Sunday, 14 April 2024

Business News

‘A four-day workweek is coming,’ billionaire Mets owner Steve Cohen declares—and you can thank AI

‘A four-day workweek is coming,’ billionaire Mets owner Steve Cohen declares—and you can thank AI

A four-day week is imminent, hedge-fund titan and billionaire New York Mets owner Steve Cohen told Andrew Ross Sorkin on Wednesday during a CNBC Squawk Box appearance

It’s not because workers have been begging for it, or because studies confirm it improves work outcomes, or even just because it’s universally popular. Rather, Cohen—currently CEO and chairman of his hedge fund, Point72 Asset Management—said the four-day workweek will finally be possible due to the rapid proliferation of AI

“My belief is a four-day workweek is coming,” Cohen told Sorkin. “[With] the advent of AI, generally, we hear…people are not as productive on Fridays, and so I just think it’s an eventuality.”

The idea of AI single-handedly improving companies’ bottom lines is an alluring thought; former Treasury secretary and current OpenAI board member Larry Summers recently said he thinks AI could replace “almost all” forms of labor. But he’s also taking a more measured approach, adding, “I don’t think that this is going to drive a productivity miracle in the next three to five years.”

Cohen gave no such predictions. Asked when exactly the shift would be coming, Cohen demurred, saying it’s “hard to know.” But he quickly pivoted towards how he, whose net worth nears $20 billion, stands to profit. 

Investing in pastimes like golf—which would potentially become more popular among his peers, should Fridays at the office go extinct—has become one of his focuses. If people end up having more time to themselves, “anything around…leisure, travel, experiences,” would all make for strong investment areas, he said. 

To some, Cohen may be best known for his eye-popping investments in sports. In 2020, he gained 95% ownership of the New York Mets for over $2.4 billion—the largest-ever sale in Major League Baseball. Last year, Cohen acquired the rights to a New York-based team in TGL, a high-tech golf league started by Rory McIlroy and Tiger Woods that plays in partnership with PGA. In January of this year, Cohen—alongside a handful of other billionaire sports owners—reportedly invested a historic $3 billion into the PGA Tour. 

But even if a four-day workweek weren’t on the horizon, “I think I would have done the golf investment anyway, because I think there’s a longer-term thought,” he said. Nonetheless, Cohen’s golf investments, he told Sorkin, “should fit into a theme of more leisure.” More…

Click Here to Read the Full Original Article at Fortune | FORTUNE…