Billionaire pays for the parties of tens of thousands of employees at Disney World

Billionaire pays for the parties of tens of thousands of employees at Disney World

For the majority of Wall Street this year, trading has been comparable to riding a violent roller coaster.

Last weekend, hundreds of workers of Citadel and Citadel Securities, the hedge fund and trading firm established by Ken Griffin, rode real horses.

Citadel spokeswoman Zia Ahmed stated that Griffin paid out of his own vast resources for about 10,000 employees and their families to spend three days at Walt Disney World in Florida enjoying the Magic Kingdom and other attractions.

The millionaire paid for flights from New York, Houston, Paris, and Zurich, as well as hotels, park tickets, and dinners ranging from lamb chops to sushi and paella, in order to celebrate the comeback of blockbuster films and significant anniversaries.

Ahmed stated that this year is shaping up to be a record-breaking one for Citadel and Citadel Securities.

On Saturday, Griffin’s favorite British rock band, Coldplay, performed with singer Carly Rae Jepsen and DJ Diplo at a performance.

Insider was the first to break the news about the party.

The millionaire covered the cost of flights from New York, Houston, Paris, and Zurich, as well as accommodations, park tickets, and meals.

The hedge fund business, which manages $59 billion in assets, informed investors that its flagship Wellington fund returned almost 32% through the end of November, a stark contrast to the majority of Wall Street and the overall economy.

An investor reported that the Citadel Global Fixed Income Fund is up 28.1% for the year, while the Citadel Tactical Trading Fund is up 22.4% and the Citadel Equities Fund is up 17.7%.

As the Federal Reserve grapples with rising inflation and a possible recession, the average hedge fund has lost 4% and the benchmark S&P 500 stock index has dropped 16% this year.

Wall Street corporations are preparing for leaner times by reducing employment and bonuses, while average Americans struggle with rising food, fuel, and housing costs.

After the 2008 financial crisis, corporations on Wall Street that were chastised for their extravagance have occasionally avoided costly events or conducted them in secret.

Griffin, whose estimated personal net worth is $32 billion, celebrated the 20th anniversary of Citadel Securities and the 32nd anniversary of the hedge fund, whose original party plans for 2020 were derailed by the epidemic. The staff from Asia will celebrate separately next year, according to the spokesperson.

a “fantastic future” lies ahead

Griffin informed the gathering, according to the spokesperson, that “we have assembled the most outstanding team in not just our history, but also the history of finance.” We have an amazing future ahead of us, and I eagerly anticipate the unwritten chapters.

Citadel has traditionally touted astronomical investment returns, but 2022’s gains are particularly significant since they coincide with double-digit losses at other large hedge funds, such as Tiger Global Management.

On Saturday, Coldplay, a British rock band that Griffin particularly like, performed at a performance. Above, the band playing in London during August.

Citadel’s gains also surpassed those of competitors such as DE Shaw’s Composite Fund, which is up 24 percent for the year, and Millennium International, which is up 10 percent.

These companies’ representatives did not comment.

According to one investor, Citadel’s Wellington fund returned 172.2% over the past five years, outperforming the S&P 500’s 68.4% return and the average hedge fund return of 25%.

Griffin’s home state of Florida, where he was born, has become crucial to his business. He revealed intentions to shift the hedge fund and trading firm’s headquarters from Chicago to Miami after long criticizing the city’s taxes and violence.

During the epidemic, Griffin had previously relocated some operations to Florida by hiring the opulent Four Seasons hotel in Palm Beach for business continuity, ensuring that a group of traders were in their own bubble processing transactions and providing liquidity to retail and institutional clients.

Griffin has contributed about $1.5 billion to cultural, educational, and medical causes over his lifetime.

As a “thank you” for transforming Citadel into a Wall Street powerhouse, the investor desired to reward employees and their 2,500 children to a weekend with Mickey Mouse.

Coldplay performed a series of rock tunes, including a scene-appropriate anthem.

The band sang, “This might be paradise, paradise, paradise.”

 

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