Steven A. Cohen, the billionaire hedge fund manager and founder of Point72 Asset Management, is now the owner of the New York Mets baseball team.
In a historic move, Cohen reached an agreement in 2020 to purchase the majority ownership of the Mets from the Wilpon and Katz families for approximately $2.42 billion.
This deal marked a significant shift in the ownership of the franchise, which had been under the control of the Wilpon family since 2002.
His involvement with the Mets, however, traces back to 2012 when he bought an 8% stake in the team for $40 million, a purchase that valued the team at $2.6 billion at the time.
After years of negotiation, Cohen finally secured control of the team, taking over from Fred Wilpon, the longtime CEO and owner, and Fred’s son Jeff Wilpon, who served as COO.
Born on June 11, 1956, Cohen grew up in Great Neck, New York, in a Jewish family. His father was a dress manufacturer, and his mother taught piano.
With a strong interest in economics, Cohen graduated from the Wharton School at the University of Pennsylvania in 1978.
He began his career as a junior trader at Gruntal & Co., where he made a notable profit on his first day.
This success led him to launch his own hedge fund, SAC Capital Advisors, in 1992, using $10 million of his own money and an additional $10 million from outside investors.
SAC Capital became one of the most successful hedge funds on Wall Street, but it was marred by legal controversies that would affect Cohen’s reputation.
In 2009, Cohen faced racketeering and insider trading charges, with his company at the center of an investigation led by U.S. Attorney Preet Bharara.
The case involved SAC Capital and its former employee, Mathew Martoma, in what would later become one of the largest criminal cases against a hedge fund.
In 2013, SAC Capital pleaded guilty to insider trading charges and agreed to pay $1.8 billion in fines, ultimately leading to the shutdown of the company.
Despite the scandal, Cohen personally avoided criminal indictment, though his role in the firm was central to the controversy.
Following the closure of SAC Capital, Cohen went on to found Point72 Asset Management, which continued to operate and manage investments, reopening to outside money in 2018 after a two-year ban by the Securities and Exchange Commission (SEC).
Today, Cohen’s net worth stands at $14.6 billion, as reported by Forbes, placing him among the wealthiest individuals in the world.
He is known not only for his financial success but also for his passion for art, owning one of the world’s most valuable private collections, which includes works by renowned artists like Jeff Koons, Pablo Picasso, and Damien Hirst, valued at over $1 billion.
In addition to his wealth, Cohen has been recognized for his philanthropic efforts, having donated $715 million to various causes, including veterans’ programs and children’s health initiatives.
Cohen’s acquisition of the Mets has been met with both excitement and skepticism, with fans and analysts questioning how his business practices and past controversies will shape the future of the team.
His purchase of the Mets follows a prolonged negotiation process, where he eventually took full control, outbidding other potential buyers.
While Cohen’s business acumen is widely respected, his past, especially the insider trading scandal, casts a long shadow over his public persona.
Nevertheless, his commitment to revitalizing the Mets and his investment in the team have made him a central figure in New York sports.
Overall, Cohen’s journey from a Wall Street trader to a billionaire hedge fund manager and now the owner of a Major League Baseball team highlights his immense wealth and business influence, but also underscores the complexities and controversies that have followed him throughout his career.
As the new owner of the Mets, Cohen faces the challenge of balancing his business ventures with the expectations of Mets fans and the scrutiny that comes with his past legal issues.
