Steve Cohen is an American business figure with many endeavors. He is known for his work as a hedge fund manager but is most prolific for his ownership of major sports teams. Although his name is well known in the press, not many people know what he does or has done for charity over the years. So, what has Steven Cohen done for charity that stands out? Please keep reading to learn more about his philanthropic endeavors and the details of his life.
Who is Steve Cohen?
If you ask most people who know about Steve Cohen, they know him as the owner of the New York Mets. Although he is known for his sports management activities, he's also been linked to some eyebrow-raising business transactions and plots, which were highly publicized. Recently, he was involved in the GameStop short squeeze.
The price of GameStop stock skyrocketed after it was at an all-time low due to specific organized tactics designed to drive up share prices quickly. Many were unsettled by his position in participating in the short squeeze, but ultimately he cited that he was staying to do business and make money. He was also sued for insider trading and racketeering in 2013, for which he was fined $1.8 billion in total and was banned from managing finances for two years.
Steve Cohen also founded S.A.C. Capital Advisors, which was in operation from 1992 until 2016. He funded the startup with capital by investing $10 million of his own money and was later touted as one of the largest hedge funds in existence. At the apex of its life, the firm was responsible for managing a total equity of $14 billion.
Aside from the controversy that's surrounded him over the years, he has had some notable career accomplishments and has become one of the most well-known financial figures in the world today. Because of his status and notoriety, he has also been fortunate enough to contribute to many worthy causes to help others.
Early Life of Steve Cohen
Steve Cohen was born in June 1956 and grew up in Great Neck, NY. His family came from a modest background in comparison to his current wealth. His father was a dress manufacturer, and his mother was a piano teacher. In 1974, he graduated from high school at John L. Miller Great Neck High School. He later attended Wharton, where he received his economics degree in 1978.
Steve Cohen Charity Work
Steve Cohen and his wife, Alexandra, have created a philanthropy called the Steven & Alexandra Cohen Foundation. They began their endeavors through this charitable organization in 2001. The foundation has given over $741 million in educational and children's healthcare donations.
They also branched out with their philanthropic contributions to assist with hurricane recovery relief and even donated to psychedelics research designed to assist others with certain conditions. In the past year, the organization has supported several nonprofits, which exceeded $60 million in total. The areas where these donations focused were underserved communities, the arts, sustainability, Lyme disease, psychedelics, and children.
Another of Steve's focuses in philanthropy is providing veterans with mental health care services. In 2016, he donated $275 million to clinics serving veterans and their families through Cohen Veteran Networks. They opened clinics across the country to provide more availability for the nation's veterans to receive the mental health services they desperately need.
One reason why he is so passionate about serving veterans and helping them overcome mental obstacles is that his son served in Afghanistan. He began working on veterans' mental health causes in 2011, shortly after his son's deployment in 2010.
The Robin Hood Foundation
In addition to his generous contributions, he also served on the board of the Robin Hood Foundation and funds Cohen Veterans Bioscience. His bioscience endeavor is researching methods to identify genetic biomarkers and treat PTSD and traumatic brain injuries with new drug therapies. He also involved himself. In the Marine Corps-Law Enforcement Foundation to assist them with any services they may need.
Cohen's interest in helping veterans is also one reason they developed an interest in supporting psychedelics research. The $2.1 grant to Mount Sinai was intended to assist in research using psychedelics to treat veterans with PTSD. This MDMA study is designed to determine the drug's impact on individuals with depression and PTSD in hopes of determining a way to treat those conditions successfully.
Steve Cohen's contributions to education are also impressive. He donated $828,000 to Manhattan College to support those who had outstanding accomplishments during their high school studies while attending New York City. This fund is designed to provide awarded students with 90% coverage of tuition and fees during their four-year studies at the college.
Education and Children's Health Causes
Not only does Steve Cohen support education and children's health causes, but he also donates to fight childhood hunger. In 2021, he donated $1 million in funds to Save the Children. The money was used to help customize meal delivery buses to provide educational materials and food to rural areas in the country's most impoverished areas, including Mississippi, South Carolina, Washington, West Virginia, and California.
He also donated $1.5 million to Neighbor to Neighbor, which provides food and clothing for the residents in need who live in southern Connecticut, Greenwich, and surrounding neighborhoods. The goal is to help build a new 6,000-square-foot building that will serve as a food distribution site. The Neighbor to Neighbor charity feeds over 500 households in need.
Although Steve Cohen is a controversial figure, he has contributed vastly to many worthy causes throughout his lifetime. Steve and his wife, Alexandra, both focus much of their time and attention on supporting the causes they back.
Some of their most important causes are children, veterans, education, the arts, and assisting low-income families. Most of these contributions were given through the Steve & Alexandra Foundation, which they created in 2001 as a vehicle for their philanthropic endeavors.
For decades, Steve Cohen has been at the forefront of charity work to help those with special needs, such as veterans with PTSD and traumatic brain injuries. They also donate to fund modern medical research and possible treatments for depression and other issues faced by veterans.
Their commitment to assisting children with healthcare, food, education, and other resources has also been a focus of their charity work. They strive to ensure they do good across the country by implementing and funding special programs such as food delivery, educational materials, scholarships, and other resources. Today, he still works diligently through his foundation, in addition to donating his time to causes that make a positive impact on society.
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Written by Lily Wordsmith
Read more posts by Lily Wordsmith