In a dramatic escalation of tensions, billionaire hedge fund manager Ken Griffin, founder of Citadel, finds himself at the center of a storm fueled by allies of President Donald Trump and retail investors alike.
The latest flashpoint occurred at the Milken Institute Global Conference, an annual gathering of financial elites often dubbed the “Davos of the West,” held at the Beverly Hilton in Los Angeles.
Griffin, a traditional host of the conference’s VIP champagne-fueled welcome soirée, faced an unexpected challenge this year as Trump supporters, led by senior advisor Richard Grenell, organized a rival reception at the Peninsula Beverly Hills, strategically timed to coincide with Griffin’s event.
The move, described by former White House chief strategist Steve Bannon as a clash of “nationalists versus globalists in Beverly Hills,” underscores the deepening rift between Griffin and the MAGA movement, per CNBC.
A Clash of Ideologies at Milken
The Milken Institute Global Conference, known for its high-profile attendees and steep entry fees—up to $50,000 per head—has long been a platform for America’s corporate titans to network and shape economic discourse.
Griffin, whose net worth is estimated at $42 billion, has been a key figure at the event, leveraging his role as a main sponsor to host its opening festivities.
However, his vocal criticism of Trump’s tariff policies, which he has claimed are “eroding” America’s global “brand,” has drawn the ire of the president’s inner circle.
Sources close to the organizers of the rival event, orchestrated by Grenell, revealed that Griffin’s repeated public attacks on Trump’s trade and immigration policies prompted the counter-reception.
Bannon, a vocal critic of Griffin, labeled him “an out-of-touch, clueless billionaire” whose efforts to curb populism have backfired, inadvertently fueling the very nationalist sentiment he opposes.
Bannon further criticized Griffin for snubbing Scott Bessent, now Treasury Secretary, by advocating for Apollo Global Management CEO Marc Rowan for the role, a move that alienated Trump’s team.
The rival event, described as a closed-door affair, was a deliberate signal to Griffin and the financial elite that the MAGA movement is prepared to challenge their influence head-on.
“It will be nationalists versus the globalists in Beverly Hills,” Bannon told The Post, framing the showdown as a microcosm of broader political and economic divides.
Retail Investors and the DJT Stock Controversy
Griffin’s troubles extend beyond the Milken Institute to the volatile world of retail investing, where his hedge fund, Citadel, has come under intense scrutiny from shareholders of Trump Media & Technology Group (TMTG), the parent company of Truth Social.
Trading under the ticker DJT on Nasdaq, TMTG’s stock has been a lightning rod for controversy, with retail investors alleging that Citadel and other Wall Street giants are engaging in predatory practices, particularly “naked” short selling, to manipulate the stock’s price.
Naked short selling, the practice of selling shares without first borrowing them, is illegal in many contexts and has long been a sore point for retail investors, who see it as a tool used by hedge funds to suppress stock prices at the expense of smaller shareholders.
In 2024, TMTG publicly called out Citadel Securities, a market-making arm of Griffin’s empire, for alleged involvement in such activities.
The company issued a scathing statement, highlighting Citadel’s history of regulatory violations:
“Rather than support our common sense efforts to promote transparency and compliance, Citadel Securities bizarrely targeted our CEO with an unhinged attack.
Here’s our response: ‘Citadel Securities, a corporate behemoth that has been fined and censured for an incredibly wide range of offenses including issues related to naked short selling, and is world famous for screwing over everyday retail investors at the behest of other corporations, is the last company on earth that should lecture anyone on ‘integrity.’”
This sharp rebuke came after TMTG CEO Devin Nunes, a former Republican congressman, wrote to Nasdaq and later to House GOP committee leaders, urging investigations into “anomalous trading” and potential “unlawful manipulation” of DJT stock.
Nunes pointed to the stock’s presence on Nasdaq’s Regulation SHO Threshold Security List for over two months in 2024, a designation that signals potential short-selling issues.
He also highlighted the stock’s status as one of the most expensive U.S. stocks to short, suggesting that brokers have a financial incentive to lend “non-existent shares.”
Also Read: Trump Media Says Senator Warren Has Protected Hedge Funds and Naked Short Selling
Trump Media’s Fight Against Short Selling
TMTG’s allegations have gained traction among retail investors, particularly those holding stocks like AMC, GameStop, and others impacted by the MMTLP fraud, who view Trump’s administration as a potential ally in their battle against Wall Street.
The company has escalated its campaign, targeting not only Citadel but also other firms like Qube Research & Technologies, a UK-based hedge fund that disclosed a $105 million short position against TMTG in April 2025.
In a memo to SEC Acting Chairman Mark Uyeda, TMTG raised concerns about “suspicious trading activity,” noting discrepancies in Qube’s disclosure, which was filed in Germany rather than the U.S. or UK, and the lack of corresponding changes in DJT’s total short interest.
Trump himself has weighed in, denying rumors in November 2024 that he planned to sell his shares in Truth Social and calling for an investigation into “market manipulators or short sellers” spreading false claims.
“There are fake, untrue, and probably illegal rumors made by market manipulators or short sellers about my interest in selling shares of Truth,” he posted on Truth Social.
“THOSE RUMORS OR STATEMENTS ARE FALSE. I HAVE NO INTENTION OF SELLING!”
The announcement led to a 14% surge in DJT stock, reflecting the intense loyalty of its retail investor base.
Also Read: Schwab Warning: Thousands Are Now at Risk of Margin Calls
A Broader Populist Backlash
The scrutiny of Griffin and Citadel taps into a broader populist distrust of financial institutions, a sentiment that Trump’s administration has capitalized on.
Retail investors, emboldened by figures like Vice President JD Vance, who in 2024 signed a letter supporting the MMTLP community, see the administration as a potential force for reform.
Posts on X have amplified these concerns, with users speculating that an SEC investigation into DJT could expose broader naked short-selling practices affecting stocks like AMC and GameStop.
One user, @DonnahueGeorge, wrote, “An SEC investigation into DJT could expose AMC GME naked shorts,” calling for regulatory action.
Citadel’s history of regulatory issues, including a 2023 SEC charge for illegal short-selling violations over five years, has further fueled investor outrage.
Retail investors argue that such practices undermine market integrity, allowing hedge funds to manipulate stock prices to their advantage.
Griffin’s own comments, such as his 2023 claim that firms like Citadel engage in “fundamental research” to drive stock prices to their “appropriate” value, have been met with skepticism by those who view such statements as a justification for market control.
Also Read: Hedge Fund That Shorted AMC Is Now Liquidating
Griffin’s Precarious Position
As Griffin navigates this dual assault from Trump’s political allies and retail investors, his position as a GOP megadonor complicates matters.
While he has donated millions to Republican causes, records show no direct contributions to Trump, a fact that has not gone unnoticed by the MAGA base.
The Milken Institute showdown and the DJT stock controversy are unlikely to be the last chapters in this saga.
With Trump’s administration signaling a willingness to tackle financial misconduct and retail investors rallying behind TMTG’s allegations, Griffin and Citadel face mounting pressure.
Whether this translates into concrete regulatory action remains to be seen, but the clash between Griffin’s globalist outlook and the nationalist fervor of Trump’s supporters has already reshaped the narrative at one of finance’s most exclusive gatherings.
For now, the battle lines are drawn, and Ken Griffin is squarely in the crosshairs.
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Also Read: Investors now urge President Trump to investigate naked short selling in formal letter
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