Steve Cohen Net Worth: $9.3 Billion
Steve Cohen is an American hedge fund manager and a self-made billionaire. He is the founder of SAC Capital Advisors, a hedge fund that’s based in Stamford, Connecticut that focuses mainly on equity market strategies. Cohen is rated as one of the most high profile figures in the U.S economy. He is currently ranked as the 35th richest person in America, with an estimated net worth of $9.3 billion. He is among the few self-made billionaires who started from scratch and climbed up the success ladder through taking well calculated risks.
Cohen was born on 11th June, 1956 in Great Neck, New York to a humble Jewish family. His mother was a part-time piano teacher, whereas his father was a dress maker. While in high school, Cohen developed a passion for poker, often betting his money in tournaments. This self-made billionaire credits poker as the game that taught him how to take risks. In 1978, he was awarded with an economics degree from the Wharton School at the University of Pennsylvania.
Cohen’s business career started almost immediately after graduating, whereby he acquired a Wall Street job in the options arbitrage department at Gruntal & Co. He worked as a junior trader and eventually managed a $75-million portfolio and 6 traders. He was able to scoop a profit of $8,000 during the very first day on the job at Gruntal & Co. He went on to make about $100,000 for the establishment per day. By 1984, he was running his own trading group at Gruntal, and went on running it until he began his own company, SAC.
In the year 1992, Cohen used $20 million to start SAC Capital Partners. Today, the company manages about $14 million in equity, and Cohen now holds an increasing number of equities for longer durations of time. The self-made billionaire is also one of the minority shareholders of the New York Mets, holding a 4 per cent stake in the baseball team. Cohen also owns 7% of Baidu, a Chinese search engine giant.
In the year 2006, Cohen was deemed as the king of hedge fund by Forbes. Apart from his superiority in finance, he also has a high profile in divorce proceedings. Cohen owns a home worth $14.8 million in the corridor of Connecticut, which is home for many Wall Street’s elites. Cohen also has a hobby of collecting art pieces, and currently has a collection that is worth around $700 million. In the year 1998, he paid $14.8 million for an old 1920’s 14 acre estate with 30 room mansion.
In the year 1979, Cohen married Patricia Finke, with whom he had two children. They however got divorced in 1990. Two years later, Cohen married Alexandra Garcia, with whom he has 4 children. The self-made billionaire and his family reside in Connecticut. Cohen has a Bachelor of Arts/ science from the University of Pennsylvania Wharton School. He Serves on the Board of Trustees of the Robin Hood Foundation and of Brown University.