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

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Steven A. Cohen

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Point72 Asset Management, a billionaire investor Steve Cohen is releasing the $750 Million it has invested in Melvin Capital Management. Bloomberg News reportedOn Saturday.

According to the report, Point72 will shortly begin redeeming the money over time in smaller amounts.

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 middle of the Hedge Fund scene GameStopTrade frenzy led to 49% losses on investment during the first 3 months of 2021.

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

Melvin Capital was down 15% by January.

Read the complete Bloomberg report here.

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