Steven A. Cohen
Scott Eells | Bloomberg | Getty Photographs
Steve Cohen, the founding father of hedge fund Point72 and proprietor of the New York Mets, has deactivated his Twitter account after his household obtained threats this week amid the GameStop buying and selling frenzy.
“I’ve actually loved the forwards and backwards with Mets followers on Twitter which was sadly overtaken this week by misinformation unrelated to the Mets that led to our household getting private threats,” Cohen said in a statement on Saturday.
“So I’ll take a break for now. Now we have different methods to take heed to your recommendations and stay dedicated to doing that,” he mentioned.
Cohen’s hedge fund, which manages almost $19 billion in belongings, misplaced almost 15% this yr after small traders brought about shares of videogame retailer GameStop to surge, a source familiar with the matter told The New York Times.
The losses at Point72 are primarily as a result of firm’s funding in hedge fund Melvin Capital, which guess in opposition to GameStop and needed to obtain almost $3 billion in emergency cash from two outdoors traders, one in every of which was Point72.
Cohen, who bought the Mets for about $2.5 billion in November, confronted questions on Twitter about how Melvin’s losses would affect the baseball workforce.
Cohen on Thursday additionally engaged in a back-and-forth with Barstool Sports activities founder Dave Portnoy on Twitter after Portnoy accused Cohen of involvement with controversial trading restrictions in GameStop on apps like Robinhood.