Billionaire Mets owner’s hedge fund Point72 Capital has fallen more than 10 percent since the start of the year as stocks like GameStop and AMC Entertainment fell unprecedented, industry insiders told the Post.
This creates a sizable Hole Cohen can climb out of in the remaining 11 months of 2021. Still, fans of the Amazines shouldn’t worry about their beloved new boss suffering from a flushing curse.
Sources tell The Post that most of Cohen’s pain comes from his investment in Melvin Capital, a fund that Managed by his former protégé, Gabe Plotkin, who was the first high-profile victim of the social media-fueled market revolt against hedge funds making billions short of stocks, Plotkin was reportedly down 30 percent on Tuesday when Cohen and his Citadel colleague Ken Griffin tried to rescue him with an emergency cash infusion of $ 2.75 billion. « If he saves Plotkin, I’m not worried about him, » said another hedge fund- Manager over Cohen. « Plotkin didn’t have adequate risk management for something he couldn’t have seen coming, and Steve was met by a man who made him billions two years ago. It sucks, but he’ll get over it. »
Still On Wednesday, Cohen owned a relatively small stake of 26,878 shares in GameStop, according to Bloomberg data.
Point72 posted a return of around 17 percent in 2020, but the battle with retailers eager to get billionaire hedge fund managers off theirs Falling ivory tower seems far from over.
Users of the Reddit board “WallStreetBets” have openly targeted Cohen and his funds on the platform by “mocking Mets owners and spending all their money on the Lose stock market. Name a more iconic duo. “
Cohen seemed to be public with his opponents as the brief squeeze tightened his grip.
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