In this image from video provided by the House Financial Services Committee, Kenneth Griffin, chief executive officer of Citadel LLC, testifies during a virtual hearing on GameStop in Washington, Thursday, Feb. 18, 2021. (House Financial Services Committee via AP)

EDITOR’S NOTE (10/11): This article has been edited for clarity, accuracy, and to include comment from Citadel.

Hedge fund billionaire and major GOP donor Ken Griffin’s firms raked in millions by capitalizing on COVID market downturn, invested around Hurricane Katrina market volatility in 2005, along with investing in a Chinese surveillance company tied to the Chinese Communist Party (CCP) in 2007 which was listed on the New York Stock Exchange.

In 2005, Griffin’s hedge fund Citadel formed the Bermuda-based catastrophe reinsurance business New Castle, charging market rate insurance premiums which were notably higher after the Hurricane Katrina disaster. According to The New York Times, premiums in the Gulf Coast area were up 100 to 200 percent in the year after Katrina, despite another hurricane of the same magnitude being statistically improbable.

Another area Griffin has invested in is the Chinese tech sector, giving a $110 million loan to the surveillance company China Security and Surveillance in 2007. This company was described by Dr. James Mulvenon as “sort of the Ministry of Public Security’s national champion” in terms of “building of the gear and building the surveillance society, they are the ones.” Mulvenon is an expert on Chinese cyber, technology and military issues who has published several books, reports and testimonies about the Chinese government and tech sector over the last two decades.

Critics of American corporate investment in the Chinese surveillance industry have claimed such efforts are aimed at thwarting democracy advocates and critics of the Chinese government. Other companies have been sanctioned by both the Trump and Biden administrations in recent years for human rights violations.

Griffin has made political donations to the campaigns of Senate candidates Tim Sheehy and David McCormick this cycle, two men who have also invested in Chinese surveillance technology despite both attempting to portray themselves as China hawks.

Griffin’s company also increased its profits in the last five years by shorting stocks affected by the COVID pandemic. Some argue that this method can be socially and economically harmful, especially in times of general panic like in 2020. The Independent points out that share prices of viable companies can be tanked due to shorting for no reason other than large hedge funds turning a profit. According to Forbes, Griffin’s net worth increased exponentially after COVID. Prior to the pandemic in 2019, Forbes lists Griffin’s net worth at $11.7 billion, before ballooning to over $35 billion in 2023.

“Mr. Griffin and his firms donated well over $50 million to address some of the most urgent problems brought on by the COVID-19 pandemic, providing supplies and humanitarian aid, increasing internet access and educational resources for students during remote learning, accelerating testing and treatment and advancing the scientific research that would lead to a vaccine against the virus itself,” said a Citadel spokesperson. “This included donations to Weil Cornell and the Imperial College of London. Mr. Griffin himself was instrumental in safely evacuating Americans from Wuhan and helped lay groundwork for what would become Operation Warp Speed.”

Griffin, who described himself as a Ronald “Reagan Republican,” has used his immense wealth to funnel money into several GOP candidates and causes in recent years. According to Bloomberg, Griffin donated $66 million to conservative candidates and PACs during the 2020 election cycle. Griffin had lived in Chicago since the late 1980’s, where he has financially supported the campaigns of former Mayor Rahm Emmanuel, former Gov. Bruce Rauner (R) and former gubernatorial candidate Darren Bailey (R). He and his businesses moved to Florida in 2022.

“Griffin’s spokesperson recently noted that Griffin’s political participation is driven by his commitment to America,” the Citadel spokesperson continued. “He supports those who share his dedication to individual rights and freedoms, access to high-quality education, upward mobility, safe communities and a strong national defense.”

More recently, Griffin contributed $5 million former presidential candidate Nikki Haley (R), $5 million to Sheehy and $10 million to McCormick, all via super PACs.