Steven A. Cohen Net Worth: American financier and hedge fund manager Steven A. Cohen. He founded and served as CEO of Point72 Asset Management, a family-owned business in Stamford, Connecticut. His estimated net worth as of April 2022 is $17.4 billion.
The now-defunct SAC Capital Advisors, one of the most prosperous hedge firms ever, was founded by Cohen. The Securities and Exchange Commission launched an insider trading investigation into the company in 2010.
Cohen was never charged, but the company admitted to sharing non-public information, had to return money from investors and was fined $1.8 billion. In 2016, when Cohen began his two-year suspension for handling other investors’ money, SAC was formally shut down. The restriction ended in January 2018.
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What is Steven A. Cohen Net Worth?
American hedge fund manager Steven A. Cohen has a personal fortune of $16 billion. Cohen made his first fortune through the now-defunct SAC Capital Advisors, one of the inspirations for Bobby Axelrod on the Showtime series “Billions.”
SAC was a hedge fund headquartered in Stamford, Connecticut that specialized primarily in stock market techniques. The company was shut down after an insider trading scandal. Cohen manages his money through Point72 Asset Management, a hedge fund.
Take a look at the early life of Steven A. Cohen
In Great Neck, New York, for a middle-class family of ten, Steve Cohen was born in 1956. His mother was a stay-at-home mom and his father was a seamstress. After high school, Cohen moved to Pennsylvania to attend college University of PennsylvaniaWharton School of Business, where he earned a degree in economics in 1978.
After graduating, he worked as a junior options trader for specialist investment bank Gruntal & Co. By 1984, he was in charge of the company’s trading group.
Cohen’s trade at Gruntal & Co. regularly raised $100,000 daily for the company and aided in his considerable personal wealth accumulation. His hedge fund, SAC Capital Advisors, was founded in 1992.
The company, which was funded by Cohen with $25 million, first managed investments through aggressive, large-scale trading. Stocks were held for 2 to 30 days or even a few hours in some circumstances. Cohen claimed in 1999 that SAC routinely traded 20 million shares each day. In 2006, the company conducted 2% of all exchange trading.
Using a variety of methods including long/short equity portfolios, fixed income and international quantitative strategies, SAC has developed and broadened its investment methodology over the past 20 years. Between 1992 and 2013, SAC delivered an average return of 25% per year to its customers.
Steven launched SAC Capital
With 25 million dollars Steven founded SAC Capital (his initials) in 1992. The fund eventually expanded to manage assets worth at least $14 billion and employed nearly 900 people worldwide. Cohen rose to fame as a successful Wall Street trader in the late 1990s and early 2000s, when he was known for his grand slam winnings.
SAC agreed to pay a $1.8 billion fine ($900 million in fines and $900 million in asset forfeitures) after pleading guilty to insider trading in 2013.
Intrinsic (a subsidiary of SAC) portfolio manager Matthew Martoma, making him directly responsible for the scandal. SAC management revealed that it had received a Wells Notice from the SEC in late 2012 during a conference call.
Cohen assured investors on the same conference call that he was acting correctly and taking these issues seriously. Cohen eventually agreed to close his fund to outside investors in exchange for paying a $1.2 billion penalty to the SEC.
Steven’s art collection
Cohen’s art holdings are estimated be worth $1 billion. A Picasso painting called “Le Reve” cost $155 million to be bought by Cohen in 2013. The fact that Steve Wynn, a casino magnate, sold the painting made it famous.
Wynn, who is visually impaired, accidentally stuck an elbow through the artwork in 2006. Wynn showed Cohen the image at the time of the alleged elbow incident. Cohen considered buying it for $139 million, but decided against it.
What is Steven A. Cohen’s real estate?
The estate of 14 hectares that Steven owns in Greenwich, Connecticut. A 35,000-square-foot house and personal ice rink are part of the property. He paid $14.8 million for this home in 1998. Steve spent $62.6 million on a residence in East Hampton in 2013. He then began demolishing the entire house and building a new 24,000-square-foot mansion.
He bought a mansion in Beverly Hills, California, in 2015 for $34.5 million. Steve had an apartment at One Beacon Court in New York City. In early 2021, he sold this home for $30.5 million after listing it for $115 million.
Steve continues to own a few adjoining townhouses in Greenwich Village. They demolished the previous buildings and planned to build a 20,000 square foot palace. In addition, they own a six-story mansion adjacent and reportedly used by their children.
Cohen spent $21.6 million on a 31,000– square foot mansion in Delray Beach, Florida, in August 2021. This is his second home in Delray. He paid $8.5 million for a 14,000-square-foot estate in the same neighborhood in 2005.
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Steve Cohen’s net worth is estimated at $17.4 billion as of April 8, 2022. He is ranked 96th on the Forbes World’s Billionaires list and 48th on the Forbes 400 list of the richest Americans.
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