Billionaire investor Steven A. Cohen, owner of the New York Mets, is known for his high-risk, high-reward investment approach. With a personal wealth of $19.8 billion, he founded SAC Capital Advisors, which was forced to repay investors $1.8 billion in fines due to insider trading accusations. In 2013, Cohen converted his operations into a family office called Point72 Asset Management, which now manages $41.25 billion in assets. The company recently increased its stake in Boeing by 495.29% to 1.35 million shares worth $260.07 million. Boeing has faced challenges due to safety issues with its 737 MAX fleet, leading to leadership changes and controversies. Despite recent setbacks, Boeing successfully launched its CST-100 Starliner spacecraft and announced quarter earnings that attributed lower sales to decreased commercial aircraft delivery volumes. Cohen also made a significant investment in chipmaker Broadcom, acquiring 470,365 shares worth $623.42 million. Broadcom has seen a 34% increase in revenue and signed agreements with Google’s AI chip programs. The company’s CEO reaffirmed guidance for consolidated revenue of $50 billion for FY24. Note that the information provided is for informational purposes only and not investment advice. Financial decisions should be made after conducting due diligence or seeking professional advice.
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https://www.ibtimes.co.uk/steve-cohens-point72-ups-stake-boeing-over-400-q1-opens-new-position-broadcom-1724931
