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Ken Griffin’s Citadel Leaving The Windy City for The Magic City

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Ken Griffin’s Citadel Leaving The Windy City for The Magic City

By Investing.com Staff

Ken Griffin is moving the headquarters of his Citadel hedge fund to Miami from Chicago, in the latest exodus from the Windy City and the continued movement of hedge fund money into the Sunshine State.

In a letter to employees reviewed by the Wall Street Journal, the billionaire said he has personally moved to Florida and that Citadel Securities would also transfer. Griffin stated Florida has a better corporate environment. In the past, he also criticized Illinois over crime and other issues.

“If people aren’t safe here, they’re not going to live here,” Griffin said about Chicago in the past. He pointed to multiple colleagues being mugged at gunpoint and another stabbed on the way to work.

Mr. Griffin is the wealthiest resident of Illinois with an estimated net worth of $28.9 billion.

The move from Chicago will take multiple years and many Citadel employees are expected to remain in the city.

“Chicago will continue to be important to the future of Citadel, as many of our colleagues have deep ties to Illinois,” Griffin wrote in the letter. “Over the past year, however, many of our Chicago teams have asked to relocate to Miami, New York and our other offices around the world.”

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Bankman-Fried’s FTX internally mulling Robinhood deal – Bloomberg News

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© Reuters. The logo of Robinhood Markets, Inc. is seen at a pop-up event on Wall Street after the company’s IPO in New York City, U.S., July 29, 2021. REUTERS/Andrew Kelly

(Reuters) -Sam Bankman-Fried’s FTX crypto exchange is exploring whether it might be able to acquire Robinhood Markets Inc (NASDAQ:HOOD), Bloomberg News reported https://www.bloomberg.com/news/articles/2022-06-27/sam-bankman-fried-s-ftx-seeking-to-buy-robinhood-hood on Monday, citing people with knowledge of the matter.

FTX is discussing internally how to buy the app-based brokerage and Robinhood has not received a formal takeover approach, the report said.

Robinhood, shares in which rose 14% in afternoon trading, declined to comment. The company has a market capitalization of nearly $7 billion as of Friday’s closing price.

FTX did not immediately respond to a Reuters request for comment.

Last month, Bankman-Fried had revealed a 7.6% stake in Robinhood but said he did not have any intention of taking control of the retail-trading platform. Robinhood’s dual-class shares currently give its founders control of 64% of the voting shares outstanding.

Trading volumes at the brokerage have eased from last year’s frenetic pace when retail investors used the platform to pump money into shares of so-called meme stocks including GameStop (NYSE:GME) and AMC Entertainment (NYSE:AMC).

That, along with a sell-off in high-growth technology stocks, has driven a near 50% drop in Robinhood shares this year.

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FTX Said Exploring Potential Robinhood Acquisition, News Seen as ‘Positive’

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FTX Said Exploring Potential Robinhood (HOOD) Acquisition, News Seen as ‘Positive’

By Sam Boughedda

FTX, the crypto exchange founded by Sam Bankman-Fried, is said to be exploring the possibility of whether it could acquire Robinhood Markets Inc (NASDAQ:HOOD).

Bloomberg, citing people with knowledge of the matter, said FTX is speaking internally about how it could buy the app-based, primarily stock brokerage. However, they have made no takeover approach, and no final decision has been made.

Bloomberg said Bankman-Fried wrote in an emailed statement that they are “excited about Robinhood’s business prospects and potential ways we could partner with them,” but there are “no active M&A conversations with Robinhood.”

In May, a company Bankman-Fried controls, Emergent Fidelity Technologies revealed it had acquired a 7.6% stake in Robinhood.

During the pandemic, Robinhood thrived as retail investors and traders flooded its platform. However, it has struggled since, and its shares are down significantly since its debut in 2021.

Nevertheless, today’s report has resulted in a 17% jump in its stock price.

Mizuho analyst Dan Dolev sees the potential deal news as good news for Robinhood, but also said the company can make it on its own.

“We believe that a potential deal would be good news for HOOD as it helps expand its reach and breadth,” Dolev said. “We also believe that HOOD can survive, and thrive on its own.” He rates the shares a Buy with a $14 price target.

Earlier in the day, Goldman Sachs analyst Will Nance upgraded Robinhood from Sell to Neutral with a price target of $9.50. The analyst notes are now trading at an ~$6.5bn market cap versus its cash position of ~$6.2bn and tangible book value of ~$7bn. Further, the rising interest rates should significant acceleration net interest income over the next several quarters and help reduce Robinhood’s losses.

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Bankman-Fried’s FTX seeking path to buy Robinhood – Bloomberg News

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© Reuters. The logo of Robinhood Markets, Inc. is seen at a pop-up event on Wall Street after the company’s IPO in New York City, U.S., July 29, 2021. REUTERS/Andrew Kelly

(Reuters) – Sam Bankman-Fried’s FTX crypto exchange is exploring whether it might be able to acquire Robinhood Markets Inc (NASDAQ:HOOD), Bloomberg News reported on Monday, citing people with knowledge of the matter.

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