Hedge Fund Bilionaire Ken Griffin - the CEO and founder of Citadel - Outbid A collective of crypto enthusiasts, calling themselves ConstitutionDAO

It turns out the way to beat the collective will of the internet’s cryptocurrency fans is to have way, way more money than them. Ken Griffin, the CEO and founder of Citadel, has revealed himself as the winner of last night’s $43.2 million auction for a rare copy of the US Constitution.

A collective of crypto enthusiasts, calling themselves ConstitutionDAO, managed to raise $47 million in about a week’s time in a quixotic attempt to win the document themselves and put it on display to the public for free.

A hedge fund billionaire outbid crypto investors for a rare copy of the US Constitution

0 New, 15 comments

The document sold for $43 million on Thursday night

By Jacob Kastrenakes@jake_k Nov 19, 2021, 4:02pm EST 

[...] "Citadel is one of the largest hedge funds in the world, and Forbes ranks him fourth on their list of wealthiest hedge fund managers, with a net worth of $16.1 billion. His win at the auction may only further frustrate the internet-first finance crowd, some of whom are skeptical of Griffin’s other company, Citadel Securities, because it pays Robinhood to execute its users’ trading orders. Just this week, a federal judge dismissed a lawsuit alleging that Robinhood and Citadel Securities colluded to freeze trading during the GameStonk explosion in early 2021.

==========================================================================

Correction November 19th, 6:10PM ET: Griffin is the majority owner of both Citadel and Citadel Securities, but the two companies operate independently, according to a Citadel Securities spokesperson. This story originally stated Citadel Securities was a subsidiary of Citadel.

==========================================================================

After losing the bid, ConstitutionDAO is essentially dissolving and plans to return all funds raised to contributors, minus transaction fees. The group’s organizers say “this wasn’t the outcome we hoped for,” but they were “still in shock that we even got this far.”