Steve Cohen's Point72 has bought 606,000 shares of GameStop, $GME, a stake worth $11 million as of December 31.
In Jan 2021, Steven Cohen's Point72 suffered at least 15% due to shorting $GME, per Reuters.
The losses at Point72 were mainly due to the company’s investment in hedge fund Melvin Capital, which bet against GameStop.
Point72 was one of two hedge funds to provide emergency cash to Melvin.
Steve Cohen famously left Twitter after the Jan 2021 run.
He said: “So I’m going to take a break for now. We have other ways to listen to your suggestions and remain committed to doing that.”
In May, Melvin Capital closed.
Melvin Capital founder Gabe Plotkin in a letter obtained by NY post said to investors said regarding Jan 2021:
“I am sorry. I got this one wrong. I made a mistake. I apologize."
Steve Cohen's Point72 has bought 606,000 shares of GameStop, $GME, a stake worth $11 million as of December 31
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