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New York Mets owner Steve Cohen is taking a “break” from Twitter after saying his family received personal threats this week in an ongoing standoff between day traders and hedge funds.
“I really enjoyed the back and forth with Mets fans on Twitter who were sadly overwhelmed this week by unrelated misinformation that led to our family receiving personal threats,” Cohen said in a commentary. communicated on Saturday after deactivating his account on Friday evening. “So I’m going to take a break for now. We have other ways to listen to your suggestions and stay committed to doing that. I love our team, this community and our fans, who are the best in baseball. is that the events of this week do not in any way affect our resources and our willingness to put a championship team on the field. “
Cohen’s decision to quit Twitter appears to have stemmed from a dispute between independent investors and hedge funds. Day traders, mobilized on Reddit, have poured all the money they can find into the inventory of struggling video game retailer GameStop and a few other battered companies. Their purchase caused the stock prices of these companies to surge beyond anyone’s imagination and inflicted huge losses on hedge funds that had bet on the stock decline.
Cohen’s Point72 Asset Management got involved when he invested in Melvin Capital Management, a hedge fund that had placed heavy bets against GameStop and angered Reddit users.
GameStop climbed nearly 70% on Friday to close at $ 325. Over the past three weeks, the stock has made a staggering 1600% gain. The danger for day traders is that at any time stocks could crash.
Before shutting down his Twitter account, Cohen – the richest owner of baseball, worth more than $ 14.5 billion – responded to the controversy Tuesday by tweeting: “Restless crowd on Twitter tonight. Hey guys. jockeys, keep bringing it. “
Among Cohen’s criticisms, WFAN matinee host and former NFL quarterback Boomer Esiason said he would stop going to Mets games “until I know exactly what’s going on. here “regarding Cohen’s involvement in the GameStop situation.
The Mets owner had already drawn nearly 200,000 followers on Twitter for his irreverent interactions with fans, where he took suggestions on how to run the team, reacted to the team’s biggest moves – such as the exchange for shortstop Francisco Lindor – and teased a return of the black jerseys.
ESPN’s Joon Lee and The Associated Press contributed to this report.
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