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New York Mets owner Steve Cohen shut down his Twitter account on Friday night after saying his family received personal threats amid David and Goliath’s clash between an army of independent investors and Wall Street over from ailing video game retailer GameStop.
“I really enjoyed the back and forth with Mets fans on Twitter, who were sadly overwhelmed this week by unrelated misinformation about the Mets which led to our family receiving personal threats,” Cohen said in a press release on Saturday. “So I’m going to take a break for now. We have other ways to listen to your suggestions and we are committed to doing so.
“I love our team, this community and our fans, who are the best in baseball. In the end, this week’s events in no way affect our resources and our willingness to put a Championship team on the pitch. “
Day traders, mobilized on a Reddit forum, have invested all the money they can find in the shares of a struggling video game retailer called GameStop and a few other battered companies. Their purchase caused the stock prices of those companies to surge beyond anyone’s imagination – and, no coincidence, inflicted huge losses on the hedge funds of the super-rich, who had bet stocks would fall.
Their strategy, of course, is fraught with risk. The prices of the stocks they bought are now multiples above any level justified by income, profits or future prospects. The danger is that at any time stocks could crash.
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 drew the ire of day traders. Melvin is led by Cohen’s former protégé Gabe Plotkin.
GameStop action rose from under $ 20 earlier this month to close around $ 325 on Friday. Over the past three weeks, they’ve made a staggering 1,600% gain.
Cohen, who bought the Mets for a record $ 2.42 billion in October, had garnered nearly 200,000 followers on Twitter for his surprisingly irreverent interactions with fans, where he took up suggestions on how to lead the show. team and responded to extravagant business suggestions.
On Tuesday, the 64-year-old billionaire responded to the controversy by tweeting: “Restless crowd on Twitter tonight. Hi jockeys, keep bringing it.
Then on Thursday, Cohen went back and forth with Dave Portnoy after the founder of Barstool Sports criticized the owner of the Mets over restrictions on trading apps, such as Robinhood, which hurt day traders behind the ball. of the GameStop share price by prohibiting them from buying the shares while allowing sell orders.
“I had nothing to do with what happened today… Chile [sic] Cohen replied in a tweet to Portnoy.
After Portnoy supporters began targeting Cohen with criticism, the Mets owner deactivated his account.
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