A property on Palm Beach’s Worth Avenue has been purchased for $83 million by 125 Worth LLC, a company linked to Ken Griffin‘s Citadel, Bloomberg reports.
The property is located near a former Neiman Marcus store that Citadel plans to convert into an office. Citadel’s CEO Gerald Beeson is associated with the purchasing LLC, according to documents.
Expanding Florida Presence: Griffin has been boosting his Florida presence after moving headquarters for Citadel and Citadel Securities to the state, the report states.
In addition to the Palm Beach property, Griffin also plans to construct an office tower in Miami’s Brickell neighborhood.
Last year, Citadel took over the old Neiman Marcus building on Palm Beach’s main shopping street, intending to use it as an office. Griffin, with an estimated fortune of nearly $37 billion, continues to expand his business footprint in Florida.
The stock market is an enigma, over a nighttime shot of lower Manhattan. Deceptively complex, but also simple. It’s a parallel universe. And suddenly a neon, laser-cut reverse image hovers over the buildings, streets and bridges of the city.
The stock market’s reputation as an all-powerful money-making machine for faceless hedge funds, giant corporations, financial industry professionals, and other exclusive gatekeepers took a roundhouse punch to the chin in January 2021.
As the first episode of Gaming Wall Street lays out, that’s when a cross-section of independent players, many of them unified under the banner of the subreddit r/wallstreetbets, pushed the stock of video game retailer GameStop into the stratosphere.
Or to the moon in the Very Online slang of these groups. At least for a little while. But a stock that increased in value by a factor of 30 was going to make a lot of regular everyday people rich if they just kept pushing, and remove cash from the pockets of hedge funders at an alarming, satisfying rate.
It was an uprising by a bunch of people from the Internet whom said let’s take these motherfuckers down.
Gaming Wall Street periodically departs from interviews to present animated sequences that explain the mechanics of short sales, of the stock market itself, or of something called the GameStop short thesis.
Gaming feels very much like something more of Internet or podcast culture than it does stodgy documentary culture.
Benzinga / ABC Flash Point Property News 2023.