Steven A. CohenScott Eells | Bloomberg | Getty PhotosSteve Cohen, the founding father of hedge fund Level72 and proprietor of the New York Mets, h
Steven A. Cohen
Scott Eells | Bloomberg | Getty Photos
Steve Cohen, the founding father of hedge fund Level72 and proprietor of the New York Mets, has deactivated his Twitter account after his household acquired threats this week amid the GameStop buying and selling frenzy.
“I’ve actually loved the forwards and backwards 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 mentioned in a press release on Saturday.
“So I will take a break for now. Now we have different methods to hearken to your solutions and stay dedicated to doing that,” he mentioned.
Cohen’s hedge fund, which manages almost $19 billion in property, misplaced almost 15% this yr after small buyers brought about shares of videogame retailer GameStop to surge, a supply acquainted with the matter informed The New York Occasions.
The losses at Level72 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 $three billion in emergency money from two outdoors buyers, certainly one of which was Level72.
Cohen, who bought the Mets for about $2.5 billion in November, confronted questions on Twitter about how Melvin’s losses would influence 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.