Billionaire hedge fund manager Ken Griffin says sports team owners should band together to appeal to President Donald Trump to change the new blanket tariff policy.
“The owners of American sports teams represent one of the pinnacle services industries in the United States, which is the entertainment capital of the world. They also carry a huge voice with the administration,” Griffin said in an interview at a private event attended by sports and business leaders. “This is a chance for them to speak out on the importance of thoughtful economic policies that protect the interests of the American people and yet ensure that America is loved by the world, because that’s our market for American entertainment.”
Shortly thereafter on Wednesday, Trump announced a 90-day pause on reciprocal tariffs against countries that have reached out to negotiate with the U.S., while simultaneously saying tariffs charged to China would be raised to 125%, effective immediately. “At some point, hopefully in the near future, China will realize that the days of ripping off the U.S.A., and other Countries, is no longer sustainable or acceptable,” Trump wrote on Truth Social. The DOW Jones Industrial Average rose over 6%, the S&P 500 gained more than 7% and the NASDAQ Composite rallied more than 8% on the news.
Griffin, who founded and leads Citadel, which has been ranked as the most profitable hedge fund ever and currently has $66 billion in investment capital, said the tariffs have diminished American wealth by at least $10 trillion the past few days. Within that market turmoil, $318 billion has been wiped from the value of U.S. sports-related equities the past week, according data compiled by Sportico.
“The loss of American wealth the last couple of days signifies that we’ve taken a misstep in our policies toward trade,” Griffin said. “The administration needs to take a step back and ask, ‘What do we need to change in the way of our policies to both protect American businesses and the American consumer?’ And most importantly, if we want to head toward a more manufacturing-focused economy, we’re going to need capital to do so. We need to grow the pie first and, from a position of strength, pursue our objectives—not from a diminished position, which is what we’re in today.”
Griffin is a sports enthusiast who was in advanced talks to buy a stake in the Miami Dolphins two years ago, but those talks fell apart when owner Stephen Ross and Griffin couldn’t agree on a path toward the billionaire financier eventually gaining control of the NFL franchise. More recently, the hedge fund manager donated capital to allow the U.S. men’s national soccer team to hire highly respected coach Mauricio Pochettino as manager. He also is one of the largest donors in U.S. politics, giving $107 million to Republican candidates and groups in the 2024 political cycle, according to data compiled by Open Secrets, a non-profit group that tracks money in U.S. politics.
While many business heads have been entreating Trump to adjust his tariff policy, Griffin believes sports team owners would be a particular influential group the 78-year-old president would listen to.
“I don’t know the president’s favorite team, but I do know the president loves sports. No ifs, no ands, no buts,” Griffin said.
(This story has been updated in the third paragraph with news of a 90-day pause on reciprocal tariffs with negotiating countries and an increase of tariffs on China.)
