Steve Cohen Net Worth, Early Life, Education, And Investment

By James Mercado Last updated Dec 12, 2022

Steve Cohen Net Worth: In addition to being the owner of the New York Mets of Major League Baseball, American hedge fund manager Steven A. Cohen (born June 11, 1956) is also a well-known investor. On September 14, 2020, Cohen and the New York Mets finalized an agreement that would give Cohen nearly 97.2% ownership of the organization. He established the Stamford, Connecticut-based hedge fund Point72 Asset Management and the defunct S.A.C. Capital Advisors.

In one of the largest criminal cases against a hedge fund, Cohen’s S.A.C. Capital Advisors pleaded guilty to insider trading in 2013 and agreed to pay $1.8 billion in fines ($900 million in forfeiture and $900 million in fines).

As part of the settlement made in the civil case over his accountability for the crisis, Cohen agreed not to manage outside money for two years. The hedge fund has closed to new investors as part of its agreement to plead guilty to wire fraud and four charges of securities fraud.

This article includes the information about Steve Cohen Net Worth, Early Life, Education, And Investment. Read the complete article to know more detailed information.

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Actor Damian Lewis’s portrayal of Bobby Axelrod on Showtime’s Billions was presumably inspired by Cohen.

Steve Cohen’s net worth and more importantly his willingness to spend to win allow the Mets front office to make baseball decisions, and not have to weigh name and dollars https://t.co/MtPiAd3EXG

— Jon Heyman (@JonHeyman) May 2, 2022

Steve Cohen Early Life And Education

Cohen’s parents, who raised him in Great Neck, NY, were both musicians: his father worked in Manhattan’s garment sector, and she taught piano. He’s third among seven siblings. As a high school student, he got an interest in poker and began betting his own money in tournaments. He says that poker taught him “how to take chances.” After attending John L. Miller Great Neck North High School, where he was a member of the soccer team, Cohen earned his diploma in 1974.

The Wharton School at the University of Pennsylvania is where Cohen earned his degree in economics back in 1978. Cohen joined the fraternity Zeta Beta Tau and became a brother of its Theta chapter when he was in college. He later became the chapter’s treasurer. He used $1,000 of his tuition money to open a brokerage account with the help of a buddy while he was still in school.

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Steve Cohen Net Worth

One of the wealthiest people in the world, $16 billion, is American hedge fund manager Steven A. Cohen. Cohen, whose life inspired Showtime’s “Billions” character Bobby Axelrod, made his first substantial fortune with the defunct investment firm S.A.C.

Capital Advisors. Stamford Stock Partners (SAC) was a hedge fund that operated out of Stamford, Connecticut, and mostly employed equity market tactics. Since an insider trading scandal rocked the company, it has been forced to close its doors. Today, Cohen manages his personal wealth through Point72 Asset Management, a hedge fund he founded.

Steve Cohen's bid to buy the Mets has been approved by MLB's Ownership Committee, per @soshnick.

Cohen's net worth ($14.6B) makes him wealthier than the next three richest MLB owners combined. In a league with no salary cap, that's significant.https://t.co/HprflYLkyI pic.twitter.com/8XeVChnn6j

— Kendall Baker (@kendallbaker) October 21, 2020

SAC Investments

With an initial capital investment of $25 million, Steven formed SAC Capital (his initials) in 1992. Around 900 individuals were employed by the firm across the world, and it grew to handle at least $14 billion. Cohen rose to notoriety as a successful Wall Street trader in the late 1990s and early 2000s when he made a name for himself with spectacular gains.

SAC admitted guilt for insider trading in 2013 and settled for a $1.8 billion punishment ($900 million in fines and $900 million in asset forfeitures). Matthew Martoma, the former portfolio manager of CR Intrinsic (a subsidiary of SAC), has been charged with insider trading, and Steven has been named as “Portfolio Manager A” in the case. SAC’s management said it had received a Wells Notice from the SEC during a conference call in late 2012.

Cohen assured investors on the same call that he had acted appropriately and that he takes these problems extremely seriously. Finally, Cohen settled with the SEC for $1.2 billion and agreed to close his fund to new investors.

Steve Cohen’s Point72

When Steven decided to manage his personal wealth, he closed SAC and opened a new fund. Point 72 is the name of the brand-new business.

Display of Artwork

There is almost a billion dollars worth of art in Cohen’s collection. Cohen purchased a Picasso painting titled “Le Reve” for $155 million in 2013. Steve Wynn, the casino mogul, and billionaire were reportedly selling the picture for millions.

The Wilpon’s would’ve kept him on the roster because of his contract and that alone

— Cohen’s Hedge Fund (@CohensPoint72) May 2, 2022

Wynn, who suffers from severe nearsightedness, is infamous for unintentionally smashing a painting with her elbow in 2006. Wynn was actually displaying the painting to Cohen at the time of the “elbow incident,” at which point Cohen was considering purchasing it for $139 million but ultimately decided against it.

Steve Cohen’s Real Estate

In Greenwich, Connecticut, Steven has a 14-acre estate. There is a home on the site that is 35,000 square feet in size, and it also has its own ice skating rink. He paid $14.8 million in 1998 to purchase the house.

Steve purchased an East Hampton mansion in 2013 for $62.6 million. A new 24,000-square-foot mansion was built in its place after he tore down the old one.

Beverly Hills, California, mansion

Steve used to live in a condo at One Beacon Court in New York. Initially listed for $115,000,000, he finally settled for $30.5,000,000 in early 2021. Steve is the proud owner of a Greenwich Village row house. They demolished the existing buildings in preparation for constructing a new 20,000-square-foot palace. In addition, they have a six-story townhouse that appears to be occupied by their offspring.

Cohen spent $21.6 million (in 2021 dollars) buying a mansion in Delray Beach, Florida, in August. The home was 31,000 square feet. The house he just bought in Delray Beach is his second there. In 2005, he spent $8.5 million on a mansion in the same neighborhood that was 14,000 square feet in size.

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The Mets of New York

Cohen has owned a 4% share of the New York Mets since 2012. By September 2020, he had invested $2.35 billion, bringing his ownership percentage in the organization to 95%. Cohen has been left with a losing squad that has been in the red for years. In a normal season, the Mets lose around $90 million. The Mets’ losses in the year of purchase, 2020, reached $200 million due to the season being disrupted by the coronavirus outbreak.

Frequently asked questions

What business does Steve Cohen own?

In addition to being the owner of the New York Mets of Major League Baseball, American hedge fund manager Steven A. Cohen (born June 11, 1956) is also a well-known investor. The agreement between Cohen and the New York Mets was finalized on September 14, 2020, and he will become the team’s principal owner, holding approximately 97.2% of the franchise.

How many employees do Cohen and company have?

Cohen & Company was established in 1977 and currently employs more than 540 people in the states of Illinois, Maryland, Michigan, New York, Ohio, Pennsylvania, and Wisconsin, making it one of the top 100 accounting companies in the country based on yearly revenues, according to Accounting Today.

Are Cohen and Steers a good investment?

Over the past year, the fund returned -19.58%; over the past three years, it returned 0.62%; over the past five years, it returned 6.16%; and over the past ten years, it returned 7.97%. Funding began in July of 1991.

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