Steve Cohen Biography: Since September 14, 2020, American hedge fund manager Steven A. Cohen has controlled about 97.2% of the New York Mets Major League Baseball team. He formed Point72 Asset Management in Stamford, Connecticut, and S.A.C. Capital Advisors, which has since closed.
Steve Cohen Net Worth
American hedge fund manager Steven A. Cohen has a personal fortune of $16 billion. Cohen amassed his first substantial wealth through the now-defunct S.A.C. Capital Advisors, one of Bobby Axelrod’s inspirations in the Showtime series “Billions.”
SAC was a Stamford, Connecticut-based hedge fund that primarily specialised in equity market methods. Following an insider trading incident, the company was dissolved. Cohen presently manages his own funds through the hedge firm Point72 Asset Management.
Steve Cohen Early Life
He was born on June 11, 1956, in Great Neck, New York. Cohen, the third of eight children, was raised in a large Long Island family on Great Neck. His mother was a stay-at-home mother who also taught piano, whilst his father worked in a clothes factory.
Artwork Collection by Steve Cohen
It is believed that Cohen’s art collection is worth $1 billion. Cohen purchased a Picasso painting titled “Le Reve” for $155 million in 2013. The fact that casino billionaire Steve Wynn (Facebook) was selling the painting made it famous.
In 2006, Wynn, who has extremely bad vision, accidentally jabbed an elbow through the artwork. Wynn displayed the picture to Cohen at the time of the alleged elbow incident; Cohen considered purchasing it for $139 million but ultimately decided against it.
How Much is Steve Cohen’s Real Estate?
Steven’s 14-acre estate is located near Greenwich, Connecticut. The property includes a 35,000-square-foot mansion and a private ice rink. In 1998, he paid $14,8 million for this home.
In 2013, Steve spent $62.6 million on a home in East Hampton He immediately began dismantling the entire residence and replacing it with a 24,000-square-foot palace. In 2015, he paid $34.5 million for a Beverly Hills, California, mansion.
Steve had owned a condominium at One Beacon Court in New York. Early in 2021, he sold this residence for $30,500,000 after first offered it for $115,000,000. Steve maintains ownership of two adjacent townhouses in Greenwich Village.
They dismantled the previous structures and want to build a 20,000-square-foot mansion. Additionally, they own an adjacent six-story townhouse that their children apparently frequent.
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Steve Cohen’s SAC Capital
In 1992, Steven established SAC Capital (his initials) with $25 million. Eventually, the fund grew to manage at least $14 billion in assets and employed close to 900 people worldwide. In the late 1990s and early 2000s, Cohen rose to prominence as a successful Wall Street trader known for his grand slam winnings.
In 2013, SAC agreed to pay a $1.8 billion punishment ($900 million in fines and $900 million in asset forfeitures) for insider trading. As the alleged “Portfolio Manager” in an insider trading case against former CR Intrinsic (a unit of SAC) portfolio manager Mathew Martoma (wiki), Steven was personally responsible for the debacle.
In late 2012, SAC management disclosed that it had received a Wells Notice from the SEC during a conference call. During the same conference call, Cohen reassured investors that he acted appropriately and takes these matters extremely seriously.
Steve Cohen’s New York Mets
In 2012, Cohen acquired a 4% stake in the New York Mets. In September 2020, he invested $2.35 billion to increase his ownership stake in the team to 95%. Cohen has assumed leadership of a team that routinely suffers defeats.
On average, the Mets lose approximately $90 million per season. In the year of the purchase, 2020, the Mets lost more over $200 million due to the effects of the coronavirus outbreak on the season.
