Steve Cohen’s Point72 Reportedly Acquired $750 Million From Melvin Capital
Steven A. Cohen
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Billionaire investor Steve Cohen’s Point72 Asset Management is withdrawing $750 million to invest in Melvin Capital Management, Bloomberg News reported on Saturday.
Point72 will soon begin changing the currency in installments over time, the report said, citing people familiar with the matter.
Both Melvin Capital founded by Gabe Plotkin and Point72 declined to comment.
Point72 has another investment in Melvin, with that money still intact, according to the report.
Melvin Capital, the hedge fund at the heart of GameStop trading frenzy, losing 49% on his investments in the first three months of 2021.
Hedge fund managers Cohen and Kenneth Griffin joined Plotkin’s support last January with Griffin’s Citadel and Cohen’s Point72 adding $2.75 billion to the company.
Melvin Capital lost 15% in January of this year.