Billionaire Ken Griffin outbids group of crypto investors for rare copy of US constitution

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Top line

Hedge fund billionaire Ken Griffin bought a rare copy of the US Constitution for $ 43 million, outbid Thursday on a group of cryptocurrency investors in a record-breaking auction, Sotheby’s said in a statement. hurry.

Ken Griffin, Founder and CEO of Citadel.

Patrick T. Fallon / Bloomberg Highlights

The “extremely rare” first edition of the Constitution sold for more than double its high estimate of $ 20 million, setting a world auction record for any printed document, according to Sotheby’s.

Ken Griffin, who founded and runs Chicago-based hedge fund Citadel, topped an eight-minute bidding war with his winning bid of $ 43.2 million on Thursday.

The hedge fund billionaire was narrowly underbid by ConstitutionDAO, a group of more than 17,000 crypto investors who raised $ 40 million in an attempt to buy the document.

The copy in question was one of the last remaining privately owned editions and is one of 13 surviving copies of the official edition of the Constitution printed in 1787.

Griffin said he intended to loan the copy of the Constitution to the free-entry Crystal Bridges Museum of American Art in Bentonville, Arkansas, which is owned by billionaire Walmart heiress Alice Walton.

“We are honored to exhibit one of the most important documents in our country’s history from our location in the heart of America,” said Olivia Walton, who heads the board of directors of Crystal Bridges.

Key context:

Griffin launched the Citadel in 1990; today, the hedge fund manages nearly $ 40 billion in assets. The Chicago billionaire also founded one of Wall Street’s largest market-making companies, Citadel Securities, which is responsible for one in five stock transactions in America. Griffin will add the Constitution to his already impressive art collection which includes pieces by Willem de Kooning and Edgar Degas.

Large number: $ 20.9 billion

That’s what Griffin is worth, according to Forbes estimates.

Crucial quote:

“The US Constitution is a sacred document that enshrines the rights of every American,” Griffin said in a statement. “That is why I intend to make this copy of our Constitution available to all Americans and visitors so that they can view and enjoy it in our museums and other public spaces.”

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