Steve Cohen, a towering figure in the financial world, has carved out an impressive career that spans decades. Starting as a junior trader on Wall Street, Cohen's rise to billionaire status is marked by both triumphs and controversies. His hedge fund, Point72 Asset Management, now manages billions of dollars, while his ownership of the New York Mets showcases his passion for baseball. Despite facing legal challenges, including insider trading allegations that led to the shutdown of his earlier firm SAC Capital, Cohen has rebounded with remarkable resilience. His recent ventures into artificial intelligence and continued engagement with fans highlight his adaptability and enduring influence in both finance and sports.
Born in Great Neck, New York, Cohen grew up in a modest family environment, which fueled his ambition from an early age. After graduating from the Wharton School of Business at the University of Pennsylvania, he embarked on a career in finance, starting at Gruntal & Co., where he quickly distinguished himself. By 1992, Cohen launched SAC Capital with an initial investment of $25 million. The fund rapidly grew into a financial powerhouse, delivering extraordinary returns throughout the late 1990s and early 2000s. However, this success was marred by legal troubles in 2013 when SAC pleaded guilty to securities fraud, leading to its transformation into a family office named Point72 Asset Management.
Cohen's personal life has also been eventful. He has been married twice, first to Patricia Finke, with whom he had two children before their divorce in 1988. His second marriage to Alexandra Garcia in 1992 has lasted longer, and they have four children together. Off the trading floor, Cohen has pursued diverse interests, including collecting art worth over $1 billion and playing poker since high school. These hobbies have not only provided him with relaxation but also honed his strategic thinking and risk management skills.
In 2020, Cohen made headlines again by purchasing an 87% stake in the New York Mets for $2.4 billion, transitioning from a financier to a passionate baseball team owner. His aggressive spending on players, totaling over $806 million in contracts during the 2023 season, demonstrated his commitment to building a winning team. Cohen's active presence on social media platforms further endeared him to fans, shifting public perception from a hard-nosed hedge fund manager to a beloved figure in the world of sports.
As Cohen stepped back from daily trading activities at Point72 in September 2024, he focused more on mentoring emerging investors and developing talent within the firm. This shift culminated in the launch of Turion, an AI-focused fund, in October 2024. Managed by Eric Sanchez, Turion posted impressive gains shortly after its inception, signaling Cohen's continued innovation and foresight in the financial sector. Through it all, Cohen's journey remains a testament to perseverance, adaptability, and the pursuit of excellence in multiple domains.