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Mets’ Owner Steve Cohen is Involved in GameStop Stock Eruption

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:

 

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.

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:

A confident rich guy, it’s very refreshing.

Written by Bobby Burack

Bobby Burack covers media, politics, and sports at OutKick.

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