Steve Cohen is a billionaire, financier, and philanthropist from the United States. He is the founder and CEO of Point72 Asset Management, an investment company he established in 2014.
He is well-known for his massive fortune and contributions, possibly giving over $1 billion to NGOs and other organizations. Cohen is also the 2020-acquired owner of the New York Mets baseball franchise.
Time magazine has placed him among the top 100 most important persons in the world, and as a result, he is widely regarded as one of the most successful investors in the history of the world. Steve Cohen is well-known in the world of hedge funds due to his many accomplishments in this field.
He established Point72 Asset Management, which was originally known as SAC. Capital Advisors, and now serves as its Chief Executive Officer. He is generally considered one of the most successful traders and hedge fund managers in the whole globe.
Steve Cohen’s Net Worth
Steve has a net worth of around $17 billion. Cohen has managed to make all this fortune thanks to his holdings in hedge funds. If we talk about the management of his funds, then Cohen has entrusted this to Point72 Asset Management.
Almost 40% of this asset management firm’s assets belong to Cohen. Cohen has holdings worth $9.1 billion in hedge funds. Cohen is a skilled businessman, due to which he has managed to amass huge wealth. Though Cohen doesn’t really desire to make the details of his asset collection public, there are details available about this millionaire’s worth.
He is the owner of Artworks, whose worth stands at $1 billion. Cohen also has many personal assets. He is the owner of a vast estate located in Connecticut. This estate which is spread over 14 acres, is valued at $400 million.
When SAC Capital was found guilty of insider trading, Cohen’s success was tarnished, and he was prohibited for two years from managing other people’s money. Cohen was thus compelled to close SAC Capital and refund all of its outside investors’ money.
Steve Cohen Controversies
Steve is the owner of the New York-based football team METS. He struck the deal to become the owner of METS at $2.4 billion. This deal has been recorded as the third most expensive sports franchise sale.
But Steve’s mindless spending on METS has been a subject of criticism. Many rival owners have ridiculed him for Steve’s extremely high payroll. Steve’s firm met with controversy in 2013. It had to pay a fine of $1.8 billion for fraud charges.
His firm was named SAC Capital Advisors at that time. The firm had to remain close to clients, but it was in 2018, the firm reopened to external clients. In just three years of its opening, Steve’s firm has managed to garner $10 billion.
Steve Cohen Career
Cohen was born in New York in 1956 and received his economics degree at the University of Pennsylvania. After completing his education, he started working as a trader for Gruntal & Co., a company listed on the New York Stock Exchange.
Cohen established SAC. Capital Advisors in 1992, and it rose to prominence as one of the most profitable hedge funds of its era almost immediately after its inception. Cohen had a reputation during his tenure at SAC for being one of the most successful and inventive traders, and his fund was routinely one of the most lucrative in the business.
This was due to Cohen’s ability to anticipate market trends and capitalize on them. Because of his immense fortune and prominence in the hedge fund sector, Cohen is sometimes referred to as “The Wizard of Wall Street.” He was one of the first to employ computer-driven algorithms to discover and exploit short-term market inefficiencies. His trading techniques included leverage and short selling.
He is well-known for his risky approach to investing and his capacity to bring in enormous profits for those who put their money with him. He is also well-known for his charitable actions, having given substantial amounts of money to a variety of organizations that help those in need.
Steve Cohen Family
While they were both Penn freshmen, Steve and Alexandra became friends. They’ve been together for more than 30 years since they were married in 1988. Together, Steve and Alex have fought to ensure the success of their three children, and they have also shown a great deal of support for one another’s professional endeavors.
Cohen and his family have done very well because everyone has worked very hard at their chosen jobs. His successful businessman father had a big impact on him and helped him get started. His mother took care of her kids at home and loved and supported them. His parents taught him to love learning and to want to do well.
The success of the family may be attributed in large part to Steve Cohen’s teaching of his children to work hard and be devoted. He has instilled in them the value of striving for improvement at all times.
As a result, he and his wife, Alexandra Garcia Cohen—to whom he has been wed since 1988—have produced prosperous children. They got married and had three kids: Sam, Dan, and Steven. The eldest of three children is Samantha.
She is an actress who has had guest appearances on television programs, including “The Gifted” and “Gossip Girl.” In 2020, she graduated from USC with a degree in film and television production.
The middle kid, Danielle, has a company in the fields of fashion and beauty. She has a cosmetics shop and produces her own clothing. The elder brother, Steven, presently plays professionally after playing collegiate basketball at the University of Pennsylvania. He now makes a livelihood playing in Spain.
The family is very interested in charitable activities in New York, where they reside. The Steve and Alexandra Cohen Foundation is a charitable organization that Steve and Alexandra have established in addition to making significant charitable donations.
This nonprofit seeks to improve the lives of kids. They also care a lot about helping the environment, and they’ve given millions of dollars to causes like protecting the oceans and making energy that doesn’t harm the planet.
Overall, people have a good opinion of Steve Cohen. People think of him as a successful and hardworking investor, business owner, and philanthropist. People admire his family for how close they are and how much they do to help others.