaffirmed his plans to move his company from New York to Miami, driven by a desire for a state that embraces business on “Varney & Co.”
Hedge fund billionaire Ken Griffin makes the largest individual gift in the history of higher education, donating $3 billion to Carnegie Mellon University to expand its Pittsburgh campus and build a new campus in Miami.
The gift from Citadel’s founder and CEO includes $1 billion for Carnegie Mellon’s Pittsburgh campus, including $500 million for its computer science school, which will be renamed the Kenneth C. Griffin School of Computer Science.
The remaining $500 million will provide “flexible” funding for the university’s “highest priorities,” according to Carnegie Mellon.
The remaining $2 billion will fund Carnegie Mellon University Miami, a new 35-acre campus in the Wynwood neighborhood.
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Ken Griffin, Founder and CEO of Citadel, Makes Largest Individual Gift in Higher Education History. (Aaron Schwartz/Bloomberg via Getty Images)
The Miami campus will be organized around solving major “societal challenges,” with a focus on human health, national security, energy and climate resilience, and advanced manufacturing.
Once completed, the campus is expected to accommodate more than 3,500 undergraduate, master’s and doctoral students. students, nearly 300 professors and more than 600 employees.
Construction is expected to begin in 2027. It aims to begin enrolling students in 2028, pending regulatory approvals, according to Carnegie Mellon.
“I believe it is important to support institutions of excellence in our country, and that when we support an institution that achieves excellence, we raise the bar for other institutions across the country and around the world,” Ken Griffin said in a statement.
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The gift includes $1 billion for Carnegie Mellon’s campus in Pittsburgh. (Robert Knopes/UCG/Universal Images Group via Getty Images)
“I believe in Carnegie Mellon because they have done extraordinary work in many areas. What we are about to do in Miami will create one of the greatest stories of our lifetime in higher education,” Griffin added.
According to Carnegie Mellon, Griffin’s gift is both the largest individual gift ever made to an institution of higher education and the largest philanthropic contribution of his career.
Griffin, whose philanthropy has focused on education, expanding opportunity and health science initiatives, will also join Carnegie Mellon’s board of trustees, according to the announcement.
“We are deeply grateful to Ken Griffin for his extraordinary vision, partnership and confidence in what Carnegie Mellon can achieve,” Farnam Jahanian, president of Carnegie Mellon University, said in a statement.
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The remaining $2 billion will fund Carnegie Mellon University Miami, a new 35-acre campus in the Wynwood neighborhood. (Carnegie Mellon University)
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The gift marks Griffin’s latest major investment in South Florida.
Citadel moved its headquarters from Chicago to Miami in 2022, and Griffin continued to expand the company’s presence in the city. Most recently, Citadel revealed plans to expand its future Brickell headquarters with a 300-unit apartment tower and parking garage.
Robert McGreevy of FOX Business contributed to this report.
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