Billionaires have been on a giving spree recently, particularly toward higher education. Ken Griffin, the Citadel CEO who is making major moves to reshape Miami, just committed an eye-popping $3 billion to Carnegie Mellon University, the school announced Wednesday.\u00a0<\/p>\n
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CMU says this is the largest gift by an individual ever given to a higher education institution, while Nike cofounder Phil Knight and his wife, Penny, just committed $1 billion to the University of Oregon and many others have made $100 million\u2013plus gifts to other schools recently. Oil tycoon Harold Hamm recently gave $150 million to the University of Oklahoma.<\/p>\n
But Griffin\u2019s gift is noticeably different. It\u2019s establishing an entirely new campus in Miami. Of the $3 billion gift, $1 billion will support CMU\u2019s Pittsburgh campus, while the remaining $2 billion will launch CMU Miami.\u00a0<\/p>\n
Griffin\u2019s big bet on Miami<\/h2>\n
Griffin, a Florida native who grew up in Boca Raton, moved his family and the headquarters of both Citadel and Citadel Securities to Miami in 2022 after more than three decades in Chicago, where he\u2019d grown increasingly vocal about crime. He insisted taxes weren\u2019t the reason he moved back to Florida, citing \u201cgreat schools, a great environment\u201d and streets that are \u201csafe and clean.\u201d Citadel now employs about 500 people in Miami and is building a 54-story headquarters on Brickell Bay, slated for completion in 2030 at an estimated cost of $2.5 billion.\u00a0<\/p>\n
\u201cThe best thing I ever did was move to Miami for my kids,\u201d Griffin told Fortune<\/em> senior editor-at-large Shawn Tully in an interview earlier this year. He also said of the city, \u201c[There\u2019s an] optimism in the air here.\u201d<\/p>\nEducation is personally important to Griffin, too. His father was the first in his family to go to college, and his grandmother paid for all of her grandchildren\u2019s college educations.\u00a0<\/p>\n
\u201cThe belief in the family was always that education was the road to prosperity,\u201d Griffin said in a statement released by CMU. \u201cIt\u2019s the on-ramp to the American Dream.\u201d He has now given more than $5.7 billion to education, opportunity, and health sciences causes, according to the university, including more than $500 million to his alma mater, Harvard University.<\/p>\n
And not only will this be a new location for the 126-year-old institution, but a completely new model. According to the school, CMU Miami will \u201cinvert the traditional higher education model\u201d by organizing learning around societal challenges rather than academic majors. This includes topics such as human health and biological discovery; national security and strategic capabilities; energy and climate resilience; and advanced manufacturing and industrial transformation. The school will also prioritize new approaches to teaching and learning.<\/p>\n
The campus is planned for Miami\u2019s Wynwood neighborhood, an arts and entertainment district just north of downtown. More recently, Wynwood has drawn a growing number of tech companies and startups. The campus is expected to eventually support more than 3,500 undergraduate, master\u2019s, and PhD students, and nearly 300 faculty. Griffin will join CMU\u2019s board of trustees.<\/p>\n
\u201cGreat American cities are anchored by great universities, with almost no exception,\u201d Griffin told the Financial Times<\/em>.\u00a0<\/p>\nCMU isn\u2019t the only elite school growing its footprint in a new city thanks to billionaire backing. In July, Nvidia CEO Jensen Huang and his wife, Lori, pledged $75 million to Vanderbilt University to create a new art, architecture, and design college at its San Francisco campus.<\/p>\n
The announcement also suggests that AI\u2019s influence on education and society helped shape the new campus and learning model. CMU president Farnam Jahanian said in a statement the tech \u201cdemands that we rethink how we educate students, conduct research, and partner with others.\u201d<\/p>\n
Construction is slated to begin in 2027, and CMU plans to enroll its first Miami students in 2028, pending regulatory approvals.\u00a0<\/p>\n
\u201cWhat we\u2019re about to embark on in Miami will create one of the great stories in higher education of our lifetime,\u201d Griffin said in a statement.<\/p>\n<\/div>\n
#Ken #Griffin #doubles #Miami #record #billion #gift #Carnegie #Mellon<\/p>\n","protected":false},"excerpt":{"rendered":"
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