Steve Cohen (businessman)
Steven A. Cohen is an American billionaire hedge fund manager and majority owner of the New York Mets of Major League Baseball. He is the founder of hedge fund Point72 Asset Management and now-closed S. A. C. Capital Advisors. Time Magazine ranked him 94th on its annual Time 100 list of most influential people in 2007. As of February 2020, he has an estimated net worth of US$14. 1 billion.
About Steve Cohen (businessman) in brief
Steven A. Cohen is an American billionaire hedge fund manager and majority owner of the New York Mets of Major League Baseball. He is the founder of hedge fund Point72 Asset Management and now-closed S. A. C. Capital Advisors, both based in Stamford, Connecticut. He owns one of the world’s most valuable private art collections, worth over USD 1 billion, which includes notable artworks such as Koons’s Rabbit, Picasso’s Le Rêve, and Hirst’s The Physical Impossibility of Death in the Mind of Someone Living. Time Magazine ranked him 94th on its annual Time 100 list of most influential people in 2007. As of February 2020, he has an estimated net worth of US$14. 1 billion. Cohen grew up in a Jewish family in Great Neck, New York, where his father was a dress manufacturer in Manhattan’s garment district, and his mother was a piano teacher. He took a liking to poker as a high school student, often betting his own money in tournaments, and credits the game with teaching him how to take risks. In 1978, after graduating from Wharton, Cohen got a Wall Street job as a junior trader in the options arbitrage department at Gruntal & Co. He would eventually go on to make the company around USD 100,000 a day and eventually managed a USD 75 million portfolio and six traders.
In 1992, Cohen started his own company, S.AC Capital, which he named after his initials. In 2013, the Cohen-founded S.A.C. Capital. Advisors pleaded guilty to insider trading and agreed to pay USD 1. 8 billion in fines. Cohen was prohibited from managing outside money for two years as part of the settlement reached in the civil case over his accountability for the scandal. He was featured in a New Yorker article in January 2017 titled ‘Steven Cohen was the ultimate target of the FBI’s insider-trading investigation’ He was called ‘the living, breathing heart of SAC Capital’ and was featured as the prosecution’s star witness against ex-SAC manager Mathew Martoma. Martoma was convicted in 2014, in what federal prosecutors billed as the most profitable insider trading conspiracy in history. The SEC later settled a civil lawsuit against Cohen, alleging his failure to supervise Martoma and Michael Steinbergberg, a senior employee and confidant of Cohen’s. In January 2016, the SEC settled the case with regulators in January 2016; agreement with the SEC prohibited Cohen from managingOutside money until 2018.
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