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Steve Cohen Exits Twitter Amid GameStop Controversy

Things haven't been too rosey for Mets owner Steve Cohen lately. After trying to financially assist fellow hedge funder Melvin Capital amid the massive losses its experience from the GameStop controversy, Cohen has dropped off Twitter after a lengthy battle with Barstool Sports president David Portnoy.

 

“I’ve really enjoyed the back and forth with Mets fans on Twitter which was unfortunately overtaken this week by misinformation unrelated to the Mets that led to our family getting personal threats. So I’m going to take a break for now. We have other ways to listen to your suggestions and remain committed to doing that. I love our team, this community, and our fans, who are the best in baseball.  Bottom line is that this week’s events in no way affect our resources and drive to put a championship team on the field. #LGM!”

Gamestop's stock soured more than 70% when a bunch of day traders on Reddit poured tons of money into the struggling retailer as a way to beat out hedge funders bets that the stock was a loser. As a result big businesses and hedge funders decided to freeze investors out of apps like Robinhood from investing in GameStop creating a huge firestorm.  

Portony took the opportunity to launch on a diatribe against Cohen for backing his friends at Melvin Capital, which experienced the huge losses. Both Cohen's Point72 and Citadel combined to back Melvin with $2.75 billion. 

Cohen was even questioned by fans whether his financial dealings would affect the baseball team. Hence his time on Twitter is over. 

Cohen should have stayed off the social media giant when he bought the team. Before buying the Mets. Cohen was this virtual unknown - a shadowy figure whose personality was the basis for the character Bobby Axlerod on the Showtime series Billions. Once he bought the Mets, and once the like of Alex Rodriguez and Jerry Rosendorf tried to sabotage the sale and failed, Cohen should have stayed in the shadows. 

Instead he was embolden by the purchase. He tried to paint himself as the man of the people. He stated that it was win or else for the Mets. He got the fanbase even more excited when they swung deals with catcher James McCann and acquired Francisco Lindor. 

However, the PR disaster of the Jared Porter sexual harassment story, coupled with free agents George Springer and Brad Hand signing elsewhere, opting not to go to the Mets, coupled with Cohen's propensity to pop-off on Twitter, suddenly the honeymoon came to a screeching halt. 

Cohen needs to know that now as a the owner of the Mets, every move he makes is now met with constant scrutiny. Welcome to the Mets, Steve.

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