Steven Cohen net worth
Split: 14
What is Steven A. Cohen’s net worth?
Steven A. Cohen is an American hedge fund manager with a net worth of $16 billion. Cohen, one of the inspirations for Bobby Axelrod’s character in the Showtime series “Billions,” made his first big fortune through the now-closed SAC Capital Advisors. SAC is a Stamford, Connecticut-based hedge fund focused primarily on equity market strategies. The company was shut down over an insider-trading scandal. Today, Cohen runs a hedge fund called Point72 Asset Management that manages his own money.
early life
He was born on June 11, 1956 in Great Neck, New York. Cohen grew up in a family in Great Neck, Long Island, with many siblings and the third of eight children. His father worked in a clothing manufacturer, and his mother was a housewife and taught piano lessons.
State capital
Steven founded SAC Capital (his initials) in 1992 with $25 million. The fund eventually grew to control at least $14 billion in assets under management and employ about 900 people globally. In the late 1990s and early 2000s, Cohen rose to prominence as a formidable Wall Street trader, known for his Grand Slam returns.
In 2013, the SAC pleaded guilty to insider trading and agreed to pay a $1.8 billion fine ($900 million in fines and $900 million in forfeited assets). Steven was personally involved in the scandal, allegedly serving as “Portfolio Manager A” in an insider trading case against former CR Intrinsic (a subsidiary of SAC) portfolio manager Mathew Martoma. On a conference call in late 2012, SAC management disclosed that it had received a Wells notice from the SEC. On the same conference call, Cohen told investors that he believed his actions were appropriate and that he took these things very seriously.
Cohen eventually paid a $1.2 billion fine to the SEC and agreed to close his fund from outside investors.
Getty
point 72
After closing SAC, Steven launched a new fund to manage his personal wealth. The new company is called Point72
art collection
Cohen’s art collection is worth about $1 billion. In 2013, Cohen bought a Picasso painting called “Le Reve” for $155 million. The painting became famous because it was sold by casino billionaire Steve Wynn. Wynn, who has poor eyesight, is famous for slipping his elbow through the painting in 2006. At the time of “The Elbow Incident,” Wynn was actually showing the painting to Cohen, who was considering buying it for $139 million, but walked away.
real estate
Steven owns a 14-acre estate in Greenwich, Connecticut. The property features a 35,000 square foot mansion and a private ice skating rink. He bought the house in 1998 for $14.8 million.
In 2013, Steve paid $62.6 million for a home in East Hampton. He set about tearing down the entire house and replacing it with a new 24,000-square-foot mansion.
In 2015, he bought a mansion in Beverly Hills, California, for $34.5 million.
In New York City, Steve previously owned an apartment in One Beacon Court. After listing for $115 million, he sold the house in early 2021 for $30.5 million. Steve still owns a side-by-side townhouse in Greenwich Village. They demolished the previous building and planned to build a 20,000-square-foot palace. They also own an attached six-storey townhouse, apparently for their children.
In August 2021, Cohen purchased a 31,000-square-foot mansion in Delray Beach, Florida, for $21.6 million. This is his second Delray property. Back in 2005, he bought a 14,000-square-foot mansion in the same area for $8.5 million.
New York Mets
In 2012, Cohen bought a 4% stake in the New York Mets. In September 2020, he spent $2.35 billion to increase his stake in the team to 95%. Cohen inherited a team that often lost money. The Mets typically lose about $90 million in a normal season. In 2020, the year of the purchase, the Mets lost more than $200 million as the season was impacted by the coronavirus pandemic.
