NYT has reported that the hedge fund owned by NY Mets owner Steve Cohen has experienced a nearly 15% loss over GameStop:
GameStop Frenzy Leaves Steve Cohen's Point72 Down 15 Percent - The New York Times (nytimes.com)
Reuters also reported on this:
Steven Cohen's fund Point72 suffers 15% loss amid GameStop frenzy: NYT | Reuters
GameStop Frenzy Leaves Steve Cohen's Point72 Down 15 Percent - The New York Times (nytimes.com)
January 27, 2021
As shares of GameStop, the video game retailer, have surged amid a wave of speculative investment by small investors, Point72, the hedge fund run by the Mets owner Steve Cohen, has lost nearly 15 percent this year, according to a person with knowledge of the matter.
GameStop's sudden rally — the shares jumped 135 percent on Wednesday alone and are up more than 1,700 percent this year — has taken a toll on some large investors who had bet against the stock. The losses at Point72, which manages nearly $19 billion in assets, stem in part from the firm's investment in Melvin Capital, a hedge fund that had a massive bet against GameStop.
As the shares rose, Melvin was saddled with sudden losses and had to accept $2.75 billion in rescue capital from two outside investors. One of the rescuers was Point72, which already had roughly $1 billion under management with Melvin, said two people with knowledge of the relationship, and added $750 million to help stabilize Melvin this week.
Because Melvin was investing money on Point72's behalf, Point72's results have also been hurt by the recent turmoil, said those people.
Point72's losses are the first clear indication of the ripple of effect of Melvin's recent troubles, which have been a cause of concern for both Wall Street and the baseball community.
Reuters also reported on this:
Steven Cohen's fund Point72 suffers 15% loss amid GameStop frenzy: NYT | Reuters
January 27, 2021
(Reuters) - Billionaire investor Steven Cohen's Point72 Asset Management has suffered a nearly 15% loss this year due to a sudden surge in the shares of video-game retailer GameStop Corp, the New York Times reported nyti.ms/2YiotoW on Wednesday.
The losses at Point72, which manages nearly $19 billion in assets, came in part from its investment in hedge fund Melvin Capital Management, which had made a massive bet against GameStop, the report said.
But as GameStop soared 700% over the past two weeks, boosted by increased interest among amateur investors, Melvin faced sudden losses.
One of the rescuers was Cohen's hedge fund, which has roughly $1 billion under management with Melvin, NYT said.
Point72 decided to add $750 million, Melvin said on Monday, besides accepting an investment of $2 billion from Citadel, the Chicago-based hedge fund led by Ken Griffin.