Hedge fund billionaire and New York Mets owner Steve Cohen left Twitter after GameStop backlash

Weng Cheong
·2 min read
steve cohen
Hedge fund manager Steven A. Cohen, founder and chairman of SAC Capital Advisors. Steve Marcus/Reuters
  • Steve Cohen is the founder of Point72 Capital, a $17.2 billion hedge fund, and owner of the New York Mets.

  • In a press statement, Cohen announced that he's deactivating his Twitter account after his family received threats amid the GME buying frenzy led by Redditors.

  • Cohen's hedge fund lost nearly 15% this year and has since been under fire for its involvement with Melvin Capital, another hedge fund that betted against GameStop.

  • Visit Insider's homepage for more stories.

Steve Cohen, the hedge-fund billionaire and owner of the New York Mets, has deactivated his Twitter account, saying on Saturday his family received threats amid a Reddit-fueled buying frenzy of GameStop stocks.

"I've really enjoyed the back and forth with Mets fans on Twitter which was unfortunately overtaken this week by misinformation unrelated to the Mets that led to our family getting personal threats," Cohen wrote in a press statement. "So I'm going to take a break for now. We have other ways to listen to your suggestions and remain committed to doing that."

Cohen and his $17.2 billion-worth hedge fund Point72 Capital came under scrutiny for their involvement with Melvin Capital Management, another hedge fund that betted against GameStop and the Robinhood frenzy.

Point72 lost nearly 15% this year as individual investors drove the videogame retailer's shares up. The company's losses are predominantly a result of its $2.75 billion investment in Melvin Capital.

On Thursday, Barstool Sports' founder Dave Portnoy got into a Twitter argument with Cohen and slammed the Mets owner for helping Melvin Capital buffer its losses.

"You bailed out Melvin cause he's your boy along with Citadel. I think you had strong hand in today's criminal events," Portnoy tweeted at Cohen.

In response to critics, Cohen denied his involvement with brokers that halted trading and enforced buying restrictions. He told Portnoy that he's "just trying to make a living."

Cohen's Twitter account was deactivated on Friday night.

"I love our team, this community, and our fans, who are the best in baseball," Cohen wrote in the press statement. "Bottom line is that this week's events in no way affect our resources and drive to put a championship team on the field."

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