Hedge-fund magnate and billionaire owner of the New York Mets, Steve Cohen, anticipates a transition to a four-day workweek in the near future. In a recent appearance on CNBC’s Squawk Box with Andrew Ross Sorkin, Cohen attributed this shift not to employee demands or proven productivity benefits but rather to the increasing prevalence of artificial intelligence (AI).
Cohen, the current CEO and chairman of Point72 Asset Management, expressed his conviction that a shorter workweek is on the horizon due to the impact of AI on workplace efficiency. He noted that productivity tends to wane on Fridays, making a compressed work schedule an inevitable development.
While the concept of AI revolutionizing labor practices is appealing, former Treasury secretary Larry Summers tempered expectations by suggesting that significant productivity gains from AI may not materialize in the immediate future. Despite this caution, Cohen refrained from making specific projections about the timeline for the implementation of the four-day workweek.
Discussing the potential implications of this shift, Cohen highlighted investment opportunities in leisure activities such as golf, anticipating increased interest among professionals with more leisure time. His substantial investments in sports, including acquiring majority ownership of the New York Mets and involvement in high-profile golf ventures, underscore his strategic focus on leisure-related industries.
Acknowledging the existing trend of reduced activity in offices on Fridays, Cohen emphasized the importance of maintaining productivity, particularly in financial markets where continuous engagement is crucial. While he envisions a broader adoption of the three-day weekend concept, he emphasized the need for responsible time management, especially in fast-paced environments like Wall Street.
Looking ahead, Cohen envisions a future where more individuals can enjoy extended weekends, potentially reshaping traditional work schedules. As he navigates the intersection of finance and leisure pursuits, Cohen remains attuned to evolving work dynamics while leveraging his investments to align with the growing demand for leisure activities.
As the Mets gear up for upcoming baseball fixtures, including a double-header against Detroit and a series against the Reds, Cohen’s insights offer a glimpse into the evolving landscape of work-life balance and leisure priorities.
