BREAKING: Steve Cohen is reportedly eyeing a shocking deal worth $1 billion
Bloomberg reported on Monday that Steve Cohen, the hedge fund magnate who owns the New York Mets, wants to raise $1 billion to buy stock in artificial intelligence startups.
According to the financial newswire, his Point72 Asset Management firm will launch a new fund to bet on or against AI hardware and semiconductor companies.
The 68-year-old investment superstar has previously stated that he believes AI technology will be “transformational” to the way businesses operate.
“There will be big winners and losers,” Cohen told CNBC in April.
“When you have a technological change like this, it sort of reminds me of the ’90s where the best new companies came out of that period,” he stated.
Over the last year, markets have been driven by a surge in investor interest in AI equities.
Point72 is located in Stamford, Connecticut, and manages $33.9 billion in assets.
Eric Sanchez, the firm’s San Francisco-based portfolio manager, will lead Cohen’s new AI-focused fund, which is expected to launch late this year or early 2025, according to Bloomberg.
Aside from outside investment, Point72 staff and Cohen, who has an estimated net worth of $13.9 billion, plan to contribute funds to the new company.
The New York native will be hoping that the effort will be more successful than his previous four years in charge of the Mets, who are now fourth in the National League East.
Cohen purchased the Mets in 2020 for $2.4 billion, the largest sum ever paid for an MLB franchise, and became their CEO and chairman.
Last year, he revealed that he was losing money on the project while attempting to spend his way to the Mets’ third World Series title.
Their terrible performance previous season saw them finish fourth in the NL East, missing the playoffs and the final wild card spot.
The team’s finalized salary statistics reached a record $319.5 million, and they were required to pay $100.8 million in luxury taxes.
