Steve Cohen’s Point72 Loses 10-15% Amid Month’s Hedge Fund Carnage
- Loss comes as Point72 invested $750 million in Melvin Capital
- Point72 already had about $1 billion invested in the manager
This article is for subscribers only.
Steve Cohen’s $19 billion Point72 Asset Management has lost 10% to 15% so far this month as a growing number of hedge funds tally losses from retail investors’ attacks on popular positions.
The loss, described by people with knowledge of the matter, occurred as Cohen’s firm plowed $750 million into Gabe Plotkin’s Melvin Capital, which suffered declines on short bets targeted by traders on Reddit. Ken Griffin’s Citadel also invested $2 billion in Melvin on Monday.