Billionaire investor and NY Mets owner says AI could yield four-day work week for most workers
Billionaire investor and New York Mets owner Steve Cohen said that artificial intelligence (AI) could pave the way for a four-day work week for most workers.
Cohen said in a Wednesday appearance on CNBC's "Squawk Box" that he believes that the majority of workers will eventually have a four-day work week and three-day weekend, which will expand opportunities for individuals to engage in leisurely pursuits.
He explained that his thesis about a shorter work week in the future helped inform his investment in a startup golf league called the Tomorrow Golf League (TGL).
"My belief is that a four-day work week is coming," Cohen told CNBC. "Between the advent of AI, generally we hear from people that people are not as productive on Fridays. So I just think it's an eventuality. When it happens, it's hard to know."
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"But that should fit into a theme of more leisure for people, which means golf rounds would go up, and interest will go up — I guess courses will be more crowded," Cohen explained.
He added that other investment themes that could benefit from a four-day work week could include leisure and travel, as well as other experiences.
Cohen noted that portfolio managers and traders at his investment firm would still be expected to work on Fridays if the markets are open.
"If they're taking off Friday, and they have a portfolio, that's a problem if the markets are open," he said. "Forgetting us, the vast majority of people will get an opportunity, I think at some point, to have a three-day weekend."
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Cohen Family Ventures, his family office, acquired the rights to the New York Golf Club team in the TGL, which will feature Xander Shauffele, Rickie Fowler, Matthew Fitzpatrick and Cameron Young.
The TGL features six teams, including Cohen's, and will feature a unique format in which teams will play 15 holes in a match, rather than the standard 18. The first nine holes are played by teams of triples, with players alternating shots, while those groups will break into singles matchups for holes 10 through 15.
TGL will hold its first season starting in January 2025 and was founded by sports executive Mike McCarley and legendary professional golfers Tiger Woods and Rory McIlroy in a partnership with the PGA Tour.
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Matches will be played at the SoFi Center in Palm Beach Gardens, Florida, on the campus of Palm Beach State College. They will be played on weeknights to not interfere with the PGA Tour's tournament schedule.
Other TGL teams aside from Cohen's New York Golf Club include the Atlanta Drive Golf Club, Boston Common Golf, Jupiter Links Golf Club, Los Angeles Golf Club and TGL San Francisco.