February 12, 2025
Citadel founder Ken Griffin expressed deep appreciation for Elon Musk’s recent focus on slashing government spending. Speaking at the UBS Financial Services Conference in Miami, the 56-year-old billionaire praised Musk for taking time away from his companies—Tesla Inc. and Space Exploration Technologies—to help improve the efficiency of federal spending. “He will do what it takes to win,” Griffin remarked, emphasizing his admiration for Musk’s commitment. In a heartfelt message, Griffin said he wanted to thank Musk “from the bottom of my heart” for his role in curbing wasteful spending in Washington. This effort is being channeled through the Department of Government Efficiency (DOGE), an initiative created by President Donald Trump aimed at ensuring that taxpayer dollars are used effectively.
Under Musk’s guidance, DOGE is undertaking an ambitious mission: to reduce the federal budget by $2 trillion, a significant target considering that the government spent $6.9 trillion in fiscal year 2024. Musk, who has emerged as one of President Trump’s most influential advisers, is leading efforts to streamline government operations, including the elimination of what he sees as inefficient agencies. One high-profile target is the US Agency for International Development (USAID), an organization dedicated to international aid. While many applaud these drastic cuts as a way to fight waste and improve fiscal responsibility, there is a substantial counter-argument. Critics—including unions representing federal employees—have taken legal action against the shutdown of USAID. They warn that slashing foreign aid could undermine America’s global influence, empower extremist groups, and hinder efforts to detect and contain emerging pandemics.
In addition to his praise for DOGE, Griffin also acknowledged President Trump’s diplomatic strategies, particularly regarding peace initiatives in the Middle East. During a conversation with UBS executive Robert Karofsky in a packed ballroom at the Ritz Carlton Key Biscayne, Griffin supported the idea that the West should offer Russian President Vladimir Putin a diplomatic “off ramp” to help end the conflict in Ukraine. However, Griffin was unequivocal in his criticism of other aspects of Trump’s policy, notably his approach to trade and tariffs. The president’s recent order to impose a 25% global tariff on steel and aluminum imports from countries such as Mexico and Canada was sharply condemned by Griffin. He argued that tariffs of this nature weaken the United States’ competitive edge, even if they are not ultimately enforced. According to Griffin, such measures are inherently flawed as negotiation tools because they sow deep-seated mistrust among international allies and degrade “the terms of engagement.” It is worth noting that Griffin’s stance is nuanced; despite his criticism of tariffs, he has previously supported other aspects of Trump’s policies—evidenced by his $5 million contribution to Nikki Haley’s bid against Trump, highlighting his willingness to engage in policy debates from multiple angles.