© Reuters. FILE PHOTO: Steven Cohen, Chairman and CEO of Point72 Asset Management, speaks during the Skybridge Capital SALT New York 2021 conference in New York City, U.S., September 13, 2021. REUTERS/Brendan McDermid
(Reuters) – Billionaire investor Steve Cohen’s Point72 Asset Management is pulling out the $750 million it invested in Melvin Capital Management, Bloomberg News reported https://bloom.bg/3whzrgL on Saturday.
Point72 will soon start redeeming the money in portions over time, the report said, citing people familiar with the matter.
Both Melvin Capital, founded by Gabe Plotkin, and Point72 declined to comment.
Point72 has another investment in Melvin, with that pool of money remaining untouched, according to the report.
Melvin Capital, the hedge fund at the center of the GameStop (NYSE:) trading frenzy, lost 49% on its investments during the first three months of 2021.
Hedge fund managers Cohen and Kenneth Griffin had stepped in to aid Plotkin in January last year with Griffin’s Citadel LLC and Cohen’s Point72 adding $2.75 billion to the firm.
Melvin Capital lost 15% in January this year.
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