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

Published 03/12/2022, 02:09 PM
Updated 03/12/2022, 02:10 PM
© Reuters. FILE PHOTO: Steven Cohen, Chairman and CEO of Point72 Asset Management, speaks during the Skybridge Capital SALT New York 2021 conference in New York City, U.S., September 13, 2021. 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.

Point72 will soon start redeeming the money in portions over time, the report said, citing people familiar with the matter.

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

Point72 has another investment in Melvin, with that pool of money remaining untouched, according to the report.

Melvin Capital, the hedge fund at the center of the GameStop (NYSE:GME) trading frenzy, lost 49% on its investments during the first three months of 2021.

Hedge fund managers Cohen and Kenneth Griffin had stepped in to aid Plotkin in January last year with Griffin's Citadel LLC and Cohen's Point72 adding $2.75 billion to the firm.

Melvin Capital lost 15% in January this year.

Latest comments

Billionaire investor???? These short sellers are financial the-rorists
Invested how? Melvin is down but Cohen and Griffin are taking back 100% of their capital? Very convenient. All hedge funds are doing like this?
damn melvin capital ********sure ********at trading lol.
nice
This is wholeheartedly the SEC and FINRAs fault. When you create rules which only allowed for retail traders to trade in one direction(LONG)..all it takes is high buying volume on a short interest stock to create this type of “frenzy”
retail traders can short, what are you talking about.
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