Kenneth Griffin, billionaire businessman and Chief Executive officer of Citadel Hedge fund with $43 billion assets under management lost 3 billion since the beginning of April 2022.
As of the 5th of April, he was worth $30.8 billion but today his net worth has dropped to $30.5 billion.
The billionaire whose biggest asset is Citadel Securities started off the year great as he gained over $9.52 billion as a result of an increase in the share price by 44.7% from the beginning of the year.
What you should know about Citadel
- Citadel was founded in 1990 by Ken Griffin as a multinational hedge fund and financial services company. The company which has its head office in Chicago, the United States of America has five core strategies. They include fixed income and macro, quantitative strategies, commodities, equities and credit, and has since its inception established two more companies under it.
- The first company Citadel was started by the founder Ken Griffin out of his dorm room at Harvard University trading convertible bonds. As a sophomore, he traded convertible bonds and hooked a satellite dish to the roof of his dormitory. After graduating with a degree in economics, Griffin joined the Chicago-based hedge fund Glenwood Partner and afterwards, Citadel was started with $4.6 million in capital and was originally named Wellington Financial Group after its flagship fund but later changed to Citadel investment and is now called Citadel LLC to accommodate its affiliates.
- Today, it manages more than $29 billion in capital and is one of the world’s largest asset managers. It ranks as the eleventh largest hedge fund manager in the world.
- The second company, Citadel Securities was formed in 2001, and as a market maker, providing liquidity and trade execution to retail and institutional clients. According to the Wall Street Journal, about one-third of stock orders from individual investors are completed through Citadel, which accounts for about 10% of the firm’s revenue and the company is the largest market maker in options in the U.S.
- The third company, Citadel Technologies was, established in 2009, as a wholly-owned and independently operated affiliate of Citadel, offering investment management technology, developed internally at Citadel, to a wide range of firms and funds
What can Kenneth Griffin’s net worth buy?
Griffin’s net worth is equivalent to;
- 15.5 million ounces of gold
- 273 million barrels of crude oil
- 0.145% of the GDP of the United States
- 0.394% of the total wealth of the 500 richest people in the world
- 7.70% of the top United States college endowments
- 451,089 times the median United States household income
- 1.36% of United States existing home sales.
- 482% of the top 200 U.S executives total awarded compensation