Gabe Plotkin’s Net Worth

The American hedge fund manager Gabriel “Gabe” Plotkin has a net worth that is estimated to be in the range of $400 million. Gabe is most well-known for being the founder of Melvin Capital Management, which, in 2021, engaged in a public argument with a group of redditors on the firm GameStop.

In 2001, he received his Bachelor of Science degree in Economics from Northwestern University. After graduating from college, he found employment with the hedge firm known as Citadel LLC. In addition to that, he had positions with SAC Capital and North Sound Capital, both of which are situated in Connecticut.

Personal Affairs and Property Management

In November of the year 2020, Gabe shelled out a combined sum of $44 million to purchase two mansions that were close to one another on North Bay Road in Miami, Florida. It was shown in the designs that he submitted to the city that he intended to demolish one of the properties and replace it with a tennis court and some gardens. Additionally, he is a property owner in the city of New York.

What Is Gabe Plotkin's Net Worth? Complete Details!

Since 2006, Gabe Bank-Plotkin has been his wife, and they have two children together.

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Hornets Investment

In 2019, Gabe and another manager of a hedge fund purchased a share of Michael Jordan’s ownership stake in the National Basketball Association team the Charlotte Hornets. The value of the Hornets after the transaction was determined to be $1.5 billion.

SAC Capital

While working at SAC Capital, he was in charge of managing a $1.3 billion consumer stocks portfolio. Prosecutors from the United States Department of Justice claim that Gabriel received confidential information at some point during his employment at SAC Capital. Plotkin is referred to as “Portfolio Manager B” in the documents filed with the court. According to reports, Plotkin was received a series of emails from another portfolio manager that contained what the SEC regarded to be inside knowledge.

What Is Gabe Plotkin's Net Worth? Complete Details!

SAC entered a guilty plea in 2013 and agreed to pay a total of $1.2 billion in penalties, with an additional $616 million going to the SEC. Steven A. Cohen, the creator of SAC, then proceeded to return all outside capital and instead founded a family office that he named Point72 Asset Management. In 2016, SAC was completely put out of business.

Melvin Capital

After the collapse of SAC in 2014, Gabe Plotkin established Melvin Capital Management as a response to the financial crisis. The company, which was rapidly able to raise $1 billion in financing, was given its name by Gabe after his grandfather.

Melvin generated a return on assets of 47% in 2017, its first full year of operation. This result ranked Melvin as the second-best performing hedge fund in the world (among hedge funds with more than $1 billion in assets under management) among hedge funds with more than $1 billion in assets under management. Due to his outstanding achievement during that year, he was awarded $300 million in compensation.

By the year 2018, the total assets that were being managed by the fund had increased to $3.5 billion.

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At the end of the year 2020, the company had 12.5 billion under control.

GameStop

A tsunami of anger directed at fund managers like Plotkin who aggressively “shorted” the stock of faltering companies was built up by users of the subreddit r/wallstreetbets towards the beginning of 2021. Redditors drew special attention to the short sales of GameStop stock, which at the time was the most shorted stock on American exchanges. GameStop is a company that rents out video games.

What Is Gabe Plotkin's Net Worth? Complete Details!

The users of reddit banded together to carry out a “short squeeze,” a strategy in which the price of the stock is caused to skyrocket upward, which results in the short sellers losing an enormous amount of money in an extremely short amount of time.

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