Steven Cohen Net Worth $11 Billion
He’s earned when he founded in 1992 the hedge fund which focuses mainly on equity marketplace strategies and is situated in Stamford, Connecticut. It manages around $14 billion in equity for its clients. It’s approximately 800 individuals working in its offices in Stamford and NYC in addition to its international satellite offices. Steven A. Cohen was born on June 11, 1956 in Great Neck, New York. He earned an economics degree from the Wharton School in the University of Pennsylvania in 1978. While he was still in school, a friend helped him open a brokerage account for $1,000 using his tuition money. After graduation, he got a Wall Street in 1978 job as a junior trader in the alternatives arbitrage department at Gruntal & Co. He was responsible in managing a $75 million portfolio and six dealers. On his first day at work, he already made an $8,000 profit. He later helped the business make around $100,000 a day. Mr. Cohen has also been expanding his real estate portfolio after buying an East Hampton house for $60 million in March. A dad of a former Marine, he serves as the Co-Chairman of the Veterans Advisory Board in the Robin Hood Foundation. In the year 2012, he gave $118 million to his own foundation. Steve Cohen has been dubbed “the hedge fund” master in the 2006 article of Wall Street Journal. SAC was ranked 94th in the yearly Time 100 list of most influential people by Time magazine. He was also contained in the 50 Most Powerful ranking by theB loomberg Markets Magazine in 2011.
In November 2012, Steve Cohen was involved in a sizable criminal insider trading scandal. SAC never denied nor agreed any wrongdoing in the settlement but it is now facing criminal charges filed by the SEC in July 2013 after he failed to prevent insider trading in his business. With all the ongoing legal proceedings, investors have fled while requesting redemption having an estimated total of $5 billion. Regardless of the play, the celebrated business remains making money having a reported return of 8% net of fees during the initial half of 2013. Cohen possesses a portion of the internet search engine Baidu. Steve is also one of the minority owners of the New York Mets with a 4% stake in the baseball team. Steve is also one prolific art collector. SAC possesses works of Willem de Kooning and Damien Hirst. SAC also bought the 1958 “Flag” painting by Jasper Johns to get a reported $100 million. In November, Steve also bought “La Reve” by Pablo Picasso for $150 million from fellow billionaire Steve Wynn. He’s set into the Philips de Pury auction his turquoise Andy Warhol portrait of the late Elizabeth Taylor, two days after her passing, for at least $20 million. 9.4 Billion (Increase) Forbes; Hedge Fund Supervisor; Hedge Funds; June 11, 1956; Great Neck, New York; Jewish; Wedded; seven children; University of Pennsylvania Wharton School