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November 26, 2024- by Steven Greer
I saw a sports-talk video on Instagram criticizing the New York Mets and its owner Steven Cohen. It referenced how he lost $1.4 billion by being short GameStop. I am just now hearing about this.
We all know that the extreme share price increases in the meme stocks came at the cost of hurting many big hedge funds. It was such an existential threat to the markets that Janet Yellen, et al started to rig trading by halting markets to protect the hedge funds. But I never heard exactly which hedge funds got hurt. I then heard recently where Steven Cohen made an odd announcement that he was stepping away from investing money. His Point72 hedge fund got wiped out, I bet, and they have kept it under wraps.
I have always suspected that the guy just lied about his performances like Bernie Madoff. Even after the great financial collapse of 2008, he supposedly wasn’t hurt. I thought that was BS. If they are admitting to $1.4 billion in loss, then you know the true amount is much worse
Did ole Stevie finally go belly up? How funny. I was the beneficiary of those stocks going up in 2021. I was long AMC stock.
That explains why I got the cold shoulder a few months ago when I tried to reach out to Point72 for a collaborative effort. They had gone belly up by the time I emailed them, I bet.