Billionaire Citadel boss Ken Griffin is donating $25 million that will help fund a planned expansion of the Success Academy’s charter-school network in New York City.
The $25 million gift – the latest in a series of education-focused donations by Griffin – will aid Success Academy’s goal of increasing its enrollment to 30,000 within the next five years, the operator said on Tuesday. That would make a 50% increase from its current capacity of 20,000 students.
“I am thrilled to support Success Academy’s work to expand access to high-quality education for thousands of students across New York City,” Griffin said in a statement. “I passionately believe that a good education is the on-ramp to the American Dream.”
The Success Academy is New York City’s largest charter-school network – operating a total of 49 elementary, middle and high schools. Of its current 20,000 students, 95% are children of color who were admitted to the program through a lottery system, according to a release.
Griffin, 54, is one of the world’s richest individuals, with a personal net worth of $35 billion, according to the Bloomberg Billionaires Index. Earlier this month, Griffin contributed a whopping $300 million to his alma mater Harvard University and $20 million to Miami Dade College in Florida.
“We are profoundly grateful for this generous support, and for Ken Griffin’s belief that every child deserves access to great schooling,” Success Academy CEO and founder Eva Moskowitz said in a statement.
“So many poor children are left out of the American Dream because they are assigned to a failing school. We share Ken’s vision of the future for our nation, where every child, regardless of their circumstances, has access to a great school.”
Griffin moved Citadel’s headquarters to Miami from Chicago last year. The investment firm also plans to build a “new 1.7 million square-foot trophy office tower” in Midtown that would replace adjacent buildings at 350 Park Avenue, 40 East 52nd Street and 39 East 51st Street, as The Post previously reported.
Griffin previously donated $10 million to Success Academy in 2014 – money that was used to open three new public middle schools.
Success Academy says 100% of its high school seniors have been accepted to four-year colleges and universities for this sixth straight year.
As The Post has reported, Success Academy and other charter schools have faced pushback from local critics, including the United Federation of Teachers, which has sought to block the opening of new locations.
[Written in collaboration with other media outlets with information from the following sources]
