It’s been an incredible past few months for Steve Cohen, the owner of a successful hedge fund called Point72, and new owner of the New York Mets. In what should be an exciting time for him as he tries to make the Mets relevant again, with spring training set to start in a couple weeks, Cohen has instead found himself smack dab in the middle of the GameStop trading frenzy, and it has affected his life in a very negative way.
He has deactivated his Twitter account, after his family has received death threats related to the GameStop situation. Cohen released a statement Saturday saying “I’ve really enjoyed the back and forth with Mets fans on Twitter which was unfortunately overtaken this week by misinformation unrelated to the Mets that led to our family getting personal threats. So I’m going to take a break for now. We have other ways to listen to your suggestions and remain committed to doing that,” he said.
The Point72 hedge fund Cohen owns manages roughly $19 billion in assets, but it’s down 15% this year. The losses come primarily from Point72 investing in another hedge fund, Melvin Capital, which is one of the funs that shorted the GameStop stock, and became so desperate as the stock price for GameStop escalated that they had to borrow $3 billion in emergency cash from investors, one of which was Cohen’s fund.
Now fans of the Mets are wondering if he’ll be strapped for cash, and not be able to make the MLB team he spent $2.5 billion on to be competitive.