The announcement Thursday morning by billionaire hedge fund manager Ken Griffin that he plans to move Citadel’s headquarters from Chicago comes at an intriguing time politically for the billionaire hedge fund manager.
Illinois Republican voters are poised to potentially reject on Tuesday some or all members of a slate of GOP candidates for statewide office that Griffin funded with $50 million and that is headed by Aurora Mayor Richard Irvin’s bid for the Republican nomination for governor.
Considering the timing and political optics, it points to a potentially early concession speech. Irvin is in a hotly contested six-way race for the nomination and facing strong opposition from state Sen. Darren Bailey of Xenia.
Bailey has been helped, in part, by a slew of TV ads paid for by Democratic Gov. J.B. Pritzker and the Pritzker-backed Democratic Governors Association that label Bailey as “too conservative” for Illinois. It is a backhanded push for conservatives to back Bailey, who Democrats think will be easier to defeat in the fall.
In a statement Thursday morning, Irvin blamed Pritzker for Citadel’s departure and for refusing “to acknowledge what everyone sees, which is that his high-tax, pro-criminal administration is literally driving jobs and businesses out of state.”
“In the last month alone, Illinois lost Boeing, Caterpillar and now Citadel,” Irvin said, noting recent announcements by the defense contractor and airplane-maker and Caterpillar Inc. are moving their corporate headquarters to Virginia and Texas, respectively.
Adding a pitch for his candidacy, Irvin said, “It’s a clear pattern that shows no signs of ending unless we beat Pritzker in November, and I’m the only person in this race with a proven record of success to take Illinois back.”

Irvin
Illinois House Republican leader Jim Durkin said Griffin’s departure was a sign of the state’s modern-day business climate.
“In Goldfinger, James Bond says, ‘They have a saying in Chicago. Once is happenstance. Twice is coincidence. The third time, it’s enemy action.’ First it’s Boeing. Second it’s Caterpillar. Third, it’s Citadel,” Durkin said.
“I mean, this is a huge statement. What we’re seeing with these corporate offices, (Pritzker) just can’t dismiss it as a couple of white collar jobs,” he said. “This is going to reverberate all over the country. This is what Illinois is right now versus what it used to be.”
While Boeing and Caterpillar have announced they are leaving, Pritzker spokeswoman Emily Bittner said other big businesses, such as Kellogg, have announced they are moving to Illinois.
“We will continue to welcome those businesses— including Kellogg, which just this week announced it is moving its largest headquarters to Illinois — and support emerging industries that are already creating good jobs and investing billions in Illinois, like data centers, electric vehicles and quantum computing,” Bittner said in a statement.
Pritzker’s efforts to defeat Irvin in the GOP primary symbolize the bitter relationship between the state’s billionaire governor and Griffin. Griffin had frequently cited fears of crime in Chicago as a potential reason for moving Citadel, blaming Pritzker and his policies but not Mayor Lori Lightfoot, including at an October 2021 event at the Economic Club of Chicago.
In the November 2020 election, Griffin spent $53.75 million to oppose Pritzker’s signature agenda item, a proposed constitutional amendment rejected by voters to change the state from a flat-rate income tax to a graduated-rate levy. Pritzker spent $58 million to encourage its passage.
In the 2018 governor’s race, Griffin gave one-term Republican Gov. Bruce Rauner $22.5 million in his losing reelection effort against Pritzker, who spent more than $170 million of his own money on his campaign. Griffin gave Rauner $13.5 million for Rauner’s winning 2014 effort.
Also in 2020, Griffin pumped $4.5 million into a group that opposed the retention of Democratic Illinois Supreme Court Justice Thomas Kilbride. Kilbride went on to become the first court justice to lose a retention vote. This time around, with elections outside of Cook County for a redistricted Supreme Court, Griffin has given the group more than $6.25 million.
All told, Illinois State Board of Elections records show, Griffin has contributed $179 million to state and local candidates, mainly Republicans, and organizations. But Griffin also was a financial supporter of Chicago Mayors Richard M. Daley and Rahm Emanuel.
In May, Griffin announced he was donating $25 million to launch two academies based at the University of Chicago to provide advanced police training to law enforcement leaders and violence interruption organizations.
Griffin also has given roughly $40 million to various outside groups seeking to influence the outcome of congressional races across the country in the midterm elections. That has made him one of the top individual donors in the nation involved in reshaping Congress this cycle.
Griffin is also the top individual donor to Florida Gov. Ron DeSantis, giving him $5 million.
If he decides to devote his resources to Florida, Griffin’s departure could mean an even more depleted fundraising future for Illinois Republicans who had counted on his wealth to help in part make up for Pritzker’s lavish spending on Democrats.
While Republicans pounced on the news to blast Democratic leadership in Illinois and Chicago, at least one leading Chicago Democrat did not shed many tears about Citadel’s leaving.
U.S. Rep. Jesus “Chuy” Garcia of Chicago said the news of Citadel’s move “doesn’t come as a great shock” since Griffin previously had been moving jobs out of Illinois.
“I guess he feels more welcome as a Republican, as an arch-conservative, in a state where DeSantis is governor,” Garcia, a progressive Democrat, said before an appearance at the National Association of Latino Elected and Appointed Officials, which is holding its annual meeting in Chicago. “I wish his employees well.”
But Garcia said he also won’t be surprised if Griffin continues “meddling” in Illinois politics from his new locale.
“Billionaires can still affect elections, no matter where they are,” he said.
Rating Illinois' 2022 campaign mailers
Mary Miller

Aesthetic: 5
Message: 5
Accuracy: 3
Overall effectiveness: 4.33
Comments: Simple and straight to the point. The type of ad you run as a Trump-endorsed candidate in a district where the former president carried nearly 70% of the vote.
Richard Irvin

Aesthetic: 4
Message: 5
Accuracy: 2
Overall effectiveness: 3.66
Comments: It's a little busy, but the use of newspaper clippings on the front side effectively validates the Irvin campaign's message about Democratic meddling in the GOP primary. However, some of the claims about Bailey and Sullivan on the backside are misleading.
Darren Bailey

Aesthetic: 5
Message: 5
Accuracy: 4
Overall effectiveness: 4.66
Comments: An issue-oriented mailer that keeps it simple. And that's a good thing. It's easy on the eye and makes good use of all-caps and the highlight tool to make sure that the reader sees "conservative" and "career politicians are what's wrong with Springfield." If that's all they take from the mailer, it's a win.
Richard Irvin

Aesthetic: 5
Message: 4
Accuracy: 2
Overall effectiveness: 3.66
Comments: Nice design — talk show setup is original, even if those quotes were pulled out of context. But hey, that's politics.
Darren Bailey

Aesthetic: 4
Message: 5
Accuracy: 2
Overall effectiveness: 3.66
Comments: A nice-looking ad that plays into the smoke-and-mirrors theme Bailey is trying to push about Irvin. But some of the claims made on the back side, such as Irvin's alleged support for Joe Biden, are at the very least unproven.
Rodney Davis

Aesthetic: 4
Message: 4
Accuracy: 4
Overall effectiveness: 4
Comments: Just a solid mailer. Though slightly word-heavy, there is an effective use of bold font in all-caps to highlight words they would like to emphasize, such as "Stop out-of-control spending" and "Finish President Trump's wall." Clever.
Richard Irvin

Aesthetic: 4
Message: 5
Accuracy: 3
Overall effectiveness: 4
Comments: One of Irvin's best attack ads, both visually and content-wise. Though some of the talking points on the front side continue to mislead, the back is effective in using newspaper headlines to validate their message. On the front, the black-and-white photos of Bailey and Sullivan suggest a nefariousness.
Richard Irvin

Aesthetic: 3
Message: 3
Accuracy: 2
Overall effectiveness: 2.66
Comments: The concept here is not necessarily a bad one, but the Irvin campaign tries to pack in too much information. It's very wordy. Also, Bailey and Sullivan are smiling. It someone just picked it up and saw the visual without reading, it could be mistaken as a positive advertisement for the two.
Darren Bailey

Aesthetic: 5
Message: 5
Accuracy: 4
Overall effectiveness: 4.66
Comments: Sometimes less is more. This ad has very simple bullet points stating clearly what Bailey's message is, but it's not busy. Not a bad feel-good mailer to introduce yourself to voters.
Mary Miller

Aesthetic: 4
Message: 4
Accuracy: 5
Overall effectiveness: 4.33
Comments: This is an official House mailer from Rep. Mary Miller, R-Oakland. As such, it focuses on her record in Congress specifically on the issue of abortion. The picture of a baby adds an emotional appeal that will resonate with voters who hold anti-abortion views. It's easy to understand.
Richard Irvin

Aesthetic: 5
Message: 4
Accuracy: 2
Overall effectiveness: 3.66
Comments: This ad takes up Bailey on one side and Sullivan on the other. One of the more nice-looking ads with a very clear message on each. However, points dinged for some misleading statements.
Richard Irvin

Aesthetic: 2
Message: 3
Accuracy: 2
Overall effectiveness: 2.33
Comments: Aesthetically, it's cartoonish and tacky. But the message is in line with what the Irvin campaign has been trying to hammer home with voters, even if it is not all that accurate.
Richard Irvin

Aesthetic: 2
Message: 2
Accuracy: 2
Overall effectiveness: 2
Comments: You see what they were going for in this ad, but they don't quite stick the landing. Visually, it is difficult at first to discern the faces of Bailey and Sullivan. Also, despite his unpopularity, former House Speaker Mike Madigan is not a well-known face.
Rodney Davis

Aesthetic: 4
Message: 4
Accuracy: 3
Overall effectiveness: 3.66
Comments: Solid mailer that lands some punches against Rep. Mary Miller. One of your more conventional "taking a kernel of truth and spinning it" type of mailers. But it's effectively visually.
Richard Irvin

Aesthetic: 3
Message: 3
Accuracy: 1
Overall effectiveness: 2.33
Comments: The Irvin campaign has made a concerted effort to paint Bailey, a 2020 Trump delegate, as a liberal Obama-Biden supporter. It's misleading at best, downright false at worst.
Richard Irvin

Aesthetic: 4
Message: 4
Accuracy: 2
Overall effectiveness: 3.33
Comments: One of Irvin's more creative ads portrays opponents Bailey and Sullivan as "wolves in sheep's clothing," alleging that the pair are secret Democrats. The message is clear. It's just not very accurate.
Richard Irvin

Aesthetic: 2
Message: 4
Accuracy: 2
Overall effectiveness: 2.66
Comments: This ad plays to Irvin's tough-on-crime message. But it contains inaccuracies, such as his claim that he "called in the National Guard" to stop looting. Only the Governor has that authority.