Steve Cohen has once again found his name involved in a Wall Street scandal, and the New York Mets owner is defending himself against criticism from retail investors.
Cohen’s investment group, Point72 Asset Management, is one of two firms that
Things came to a boil on Thursday when Robinhood and other investment platforms restricted trades of GameStop stock and other stocks that had become Reddit favorites. There are theories floating around that Cohen’s investment group and others like his are behind the restrictions as a means of protecting their short positions and preventing mammoth losses.
Barstool Sports founder Dave Portnoy called Cohen out over that, and the Mets owner responded. The two went back and forth on Twitter, with Cohen offering a theory for why Robinhood may have restricted trading.
“You bailed out Melvin cause he’s you’re boy along with Citadel. I think you had strong hand in todays criminal events to save hedge funds at the cost of ordinary people. Do you unequivocally deny that?” Portnoy asked Cohen.
Portnoy then pointed out that Robinhood says they are trying to protect their users by restricting certain trades, but everything they were doing favored the hedge funds that were losing billions. Cohen agreed that those moves should be investigated.