What’s Behind Steven A. Cohen’s Stupendous Net Worth in 2023?
|Name||Steven A. Cohen|
|Net worth||$17.5 Billion as of June, 2023|
|Sources of Income||Business|
|DOB||Jun 11, 1956|
|Nationality||United States of America|
|Profession||Entrepreneur, Businessperson, Investor, Trader|
Steven A. Cohen, the renowned American hedge fund manager, boasts an impressive net worth of a staggering $17.5 billion as of June 2023, per Forbes. Born on June 11, 1956, in Great Neck, New York, Cohen has climbed the financial ladder with his shrewd investments and astute financial acumen.
What are Steven A. Cohen's sources of income?
Cohen's wealth is primarily derived from his involvement in the hedge fund industry. He made his initial fortune through S.A.C. Capital Advisors, a hedge fund he founded in 1992, with an initial investment of $25 million. Over the years, SAC Capital Advisors grew exponentially, managing assets worth at least $14 billion and employing nearly 900 individuals across the globe, per Celebrity Net Worth. Cohen's success during the late '90s and early 2000s earned him a reputation as a formidable Wall Street trader, known for consistently achieving remarkable returns.
Cohen's income is not limited to a conventional salary. As a hedge fund manager, he earns a substantial percentage of the fund's profits, which can be substantial given the size of the funds he manages. His earnings are highly variable and depend on the performance of his investments.
After the closure of SAC Capital Advisors in 2013 due to an insider trading scandal, Cohen launched Point72 Asset Management. This new venture exclusively manages his personal wealth and investments.
Steven Cohen's assets
In addition to his extensive financial holdings, Cohen possesses a valuable art collection worth approximately $1 billion. This collection includes masterpieces like Picasso's "Le Reve," which he acquired for $155 million.
Steven Cohen's net worth over the years
Steven Cohen's Social Media following
Cohen maintains a relatively low profile on social media but his impact on the financial world is substantial.
Personal life and awards
Cohen's early life in Great Neck, Long Island, was marked by modest beginnings. He grew up in a large family as the third of eight siblings. His father worked at a dress manufacturer while his mother taught piano lessons alongside her role as a homemaker. He has been married twice. His first marriage in 1979 was to Patricia Finke, a native of New York City's Washington Heights neighborhood. Together, they have two children but divorced in 1990.
In 1991, Cohen met Alexandra "Alex" Garcia, a single mother of Puerto Rican descent who grew up in Washington Heights. They connected through a dating service, and Alex, who had a penchant for millionaires, quickly became his second wife. She has since embraced her role as an owner of the New York Mets, actively participating in the team's charitable endeavors, including serving as president of the Amazin’ Mets Foundation. In 1998, the couple purchased a sprawling 35,000-square-foot home on 14 acres in Greenwich, Connecticut.
Despite the controversies surrounding his hedge fund SAC Capital Advisors, Cohen has received recognition and awards for his contributions to finance. He has been a prominent figure in the hedge fund industry for decades.
What is SAC Capital Advisors, and why did it close?
SAC Capital Advisors was Steven Cohen's hedge fund that was closed in 2013 due to an insider trading scandal. The firm pleaded guilty to insider trading charges and agreed to pay a $1.8 billion fine, leading to its closure for outside investors.
What is Point72 Asset Management?
Point72 Asset Management is the hedge fund that Steven Cohen established to manage his personal wealth and investments after the closure of SAC Capital Advisors.
How did Steven Cohen amass his art collection?
Steven Cohen's art collection, valued at around $1 billion, includes significant acquisitions such as Picasso's "Le Reve," purchased for $155 million. His passion for art has led him to build an impressive collection over the years.
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