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Steven Cohen Net Worth, Biography & Wiki 2017
Steven A. Cohen was born on the 11th June 1956, in Great Neck, New York State USA, and is a businessman and hedge fund manager, perhaps best known for founding Point72 Asset Management and S.A.C. Capital Advisors. Cohen’s career started in 1978.
Have you ever wondered how rich Steven A. Cohen is, as of late 2016? According to authoritative sources, it has been estimated that Cohen’s net worth is as high as $13 billion, an amount earned through his successful career in funding management, and which makes him the 72nd richest man in the world, the 30th in the USA according to Forbes. In addition to owning his business, Cohen has also worked in Wall Street, which improved his wealth too.
Steven A. Cohen Net Worth $13 Billion
Steven A. Cohen was a son of a dress manufacturer father and a part-time piano teacher mother, and grew up in a Jewish family in New York, with seven brothers and sisters and started playing poker while at the high school, stating that the game helped him to learn more about taking risks. He went to Wharton School at the University of Pennsylvania, from where he graduated with a degree in economics in 1978.
Cohen started working as a junior trader in the options arbitrage department at Gruntal & Co. in Wall Street. On his first day at the job, Cohen earned $8,000 for the company, and eventually went on to earn $100,000 per day. He stayed at Gruntal & Co. until he established his own business in 1992, called SAC Capital Partners. Cohen invested his $20 million, and the company has earned more than $14 billion to date. However, the Securities and Exchange Commission filed a civil lawsuit against Cohen, accusing him and his workers of inside trading. In 2013, he pleaded guilty and paid a $1.8 billion penalty. However, the SAC Capital Partners continued to make plenty of money, and increased Cohen’s net worth significantly.
Aside from his work with the company, Cohen is a well-known art collector, having spent about $1 billion on various artwork, including important work from such artists as Alberto Giacometti, Willem de Kooning, Lucio Fontana, Edvard Munch, Jeff Koons, Andy Warhol, and Pablo Picasso. Cohen purchased Picasso’s “Le Reve” from casino mogul Steve Wynn for $150 million in November 2012, and also spent $52 million for Jackson Pollock’s drip painting which he bought from David Geffen and $8 million for Damien Hirst‘s “The Physical Impossibility of Death in the Mind of Someone Living” from Charles Saatchi.
Regarding his personal life, Steven A. Cohen was married to Patricia Finke from 1979 to 1990 and has two children with her. In 1992, Cohen married Alexandra Garcia, a Puerto Rican-American from Washington Heights, and has four children with her. Currently, they are living in Greenwich, Connecticut, along with their seven children (six Cohen’s, and one Garcia’s from the previous marriage).
Cohen and his wife are well-known philanthropists, and they have donated more than $1 billion over the last decade to various projects involving the New York community, arts & culture, health, and education. They gave $55 million to the Long Island Jewish Medical and the North Shore University Hospital, helping them to upgrade paediatric care. In 2014, they donated $100,000 to the Bruce Museum of Arts and Science, and in April 2016, Cohen committed $275 million to establishing mental health centers for veterans and their families in the United States.