Posted on 08/21/2023 7:35:38 PM PDT by lowbridge
A giant, sucking sound is coming out of Wall Street — and it’s siphoning staggering sums of money out of the Big Apple while handing business to Florida and other states farther south.
Nearly 160 Wall Street firms have moved their headquarters out of New York since the end of 2019, taking nearly $1 trillion — yes, that’s trillion with a “T” — in assets under management with them, according to data from 17,000 companies compiled by Bloomberg.
Looking to dodge rampant crime, stiff taxes and an increasingly exorbitant cost of living, 158 fed-up financial firms representing a whopping $993 billion in assets have packed up and left the Big Apple, taking thousands of high-paid employees with them, the data shows.
Icahn Capital Management — headed by billionaire corporate raider Carl Icahn — is among the most prominent firms to decamp to the Sunshine State. In August 2020, the firm ditched his posh Manhattan digs atop Fifth Avenue’s General Motors Building in favor of a 14-story office complex in a Miami suburb.
Icahn’s firm, which manages $22.2 billion in assets, now conducts business less than a mile away from his mansion in Indian Creek Village.
Meanwhile, hedge-fund tycoon Paul Singer’s Elliott Management — which commandeers a total of $59.2 billion after shaking up investment targets including AT&T, Twitter and the government of Argentina — moved its headquarters from Midtown Manhattan to West Palm Beach, Fla., in October 2020.
One year later, closely watched tech-stock guru Cathie Wood — famous for her bold, windfall bet on Elon Musk’s car maker Tesla –moved her firm ARK Investment Management — and its $24.7 billion worth of assets — to St. Petersburg, Fla.
(Excerpt) Read more at nypost.com ...
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Maybe the Wall Street Bull will begin to starve and its ribs will begin to show.
Just raise taxes!
That is what happens when you go woke.
Seems inevitable. No longer any good reason to try to endure the crumbling of civilization in NYC.
Any city can host a Wall Street and have the nation’s stock exchange there. There’s no need to have it in New York city anymore.
Funny how all of these leftist move to a “right to work” State without income tax ...
NYC is for losers.
“That’s trillion with a t” and that rhymes with “c” and that stands for CRIME.
A Trillion is Big Buck$.....
So surprising now that NYC has a fresh new mayor and a dynamic governor.
Will things get worse?
You bet!
Paying attention, Mayor Addams? Or are you more focused on which tie you’ll wear to that next Celebrity Dinner and Fund Raiser or Aspiring Rappers?
Wealth is extraordinarily mobile these days. It’s fun to sit back and watch it flee another dimocrat run s#lthole city.
They will.
Yeah, but they can easily make up the difference by importing more poor people and putting them up in expensive hotels while providing free food, education and medical visits and stuff of something
Mayor Adams was in Jerusalem, Israel earlier today.
Obviously getting paid off from letting in all the “migrants” in NYC and taking up citizen’s resources.
Cities think the key to utopia is taking more and more from those who have less and less. I wonder how they think that’s going to work.
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When you Elect a Mayor that said he likes nothing more than beating Crackers, this is what you get.
NYers continually want to advertise their Far Left activism. They got what they wanted. This is only the beginning.
The left must think so, since they keep driving business away.
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