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The way to beat the collective will of the internet is to have 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 group of cryptographers, calling themselves ConstitutionDAO, raised $47 million in about a week in order to win the document and put it on display for free.
While the DAO didn't win, they did push the price up on Griffin, with the two parties slowly going back and forth million by million during the auction last night, each seemingly uncertain if they would be able to go a million higher with every passing bid. ConstitutionDAO told supporters they wouldn't have enough money to store, transport, and guarantee the document.
All Americans and visitors will be able to view the Constitution.
If they won the auction, he would commit to the same goals that they laid out for the document, but he knows that a group of 17,000 people will be unhappy with him. He said that he would make the Constitution available for all Americans and visitors to view in museums and other public spaces. The Crystal Bridges Museum of American Art in Arkansas has free admission.
Forbes ranks Citadel fourth on their list of wealthiest hedge fund managers with a net worth of $16.1 billion. The internet-first finance crowd is not happy with his other company, Citadel Securities, because it pays a trading service called Robinhood to execute its users' trading orders. A federal judge has dismissed a lawsuit that alleged that Robinhood and Citadel Securities colluded to freeze trading during the GameStonk explosion in early 2021.
After losing the bid, ConstitutionDAO plans to return all funds raised to contributors minus transaction fees. The organizers of the group are still in shock that they even got this far.
The two companies that operate independently are Citadel and Citadel Securities, according to a Citadel Securities spokesman. The story stated that Citadel Securities was a subsidiary.
