Stock Groups

Steve Cohen’s Point72 to redeem $750 million from Melvin Capital

by Mike Robinson

[ad_1]

© Reuters. FILEPHOTO: Steven Cohen is the Chairman and Chief Executive Officer of Point72 Asset Management. He spoke at the Skybridge Capital New York conference on September 13, 2021 in New York City. REUTERS/Brendan McDermid

(Reuters) – Billionaire investor Steve Cohen’s Point72 Asset Management is pulling out the $750 million it invested in Melvin Capital Management, Bloomberg News reported https://bloom.bg/3whzrgL on Saturday.

The report stated that Point72 would soon begin to redeem the money in small amounts over the course of time. This was based on information obtained from people who are familiar with the subject.

Point72 and Melvin Capital were founded by Gabe Plotkin. Both declined comment.

Point72 made another investment in Melvin. According to the report that amount of money remained untouched.

Melvin Capital (the hedge fund that was at the heart of the GameStop trading frenzy NYSE:), lost 49% of its investments in the first three months 2021.

Kenneth Griffin and Cohen, hedge fund managers, had helped Plotkin last January with Griffin’s Citadel LLC adding $2.75 million to the company and Cohen’s Point72.

Melvin Capital suffered a 15% loss in January.

Disclaimer: Fusion MediaWe remind you that this site does not contain accurate or real-time data. CFDs are stocks, indexes or futures. The prices of Forex and CFDs are not supplied by exchanges. They are instead provided by market makers. As such, the prices might not reflect market values and could be incorrect. Fusion Media does not accept any liability for trade losses you may incur due to the use of these data.

Fusion MediaFusion Media or any other person involved in the website will not be held responsible for any loss or damage resulting from reliance on this information, including charts, buy/sell signals, and data. You should be aware of all the potential risks and expenses associated with trading in the financial market. It is among the most dangerous investment types.

[ad_2]