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Monday, November 29, 2021

Hedge fund billionaire outbid ConstitutionDAO for US Structure copy

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It seems the best way to beat the collective will of the web’s cryptocurrency followers is to have manner, far more cash than them. Ken Griffin, the CEO and founding father of Citadel, has revealed himself as the winner of last night’s $43.2 million auction for a uncommon copy of the US Structure. A collective of crypto fans, calling themselves ConstitutionDAO, managed to lift $47 million in a few week’s time in a quixotic try and win the doc themselves and put it on show to the general public without spending a dime.

Whereas the DAO didn’t win, they did handle to push the worth up on Griffin, with the 2 events slowly going forwards and backwards million by million throughout the public sale final evening, every seemingly unsure if they might be capable of go 1,000,000 greater with each passing bid. Lastly, ConstitutionDAO threw within the towel, telling supporters they wouldn’t have had sufficient remaining cash to “insure, retailer, and transport the doc.”

Griffin appears to be conscious {that a} collective of 17,000 folks will probably be fairly sad with him, so, maybe not-so-coincidentally, he’s committing to roughly the identical objectives that they laid out for the doc had they gained the public sale. “I intend to make sure that this copy of our Structure will probably be out there for all People and guests to view and respect in our museums and different public areas,” he stated in an announcement. That’ll begin with the Crystal Bridges Museum of American Artwork in Bentonville, Arkansas, which has free admission.

Citadel is among the largest hedge funds on the earth, and Forbes ranks him fourth on their record of wealthiest hedge fund managers, with a internet price of $16.1 billion. His win on the public sale could solely additional frustrate the internet-first finance crowd, a few of whom are skeptical of Citadel Securities (a subsidiary of Citadel) as a result of it pays Robinhood to see what buyers are as much as. Simply this week, a federal decide dismissed a lawsuit alleging that Robinhood and Citadel Securities colluded to freeze buying and selling throughout the GameStonk explosion in early 2021.

After dropping the bid, ConstitutionDAO is basically dissolving and plans to return all funds raised to contributors, minus transaction charges. The group’s organizers say “this wasn’t the end result we hoped for,” however they had been “nonetheless in shock that we even bought this far.”

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