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 obtained threats this week amid the GameStop buying and selling frenzy.
“I’ve actually loved the backwards and forwards with Mets followers on Twitter which was sadly overtaken this week misinformation unrelated to the Mets that led to our household getting private threats,” Cohen stated in an announcement on Saturday.
“So I will take a break for now. We have now different methods to take heed to your recommendations and stay dedicated to doing that,” he stated.
Cohen’s hedge fund, which manages almost $19 billion in belongings, misplaced almost 15% this 12 months after small traders precipitated shares of videogame retailer GameStop to surge, a supply conversant in the matter instructed The New York Instances.
The losses at Level72 are primarily because of the 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 traders, one in every 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 affect the baseball staff.
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.