How billionaire Steven Cohen went from hedge fund shark to big spending New York Mets owner
Since buying the Mets, Steve Cohen has developed an approachable reputation.
But the transformation is bigger than his newfound sports-owner status.
Insider took a closer look at the hedge fund titan's evolution, both personally and professionally.
Steve Cohen is still showing signs of being a tough boss who's obsessed with winning.
After buying the Mets in 2020, he said his goal is to win a championship in three to five years. "I don't just want to get into the playoffs. I want to win a championship," he said of the team, which last won the World Series in 1986.
Cohen has flexed his billions to build up the Mets roster. On Wednesday, baseball fans woke up to find out that the Mets had scored Carlos Correa, a star free-agent shortstop, who was set to sign a 13-year, $350 million contract with the San Fransisco Giants. There were reports that the deal with Giants fell apart after a physical examination raised some concerns. The Mets swooped in overnight and offered a 12-year deal for $315 million.
The signing comes amidst an already aggressive signing period for the Mets, who also added 2022 Cy Young winner Justin Verlander for $86.6 million and Kodai Senga, an all-star pitcher in the Japanese Nippon Professional Baseball league, for $75 million.
The Mets signings during free agency have totaled over $800 million, ESPN's Jeff Passan reports.
If the Correa deal goes through, the team's overall payroll, including luxury-tax payments, will be nearly $500 million in 2023, ESPN reports, making it the highest in MLB history by $150 million.
The team's spending on pay has been so aggressive that the league imposed new costs, or a so-called "Cohen tax".
Still, he bought the Mets to win, not to make money, he has said.
"I don't have to earn every last dime," he told Mian in the webcast.
To read more about how Cohen went from hedge fund shark to the sentimental owner to the New York Mets, read Insider's 2021 piece:
From hedge fund shark to 'Uncle Stevie': Billionaire NY Mets owner Steve Cohen is trading less, embracing work-from-home, and feeling happier overall.
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