Hedge fund boss Steve Cohen quits Twitter after family received threats amid GameStop saga
Billionaire and New York Mets owner Steve Cohen, who helped bail out one of the Wall Street firms taking huge losses in the GameStop stock frenzy, said on Saturday he’s taking a break from Twitter due to “personal threats” against his family.
“I’ve really enjoyed the back and forth with Mets fans on Twitter which was unfortunately overtaken this week by misinformation unrelated to the Mets that led to our family getting personal threats,” he said in a statement. “So I’m going to take a break for now.”
As small-time traders bet against Wall Street firms’ predictions and sent GameStop and other underdog stocks surging, Mr Cohen’s Point72 Asset Management helped bail out Melvin Capital Management, one of the firms hit hardest, with $750 million. Melvin is run by Gabe Plotkin, Mr Cohen’s former protege, and manages more than $1 bn of Point72’s assets.
Social media users, including Dave Portnoy, founder of the sports media company Barstool Sports, accused Mr Cohen and other Wall Street funds of colluding to protect their interests with stock-trading apps like Robinhood, which limited trading on GameStop and other shares for a period amid big swings in price.
“PRISON TIME,” Mr Portnoy said. “Dems and Republicans haven’t agreed on 1 issue till this. That’s how blatant, illegal, unfathomable today’s events are. It also shows how untouchable @RobinhoodApp @StevenACohen2C Citadel Point72 all think they are. Fines aren’t enough. Prison or bust
Mr Cohen strongly denied this on his now-deleted Twitter.
“What are you talking about?” he responded to Mr Portnoy. “I unequivocally deny that accusation. I had zero to do with what happened today.”