Citadel's Ken Griffin considers selling minority shares whilst handing out political advice to Trump

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Happy Friday! If you're doing food shopping for Thanksgiving this weekend, you might notice prices feel better … sort of. The cost of Thanksgiving dinner has fallen for the second year in a row. But it's still 19% more expensive than it was in 2019, according to one survey of grocery store prices.

In today's big story, billionaire Ken Griffin has some advice for President-elect Donald Trump, including a suggestion for his Treasury pick.

What's on deck:

• Markets: A $60 billion hedge fund cut 10% of its staff as its new co-CEOs make their mark.
• Tech: Elon Musk's brain-computer startup is hiring for multiple manufacturing roles.
• Business: Why major automakers are making deep cuts to their workforce.

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The big story

Advice for Trump

One of Wall Street's most powerful people offered advice to the president-elect.

Ken Griffin, the billionaire founder of the $65 billion hedge fund Citadel, called for some restraint from Donald Trump regarding policies implemented around immigration and inflation, write Business Insider's Bradley Saacks and Michelle Abrego.

While speaking Thursday at the Economic Club of New York, Griffin said he appreciates the importance of those issues to Americans but said aggressive tactics to address them could make things work.

Griffin is one of the biggest donors to the Republican Party, but declined to publicly endorse either presidential candidate this year.

Moderation hasn't been the name of the game for Trump with some of his proposed policies. The president-elect promised mass deportations of immigrants in the US illegally and wide-ranging tariffs of at least 10-20% on all imported goods.

Griffin said the US should remain a place for ambitious immigrants to find work and warned cutting taxes poses a risk for a government holding so much debt.

At a conference just a few blocks away, Pimco CEO Manny Roman also raised the issue of taking a tough stance on immigration amid a tight labor market.

Griffin's advice for Trump didn't stop at his policies. He also made a suggestion for the future president's all-important Treasury secretary pick: Apollo CEO Marc Rowan.

"Please take the job," Griffin said of Rowan.

Griffin also might be looking for some advice.

He said he'd be open to selling a minority stake in his hedge fund to the right partner.

While Citadel still operates as a private partnership, Griffin sold a stake worth more than $1 billion in sister company Citadel Securities in 2022 to VC firms Sequoia and Paradigm.

The relationship has been a massive success, according to Griffin, with the two firms helping Citadel Securities with "real insights" into managing its rapid growth. Almost a quarter of all US equity market volume is handled by Citadel Securities.

Hedge funds selling off stakes of their firm are having a bit of a moment these days. Millennium Management, another multistrategy giant in the hedge fund world, is reportedly in early talks to get an investment from BlackRock.

News brief

Top headlines

• Trump tapped Pam Bondi for attorney general after Matt Gaetz withdrew from consideration.
• DOGE wants to trim a $500 billion list of federal 'zombie' programs that includes veterans' healthcare, Pell grants, and NASA.
• Google's search business is all about distribution. The DOJ wants to take this away, and it's freaking investors out.
• CNBC's new boss reassures staffers jittery over their network getting spun off. He said he wants the company to be 'predator, not prey.'
• Oops! OpenAI just deleted important legal data in a lawsuit from The New York Times.
• This chart shows how crazy-fast the value of Elon Musk's xAI has risen in 16 months.
• Marjorie Taylor Greene was picked to lead a new DOGE House panel to slash government funding.
• National Geographic unveiled its Pictures of the Year. Here are 7 of the most stunning wildlife photos.

3 things in markets

1. What Wall Street's saying about Nvidia's earnings. One analyst said some investors were concerned about a possible slowdown in future growth, but a fund manager said he wishes he could invest more in Nvidia. A lot hinges on the performance of the AI giant's newest chip, Blackwell.
2. Two Sigma's new co-CEOs are already reshaping the $60 billion hedge fund in their vision. The firm cut 10% of its workforce as part of a strategic review. The layoffs come after the firm's feuding billionaire cofounders stepped down in September and Carter Lyons and Scott Hoffman took over as co-CEOs.
3. The self-appointed 'crypto president' keeps stoking the bitcoin rally. The digital currency continued its climb toward $100,000 after reports that Trump might add a crypto chief to his administration. It's not all good news, though, as the $100K milestone could lead to a sell-off and 20% drop, according to crypto billionaire Mike Novogratz.

3 things in tech

1. Neuralink is hiring. The Elon Musk-founded company, which is developing a device Musk has compared to a "FitBit in your skull," posted multiple manufacturing job listings on its website this week. A professor of operations management told BI it's a sign Neuralink is working toward ramping up production of its brain chip.
2. Netflix is the real winner of the Paul-Tyson match-up. The streamer's stock could soar 13% thanks to the "knockout opportunity" in live events the fight showcased, Bank of America analysts said. Despite the lackluster performances and technical issues, the fight was the most-streamed sporting event of all time, a net positive for Netflix's livestreaming ambitions.
3. Trump's tariff plans have some startup founders quaking. Hardware startups that rely on Chinese manufacturers are bracing for Trump's trade impact, which could make it harder for them to reach profit goals. Investors fear many of them may have to throw in the towel.

3 things in business

1. Meet the man making money for Tucker Carlson, Megyn Kelly, and Bari Weiss. Once upon a time, leaving a big network like Fox News spelled the end of a career for commentators. Not so much anymore. BI's Peter Kafka interviewed Chris Balfe, the man who helped TV news stars find audiences online, about the TV-to-internet transition.
2. Auto workers face a wipeout. Major automakers around the world have recently announced layoffs and factory closures, including Ford, GM, Stellantis, and Volkswagen. They're struggling to turn a profit on EVs and facing a potential onslaught of cheaper competition.
3. TGI Failure. It was once a singles bar and then a family-friendly restaurant. Now TGI Fridays is a place that nobody really wants to go. The company closed 36 restaurants at the start of the year and recently filed for bankruptcy. But TGI Fridays' fall from grace is a familiar story for many restaurant chains.

What's happening today

• NATO's Parliamentary Assembly Annual Session begins in Montreal.
• Ridley Scott's "Gladiator II" and the film adaptation of the musical "Wicked" both open in theaters. (You've heard of Barbenheimer. Now get ready for Glicked.)

The Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York. Jack Sommers, deputy editor, in London. Grace Lett, editor, in Chicago. Ella Hopkins, associate editor, in London. Amanda Yen, fellow, in New York. Milan Sehmbi, fellow, in London.