Mets owner Steve Cohen invests $5 million to take MDMA mainstream

Billionaire and New York Mets owner Steve Cohen and his wife Alexandra have generously contributed a significant financial boost of $5 million towards research on the potential therapeutic applications of the psychedelic drug ecstasy.

This funding aims to explore the drug's efficacy in treating various mental health conditions, ranging from depression to post-traumatic stress disorder (PTSD).

The couple recently announced their multimillion-dollar grant to the Multidisciplinary Association for Psychedelic Studies (MAPS), as the organization reaches the final stages of drug development.

The Steve & Alexandra Cohen Foundation proudly positions itself as one of the leading contributors to psychedelic research in the country, having dedicated nearly $19 million to various projects related to hallucinogenic substances. Notably, a previous $5 million contribution was specifically granted to MAPS.

“One of the largest private funders of psychedelic research in the country” – the Steve & Alexandra Cohen Foundation website states.

Since 2020, the Steve & Alexandra Cohen Foundation has wholeheartedly pledged philanthropic support exceeding $10 million towards the mission of MAPS. This generous contribution specifically aids in the facilitation of MAPS-sponsored clinical research focused on MDMA-assisted therapy.

Steve Cohen’s journey from Wall Street to becoming the New York Mets owner

Mets owner Steve Cohen at the opening of the coronavirus (COVID-19) vaccination site at Citi Field on February 10, 2021 in the Queens borough of New York City. The inoculation site will focus on providing vaccinations to Queens residents, food service workers, and taxi drivers. (Photo by David Dee Delgado/Getty Images)

With an estimated net worth of $17.5 billion, Steve Cohen, aged 67, had amassed his wealth as the leader of hedge fund SAC Capital Advisors.

However, the firm faced legal consequences as it pleaded guilty to insider trading charges, leading to its closure in 2016. While Cohen himself was not personally charged, the hedge fund was mandated to pay a historic fine of $1.8 billion in 2013, and Cohen faced a two-year ban from managing external funds.

In February 2018, Cohen marked his highly-anticipated return to Wall Street by launching a new fund called Point72 Asset Management. This venture proved to be lucrative, as he realized personal capital gains exceeding $1.7 billion in 2020.

Additionally, in the same year, Cohen made headlines by purchasing the MLB team New York Mets for a substantial amount of $2.4 billion.