Steve Cohen is the owner of the prominent Mets, New York. This has been followed by the controversy that surrounded GameStop and Reddit. About two days ago, Cohen was being blasted on Twitter due to this. The David-Goliath ongoing feud over the application too has been generating waves of standoffs. This has resulted in the billionaire deactivating his account from the app yesterday. This was due to several people, including independent brokers, as well as investors, sending threats to his family members.
The main germ of this all has been the trading of the gaming spot, Gamestop. The day traders from the Reddit forum put in all of their money in order to purchase GameStop’s lower-rated shares. The purchases have managed to swell the company’s share rates so much that no one could have even imagined such a humongous transition in such a short time. No even researchers. It all escalated so quickly that it incurred massive losses to the investors who predicted that the prices were still about to dip further. Steve Cohen has been partially blamed.
Steve Cohen’s Involvement
Steve Cohen was being told off on Twitter already a day after the controversy started. It is due to his firm, Point72 Asset Management, invested its assets in Melvin Management. Melvin Capital is one of the hedge funds that had highly placed their bets on GameStop. This is what drew the ire of all the traders on Reddit. The billionaire ten started by tweeting that the crowd was “rough” tonight.
The online argument grew when Dave Portnoy of Barstool Sports criticized Steve Cohen for all the restrictions that were being placed on the app Robinhood. Robinhood is a trading application for investors. It limited the amount of participation an investor can have in a certain firm.
When Portnoy’s followers began attacking Steve Cohen, he eventually deactivated his account.