What is Steven A. Cohen's Net Worth?
Steven A. Cohen, an American hedge fund manager, boasts a net worth of $16 billion. He is one of the inspirations for the character Bobby Axelrod on Showtime's 'Billions.' Cohen initially made his fortune with S.A.C. Capital Advisors, a Stamford-based hedge fund focused on equity market strategies, which closed following an insider trading scandal. Today, he runs Point72 Asset Management, a hedge fund that exclusively manages his own funds.
Early Life
Born on June 11, 1956, in Great Neck, New York, Cohen was the third of eight children. He grew up in Great Neck, Long Island. His father worked for a dress manufacturer, while his mother was a homemaker who also taught piano lessons.
SAC Capital
Cohen launched SAC Capital (his initials) in 1992 with $25 million. The fund eventually managed over $14 billion in assets and employed around 900 people. Cohen gained prominence in the late '90s and early 2000s as a powerful Wall Street trader known for his remarkable returns.
In 2013, SAC Capital pleaded guilty to insider trading and agreed to pay a $1.8 billion fine. Cohen, implicated as 'Portfolio Manager A' in an insider-trading case, settled with the SEC by paying a $1.2 billion fine and closing his fund to external investors.
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Point72
After closing SAC, Cohen established Point72 Asset Management to manage his personal wealth.
Art Collection
Cohen's art collection is valued at around $1 billion. In 2013, he bought Picasso's 'Le Rêve' for $155 million from casino billionaire Steve Wynn. The painting gained notoriety when Wynn accidentally damaged it in 2006 while showing it to Cohen.
Real Estate
Cohen owns various luxurious properties:
- A 14-acre estate in Greenwich, Connecticut with a 35,000 square-foot mansion and private ice skating rink, bought in 1998 for $14.8 million.
- A $62.6 million home in East Hampton, acquired in 2013 and rebuilt into a 24,000 square-foot mansion.
- A $34.5 million mansion in Beverly Hills, California, purchased in 2015.
- A condo at One Beacon Court in New York City, sold for $30.5 million in early 2021, and a set of townhomes in Greenwich Village intended to be redeveloped into a 20,000 square-foot palace.
- A $21.6 million mansion in Delray Beach, Florida, bought in August 2021, adding to his other mansion in the same area, purchased for $8.5 million in 2005.
New York Mets
In 2012, Cohen acquired a 4% stake in the New York Mets. By September 2020, he increased his stake to 95% for $2.35 billion. The Mets, historically losing around $90 million per season, saw losses exceed $200 million in 2020 due to the coronavirus pandemic.
