Steve Cohen’s Point72 Loses 10-15% Amid Month’s Hedge Fund Carnage

(Bloomberg) -- Steve Cohen’s $19 billion Point72 Asset Management has lost 10% to 15% so far this month as a growing number of hedge funds tally losses from retail investors’ attacks on popular positions.

The loss, described by people with knowledge of the matter, occurred as Cohen’s firm plowed $750 million into Gabe Plotkin’s Melvin Capital, which suffered declines on short bets targeted by traders on Reddit. Ken Griffin’s Citadel also invested $2 billion in Melvin on Monday.

Cohen’s loss underscores the potential for pain to spread after investors using chat rooms and social media set out to target some hedge fund bets. Point72 already had about $1 billion at Melvin, which as of Tuesday had lost more than 30% so far this year.

Plotkin previously worked with Cohen for eight years before founding Melvin.

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