Since September 14, 2020, American hedge fund manager Steven A. Cohen has owned approximately 97.2% of the Major League Baseball team known as the New York Mets. He founded the Stamford, Connecticut-based hedge fund Point72 Asset Management and the since-closed S.A.C. Capital Advisors.
Steve Cohen Net Worth
American hedge fund manager Steven A. Cohen has a $16 billion personal fortune. Cohen made his first sizable fortune through the now-defunct S.A.C. Capital Advisors, which is one of the sources of inspiration for Bobby Axelrod on the Showtime series “Billions.”
SAC was a hedge fund with headquarters in Stamford, Connecticut, that specialized mostly in equity market techniques. In the wake of an insider trading scandal, the company was shut down. Cohen currently manages his own money through Point72 Asset Management, a hedge fund.
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How Was Steve Cohen’s Early Life?
He was born in Great Neck, New York, on June 11, 1956. Cohen, the third of eight children, grew raised in a large family on Great Neck, Long Island. His mother was a stay-at-home mom who also gave piano lessons, while his father worked at a clothing factory.
Artwork Collection of Steve Cohen
Cohen’s art holdings are estimated to be worth $1 billion. A Picasso painting called “Le Reve” cost $155 million to be purchased by Cohen in 2013. The fact that Steve Wynn (Facebook), a casino magnate, was selling the painting made it famous.
Wynn, who has very poor vision, accidently inadvertently poked an elbow through the artwork back in 2006. Wynn was showing Cohen the painting at the time of the alleged elbow incident; Cohen was contemplating purchasing it for $139 million but decided against it.
How Much is Steve Cohen’s Real Estate?
The 14-acre estate that Steven owns is in Greenwich, Connecticut. A 35,000-square-foot home and a personal ice rink are part of the property. He paid $14.8 million for this house in 1998.
Steve spent $62.6 million on an East Hampton residence in 2013. He then started demolishing the entire house and building a new 24,000-square-foot mansion in its place. He purchased a mansion in Beverly Hills, California, for $34.5 million in 2015.
Steve used to own a condo at One Beacon Court in New York City. Early in 2021, he sold this house for $30.5 million after first offering it for $115 million. Steve continues to be the owner of a pair of adjacent townhouses in Greenwich Village.
They demolished the previous buildings and intend to construct a 20,000-square-foot palace. Additionally, they possess a six-story townhouse that is adjacent and reportedly used by their kids.
Capital SAC of Steve Cohen
With $25 million, Steven founded SAC Capital (his initials) in 1992. The fund eventually expanded to manage assets worth at least $14 billion and employed close to 900 people worldwide. Cohen rose to fame as a successful Wall Street trader in the late 1990s and early 2000s when he was renowned for his grand slam profits.
SAC agreed to pay a $1.8 billion fine ($900 million in fines and $900 million in asset forfeitures) after admitting guilt to insider trading in 2013. Steven was the purported “Portfolio Manager” in an insider trading lawsuit against former CR Intrinsic (a subsidiary of SAC) portfolio manager Mathew Martoma (wiki), making him directly liable for the scandal.
SAC management revealed that it had received a Wells Notice from the SEC during a conference call in late 2012. Cohen assured investors during the same conference call that he acted appropriately and that he takes these issues extremely seriously.
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Steve Cohen’s Mets of New York
Cohen bought a 4% ownership in the New York Mets in 2012. He invested $2.35 billion in September 2020 to raise his ownership interest in the squad to 95%. Cohen took over a team that frequently makes losses.
In an average season, the Mets lose roughly $90 million. The Mets suffered losses of more than $200 million in 2020, the year of the purchase, as a result of the coronavirus pandemic’s effects on the season.
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