Steve Cohen Net Worth 2022

by Bright

Steve Cohen net worth 2022: Steven A. Cohen is an American hedge fund manager and owner of the New York Mets of Major League Baseball. Cohen and the New York Mets finalized a deal on September 14, 2020, to become majority owner, owning roughly 97.2% of the team. He is the founder of hedge fund Point72 Asset Management and now-closed S.A.C. Capital Advisors, both based in Stamford, Connecticut.

Advertisement

Steve Cohen net worth and Biography

Net worth$16 billion
Date of birthJune 11, 1956
Occupationfounder of Point72 Asset Management
NationalityAmerican

As of 2022, Steve Cohen net worth is valued at $16 billion.  Cohen-founded S.A.C. Capital Advisors pleaded guilty to insider trading and agreed to pay $1.8 billion in fines ($900 million in forfeiture and $900 million in fines) in one of the biggest criminal cases against a hedge fund. 

Biography

Cohen grew up in Great Neck, New York, where his father was a dress manufacturer in Manhattan’s garment district, and his mother was a piano teacher. He is the third of seven brothers and sisters.

Advertisement

He took a liking to poker as a high school student, often betting his own money in tournaments, and credits the game with teaching him “how to take risks.” Cohen graduated from John L. Miller Great Neck North High School in 1974, where he played on the school’s soccer team.

Cohen received an economics degree from the Wharton School at the University of Pennsylvania in 1978. While in school, Cohen was initiated as a brother of Zeta Beta Tau fraternity’s Theta chapter where he served as treasurer. While in school, a friend helped him open a brokerage account with $1,000 of his tuition money.

In 1978, after graduating from Wharton, Cohen got a Wall Street job as a junior trader in the options arbitrage department at Gruntal & Co.

Advertisement

His first day on the job at Gruntal & Co., he made an $8,000 profit. He would eventually go on to make the company around $100,000 a day and eventually managed a $75 million portfolio and six traders.

Cohen was running his own trading group at Gruntal & Co. by 1984, and continued running it until he started his own company, SAC.

In 1992, Cohen started S.A.C. Capital Advisors with $10 million of his own money and another $10 million from outside capital. The company’s name ‘SAC Capital’ derived from Steven A. Cohen’s initials.

Advertisement

In 2014, Cohen founded Point72 Ventures, “a venture capital fund that makes early-stage investments”.

In January 2021, Cohen’s hedge fund Point72 joined Ken Griffin’s Citadel in putting $2.75 billion into Melvin Capital, the hedge fund of former Cohen protege Gabe Plotkin, as a result of the GameStop short squeeze.

Cohen became a minority owner of the New York Mets of Major League Baseball (MLB) in 2012, with an 8% stake in the baseball team.

On August 27, 2020, news sources announced that Cohen had entered into exclusive negotiations with Fred Wilpon and Saul Katz to buy a controlling interest in the Mets.

Advertisement

Steve Cohen net worth

As of 2022, Steve Cohen net worth is valued at $16 billion. Cohen has given $715 million to philanthropic causes throughout his life, including to charitable causes relating to veterans and children’s health

Advertisement

You may also like