Billionaire Steve Cohen strives to rejuvenate the baseball franchise

So much for change, hedge-fund billionaire Steve Cohen, the founder of Point72 Asset Management, owns the New York Mets and strives to rejuvenate the baseball franchise after years of lackluster performance. He has also partnered with Hard Rock International to secure a new casino license, offering Mets fans the chance to gamble away their sorrows.

Billionaire Steve Cohen is one of the most renowned hedge fund managers on the Street. His net worth increased to $19.8 billion in 2023. He is ranked as one of the richest billionaire investors in the world.

In 1992, Cohen established S.A.C Capital Advisors and increased its Assets Under Management from $25 million to over $16 billion by 2008. At one point, SAC employed around 800 personnel. The fund’s growth was triggered by Cohen and his team’s investment expertise. SAC Capital Advisors was one of the best-performing hedge funds, managing to net 70% in annual returns two years in a row. Historically, from 1992 to 2013, SAC Capital’s average annual returns amounted to 30%, outperforming many other hedge funds and the market.

In 2014, Steven Cohen established Point72 Asset Management as a family office to manage his own capital. Two years after Cohen’s ban and the shutdown of SAC Capital Advisors, Point72 became a hedge fund that started to accept outside investors’ money in 2018. Currently, Point72 has more than $31 billion in assets under management and employs over 2,800 people, according to its website. The firm has seven offices in the US, four locations in Europe and the Middle East, and five in the Asia-Pacific region. In 2022, Point72 generated a return of 10.3%, earning its investors around $2.40 billion, according to Financial Times.

Steven Cohen is a billionaire who has amassed a fortune of almost $19.8 billion. He is also famous for his extravagant art collection, which includes a 14-foot shark preserved in formaldehyde. The artwork, designed by Damien Hirst and titled “The Physical Impossibility of Death in the Mind of Someone Living,” was purchased by Cohen in 2004 for $8 million.

Besides this, Cohen’s collection boasts artwork by prominent artists such as Picasso and Andy Warhol. Additionally, he owns real estate worth several hundred million dollars in New York, Connecticut, and California. In 2020, Cohen also acquired the New York Mets baseball team for $2.4 billion, and currently, its value is estimated to be $2.9 billion, making him a profitable owner.

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