Mets Proprietor Steven Cohen Deletes Twitter Account After Threats

Mets Proprietor Steven Cohen Deletes Twitter Account After Threats

For nearly three months since he purchased the Mets, Steve Cohen engaged in surprisingly vigorous banter with the staff’s followers on Twitter, entertaining their outlandish commerce strategies and showcasing a humorousness and real curiosity of their ideas that was uncommon for a billionaire staff proprietor.

That every one got here to a crashing halt Friday night time, when Cohen deactivated his Twitter account and launched a press release by means of the Mets through which he stated his household had obtained unspecified threats on the social media service. The transfer got here a day after Cohen’s hedge fund — and Cohen himself, although his Twitter account — had been swept into the venomous rich-vs.-poor battle over the struggling video-game retailer GameStop.

“I’ve actually loved the backwards and forwards with Mets followers on Twitter which was sadly overtaken this week by misinformation unrelated to the Mets that led to our household getting private threats,” Cohen stated in a press release. “So I’m going to take a break for now.”

The misinformation and private threats seemed to be associated to not Cohen’s possession of the Mets or his on-line banter concerning the staff, however to his connections to the frothy buying and selling in GameStop inventory.

Earlier this week, an unknown however sizable variety of small traders, whipped right into a frenzy on locations like Reddit’s WallStreetBets discussion board, drove up the inventory value of the struggling online game retailer GameStop partly, in an effort to punish deep-pocketed traders who had wager closely that its worth would fall.

The surge of small traders rapidly despatched GameStop’s inventory value from lower than $20 a share to about $325 a share as of Friday. For hedge funds that had taken positions towards GameStop, anticipating that the worth of the shares would fall (in what is called shorting the inventory), the inventory’s sudden rise price them billions.

One of many largest losers could have been Cohen.

Cohen’s hedge fund, Point72, had invested practically a billion {dollars} in Melvin Capital, one other hedge fund led by a former Point72 worker. Melvin Capital had shorted GameStop inventory, and in order its worth rose Melvin Capital sustained losses so giant that it required a $2.75 billion rescue from different traders, together with one other $750 million from Point72.

Point72 has misplaced 15 % of its worth this yr, The New York Occasions has reported.

All of this led to some Twitter customers to query if Cohen was actually their deep-pocketed savior, or whether or not his hedge fund’s losses would cut back his willingness to spend on the staff.

“Why would one have something to do with the opposite,” he replied to 1 Mets fan, a departure from the everyman persona that had been his account’s hallmark. For months, Cohen had engaged with Mets followers, fielding commerce proposals, answering questions and making jokes.

However on Thursday, Cohen bought right into a Twitter back-and-forth with Dave Portnoy, the acerbic founding father of the sports activities and tradition web site Barstool Sports activities, which has a protracted historical past of racist and misogynistic habits. Portnoy, who in current months has styled himself as a day dealer, accused Cohen of being concerned in inventory buying and selling apps like Robinhood, which had been proscribing customers from shopping for GameStop inventory. Portnoy, with out proof, labeled such conduct “prison.”

“I had zero to do with what occurred at the moment…chile out,” Cohen replied in a single Tweet, seeming to misspell the phrase chill.

However followers of Barstool Sports activities are infamous for going after critics, particularly those that draw the ire of Portnoy, on social media. In a separate incident this week, the Nationwide Girls’s Hockey League launched a press release rebuking Barstool and its chief govt after she launched a video that had subjected reporters who cowl the N.W.H.L. and league workers to on-line harassment.

After his temporary alternate with Portnoy, Cohen got here beneath the identical sort of hearth. In response, he merely shut down his account.

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