Bobby Burack
Never underestimate a rich guy’s ability to find himself involved in a headline-making phenomenon.
This week, GameStop stock erupted by nearly 2,000% since the start of the year after Reddit users encouraged others to buy stock in the struggling retailer. Shares were trading at around $350 on Wednesday. Earlier this month, shares were trading at less than $18.
Now, uber-rich Mets owner Steve Cohen has gotten involved. According to CBS, Cohen’s hedge fund, Point72 Asset Management, invested $750 million alongside a $2 billion investment from Citadel to “funnel money into Melvin Capital,” a firm negatively affected by GameStop’s skyrocketing stock prices.
In other words, Cohen bailed out the hedge fund. The subreddit r/wallstreetbets dived in:
Redditors in the Mets sub explaining how the GameStop/wallstreetbets short sell personally impacts the team owner. Holy shit. pic.twitter.com/NJW13lDlqu
— Mrs. McG (@mrsmcglover) January 27, 2021
Cohen’s involvement sent the price of the GameStop stock to $219.70 per share.
Mets fans might be amused, but they are also worried. A fan asked Cohen on Twitter if the move would affect the Mets payroll. Cohen, who purchased the Mets for $2.475 billion, fired back in the most rich-guy way possible.
Why would one have anything to do with the other
— Steven Cohen (@StevenACohen2) January 27, 2021
The Mets and the stock market have crossed paths before. When the Wilpons owned the Mets, they were connected and burned by investments with the Bernie Madoff Ponzi Scheme, which likely hamstrung their ability to spend on free agents. So, JDMc has asked a valid question.
That said, Cohen has a $14.5 billion net worth, what those who watch Wall Street docs call “F-you money.”
Leave it to the video gaming world to bring so many shady industries together. And Cohen is still looking for others to bring it to him:
Rough crowd on Twitter tonight.Hey stock jockeys keep bringing it
— Steven Cohen (@StevenACohen2) January 27, 2021
A confident rich guy, it’s very refreshing.
Is this as embarrassing for this guy as your Chiefs takes all year, or … ?
Then again Cohen has been a thief for years now as he barely escaped going under as his employees took the rap for him.
I’m telling you…the Mets are going to be in the same boat as the present day Cubs.
Reds, marlins, twins
Rich guys don’t have time for that fancy schmancy ‘punctuation’ business.
Interesting. So social media mobs are using the stock market to redistribute the wealth via waging war against the short sellers who profit from the companies who are headed toward ruin?
Like
And predictibly there’s a lot of entities trying to stop this already. But that one blow was big.