Citadel’s Ken Griffin says Trump White House has ‘enriched’ family members

Unlock the White House Watch newsletter for free

Your guide to what Trump’s second term means for Washington, business and the world

Billionaire investor Ken Griffin has accused members of the Trump administration of enriching their families, in a rare rebuke by a prominent Wall Street figure and big Republican donor.

“This administration has definitely made mis-steps in choosing decisions or courses that have been very, very enriching to the families of those in the administration,” Griffin, the founder of hedge fund Citadel, said at a conference in West Palm Beach, Florida on Tuesday that was hosted by The Wall Street Journal. He added: “That calls into question: is the public interest being served?”

He said the financial benefits that have flowed to the administration’s family members troubled him, adding: “One of the things that you want to believe is that those who serve the public interest have the public interest at heart in everything they do.”

In response to Griffin’s comments, White House spokesman Kush Desai said: “The only special interest guiding the Trump administration’s decision-making is the best interest of the American people. The fact that major stock indexes have hit multiple all-time highs, real wages have grown, and inflation has cooled since President Trump took office is proof that this administration is delivering for every American.”

Griffin has been a vocal critic of Donald Trump before, but has rarely trodden into the sensitive terrain of remarking on how those related to the president and those around him have financially benefited from a proximity to the White House.

Trump and his family members have profited since he took office last year. An FT investigation in October found the president’s rapidly growing cryptocurrency empire had already reaped more than $1bn in pre-tax profits over the prior year, partly attributed to a digital currency boom buoyed by the White House’s own crypto-friendly policies.

Companies backed by Trump’s sons have been awarded contracts with government agencies and benefited from administration policies on cryptocurrency and prediction markets. Family of other administration members, including commerce secretary Howard Lutnick and US envoy Steve Witkoff, have also benefited.

Representatives for the Trump Organization and World Liberty Financial did not immediately respond to requests for comment. Cantor Fitzgerald declined to comment.

Griffin donated tens of millions of dollars to Republican political groups during the most recent presidential election, according to OpenSecrets, but did not endorse Trump. He has also emerged as one of Wall Street’s most vocal critics of the administration.

He has primarily focused his criticism on policy issues. Shortly after the election in 2024, Griffin warned that the president’s plans to raise tariffs would put the US “on a slippery slope to crony capitalism”.

Griffin hinted that he has considered running for office, and said that “in a future point in my life I would like to be involved in public service”. He did not give any indication of when that might be, adding that he loved his job and colleagues.

Corporate executives in the US have been fearful of speaking out against the administration since Trump returned to the Oval Office last year. Many corporate leaders have tried to curry favour with the White House by donating to his inauguration fund in the lead-up to his return to office and have remained generally silent even when they oppose his policies.

However, Griffin was not universally critical of the administration. He argued that the president’s choice of Kevin Warsh to lead the Federal Reserve showed the central bank would be able to maintain its independence, which he said had been in doubt until recently.

Griffin said the dynamic has generated concerns that the US would enter a continuous cycle of corporate leaders needing to pander to whomever is in power, instead of relying on the success of their business.

“Most CEOs just don’t want to find themselves in the business of having to in some sense suck up to one administration after another to succeed in running their businesses.”