Steve Cohen, the founding father of hedge fund Point72 and proprietor of the New York Mets, has deactivated his Twitter account after his household obtained threats this week amid the GameStop buying and selling frenzy.
“I’ve actually loved the backwards and forwards with Mets followers on Twitter which was sadly overtaken this week by misinformation unrelated to the Mets that led to our household getting private threats,” Cohen stated in an announcement on Saturday.
“So I’ll take a break for now. Now we have different methods to take heed to your options and stay dedicated to doing that,” he stated.
Cohen’s hedge fund, which manages almost $19 billion in belongings, misplaced almost 15% this 12 months after small buyers precipitated shares of videogame retailer GameStop to surge, a supply acquainted with the matter informed The New York Instances.
The losses at Point72 are primarily as a result of firm’s funding in hedge fund Melvin Capital, which wager in opposition to GameStop and needed to obtain almost $3 billion in emergency money from two outdoors buyers, certainly one of which was Point72.
Cohen, who bought the Mets for about $2.5 billion in November, confronted questions on Twitter about how Melvin’s losses would impression the baseball group.
Cohen on Thursday additionally engaged in a back-and-forth with Barstool Sports activities founder Dave Portnoy on Twitter after Portnoy accused Cohen of involvement with controversial buying and selling restrictions in GameStop on apps like Robinhood.
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