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Cohen was born on June 11, 1956, and raised in [[Great Neck, New York]], where his father worked as a dress manufacturer in [[Manhattan]]'s garment district and his mother was a piano teacher.<ref name="Hart2025">{{cite news|last=Hart|first=Jordan|title=The career rise of billionaire Steve Cohen, the hedge fund legend who owns the Mets|url=https://www.businessinsider.com/steve-cohen-mets-owner-net-worth-hedge-fund-point72|date=March 11, 2025|publisher=[[Business Insider]]}}</ref> He grew up in a Jewish family.<ref>{{cite news |last=Friedman |first=Gabe |title=Hedge fund manager Steve Cohen reaches agreement to buy the New York Mets |url=https://www.timesofisrael.com/hedge-fund-manager-steve-cohen-reaches-agreement-to-buy-the-new-york-mets/ |access-date=October 15, 2023 |website=The Times of Israel |language=en-US }}</ref><ref>{{cite web |date=September 25, 2022 |title=Jewish billionaire, Mets owner Steven Cohen: Major league philanthropist |url=https://www.jpost.com/50-most-influential-jews/article-717769 |access-date=October 15, 2023 |website=The Jerusalem Post |language=en-US }}</ref>
Cohen received an economics degree from the [[Wharton School]] of the [[University of Pennsylvania]] in 1978. While at Penn, he joined the [[Zeta Beta Tau]] fraternity's Theta chapter, where he served as treasurer. A friend helped him open a brokerage account using $1,000 of his tuition money, which marked his entry into financial markets.<ref name="WSJ2006September16PulliamSusan" />
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