Steve Cohen, the infamous trader behind what was once dubbed "the biggest insider trading scandal in history," is officially stepping away from the trading floor at his hedge fund, Point72. At 72 years old, Cohen’s finally putting down the computer. 

But don't worry, he’ll have plenty of time to keep running ruining the New York Mets (we’ll get to that). The hedge fund king is shifting his focus from trading to mentoring the next generation of Wall Street wizards, all while probably adding more overpriced art to his $1 billion collection.

(Source: Business Insider)

After decades of flexing his trading muscles, Cohen has decided it's time to let his army of traders handle the day-to-day grind. The hedge fund giant, Point72, which managed over $35 billion as of July 1, is more than capable of thriving without its legendary founder at the helm of daily operations.

Let’s not forget what Cohen is best known for (aside from giving Mets fans headaches). The man was a trading machine. Back in his SAC Capital days, Cohen turned $11 million into a staggering $154 million with an early bet on Google. He raked in $1 billion on Wyeth when Pfizer swooped in for the acquisition. And his love affair with Apple? That netted him $500 million as shares surged 900%. Let’s not forget his Netflix cash-out of $300 million when shares rocketed 400%. Add a $250 million score on Baidu and a 5,000% gain from Activision Blizzard, and Cohen’s track record speaks for itself.

But, not all of Cohen’s success came without a cost. His insider trading scandal earned him a $1.8 billion fine in 2013 and forced him to rebrand SAC as Point72.

Now, after a solid comeback, Cohen’s stepping back, which, according to him, is "very liberating." He’s focusing on driving the growth of the firm, which has raised $12.8 billion since 2020, and mentoring the next generation of trading talent. His spokesperson says it’s Cohen’s goal to make a difference by helping others succeed. You know, the same kind of success that comes from running one of the biggest insider trading schemes in history. We can only hope that Cohen’s mentoring will come with a few "what not to do" lessons from the man who’s seen it all.

(Source: PBS)

Of course, Cohen isn’t completely retiring. As co-chief investment officer of Point72, he’ll still have a hand in running the show. He’s also focusing on the firm’s latest venture—an artificial intelligence hedge fund. Steve’s been bullish on AI, calling it a “really durable theme,” comparing its rise to the technological boom of the '90s. He’s definitely setting his sights on the future, which will likely involve more AI-powered trading strategies and, let’s be honest, another splashy art purchase.

And let’s not forget his side hustle—owning (or, depending on who you ask, ruining) the New York Mets. Since purchasing the team in 2020, Cohen’s tenure has been… well, let's just say Mets fans have had a lot of reasons to drink. As he steps away from trading, he’ll likely have even more time to micromanage his beloved Mets and ensure they never break out of their eternal cycle of disappointment.

P.S. While Free Stocks.News readers eventually get our alerts (think 15-20 minutes after premium members), it’s likely you’ll miss out on the big move. Why? Well, for instance, on our last alert, we dropped $OBLG to our premium members at 9:48 EST when it was chilling at a price of $3.60. However, in less than 5 minutes after alerting our premium members, $OBLG shot up +51.22% to $5.45! Meaning, FREE readers ended up missing out on 50+% of the move BEFORE they even saw the opportunity. Talk about leaving money on the table. So if that doesn’t sit right with you, and you don’t want to miss the chunk of the move during our next alert… click here immediately for the details. 

Stock.News has positions in Google, Apple, and Netflix.