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Citadel CEO pays $43.2 million for first-edition copy of the Constitution

The CEO of Citadel outbid a cryptocurrency crowdfunding operation on a first edition copy of the Constitution.

On Thursday, Ken Griffin, a hedge fund billionaire and CEO of Citadel, bid a whopping $43.2 million for the copy, which he took home. A spokesperson for Citadel said Griffin intends to lend the piece to an art museum in Arkansas so that it can be enjoyed by many.

“The U.S. Constitution is a sacred document that enshrines the rights of every American and all those who aspire to be,” Griffin said in a statement. “That is why I intend to ensure that this copy of our Constitution will be available for all Americans and visitors to view and appreciate in our museums and other public spaces.”

His biggest competitor in the bidding war was ConsittutionDAO, which crowdfunded $49 million in just 72 hours. Since the document would come with a $6-7 million fee, they were unable to make the purchase. Had they won, the document would have been transferred to the ownership of a 501(c)3 that was set up by ConsittutionDAO. 

The piece was being auctioned by Sotheby’s. In 1988, S. Howard Goldman bid $165,000 for the piece. His widow, Dorothy Tapper Goldman decided to sell. The item went in a mere eight minutes. The item is one of 13 first edition copies of the Constitution, and one of two that are privately owned.

ARTICLE: RITA VOGT

MANAGING EDITOR: CARSON CHOATE

PHOTO CREDITS: CNBC

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