Gabe Plotkin

Last updated
Gabe Plotkin
Charlotte Hornets
PositionMajority Owner, Co-Chairman
League NBA
Gabe Plotkin
Gabe Plotkin Headshot.jpg
Born1978or1979(age 45–46) [1]
Portland, Maine, US
Education Northwestern University (B.A.)
Occupation Hedge fund manager
Known forCo-chairman of the Charlotte Hornets
Founder of Melvin Capital
Founder of Tallwoods Capital LLC
SpouseYaara Bank-Plotkin
Children4

Gabe Plotkin (born 1978) [1] is an American businessman, the founder and chief investment officer of former Melvin Capital Management and Tallwoods Capital LLC. He is also a majority owner and co-chairman of the Charlotte Hornets of the NBA.

Contents

Biography

Early life and education

Gabe Plotkin was born and raised in a wealthy family in Portland, Maine. He graduated magna cum laude from Northwestern University with a bachelor's degree in economics. [2]

Early career

After graduating, he worked for Henry Crown and Company before joining North Sound Capital as a consumer stocks analyst. [3] In 2006, he joined S.A.C. Capital Advisors, a hedge fund founded by Steve Cohen, where he was one of its top traders. [4] He managed one of the firm's largest portfolios, [5] valued at over $1 billion. [6]

Melvin Capital Management

In 2014, with a $200 million investment from Cohen, Plotkin founded Melvin Capital Management, a New York-based hedge fund which he named after his grandfather. [7] [8] It had $3.5 billion under management by 2017. [4] In 2017, with $300 million in earnings, he was one of the highest-earning hedge fund managers. [4] This increased to over $850 million in 2020, placing him in the top 15 highest-earning hedge fund managers. However, his compensation decreased in 2021, due to the impact of the GameStop short squeeze on the fund. [9] Despite receiving $2 billion from Kenneth C. Griffin and $750 million from Steve Cohen, on May 18th, 2021, Bloomberg announced Melvin Capital went defunct shorting GameStop and Gabe Plotkin would be shutting down his firm. [10]

Tallwoods Capital LLC

Plotkin founded Tallwoods Capital LLC, a family office focusing on long-term investments, in 2022 and is the firm's chief investment officer. Tallwoods Capital is headquartered in Miami Beach, Florida. [11]

Charlotte Hornets

Plotkin purchased a minority stake in the Charlotte Hornets in 2019, [12] and subsequently served as an alternate governor on the NBA Board of Governors. [13] In June 2023, Plotkin along with Rick Schnall purchased the Charlotte Hornets from majority owner, Michael Jordan, [14] who will continue to hold a minority interest. He is currently the team's co-chairman. [14]

Personal life and philanthropy

He is married to Queens, New York–native Yaara Bank-Plotkin, [2] with whom he has four children. [15] He is of Jewish descent. [2]

Plotkin contributes to philanthropic causes for veterans and the Jewish community. [8] He is on the board of advisors to Children of Fallen Patriots Foundation, an organization which provides scholarships and mentorship to individuals who lost a parent in the line of duty. [16] Through the Gabriel and Yaara Plotkin Family Foundation, he and his wife have supported organizations like the Wounded Warrior Project and Chabad of Southampton. [17]

Plotkin is portrayed by Seth Rogen in the 2023 film Dumb Money , a biographical drama about the GameStop short squeeze. [18]

Related Research Articles

<span class="mw-page-title-main">Soros Fund Management</span> Private investment firm

Soros Fund Management, LLC is a privately held American investment management firm. It is currently structured as a family office, but formerly as a hedge fund. The firm was founded in 1970 by George Soros and, in 2010, was reported to be one of the most profitable firms in the hedge fund industry, averaging a 20% annual rate of return over four decades. It is headquartered at 250 West 55th Street in New York. As of 2023, Soros Fund Management, LLC had $25 billion in AUM.

<span class="mw-page-title-main">Steve Cohen (businessman)</span> American billionaire hedge-fund manager, sports team owner (born 1956)

Steven A. Cohen is an American hedge-fund manager and owner of the New York Mets of Major League Baseball since September 14, 2020, owning just over 97% of the team. He is the founder of hedge fund Point72 Asset Management and S.A.C. Capital Advisors, which closed after pleading guilty to insider trading and other financial crimes.

<span class="mw-page-title-main">Point72 Asset Management</span> American hedge fund

Point72 Asset Management, is an American hedge fund. It was founded in 2014 by Steve Cohen, after his previous company S.A.C. Capital Advisors pleaded guilty to insider trading charges.

<span class="mw-page-title-main">Citadel LLC</span> American hedge fund and financial services provider

Citadel LLC is an American multinational hedge fund and financial services company. Founded in 1990 by Ken Griffin, it has more than $58 billion in assets under management as of January 2024. The company has over 2,800 employees, with corporate headquarters in Miami, Florida, and offices throughout North America, Asia, and Europe. Founder, CEO and Co-CIO Griffin owns approximately 85% of the firm. As of December 2022, Citadel is one of the most profitable hedge funds in the world, posting $74 billion in net gains since its inception in 1990, making it the most successful hedge fund in history, according to CNBC.

<span class="mw-page-title-main">Marshall Wace</span> UK hedge fund company

Marshall Wace LLP is a British hedge fund headquartered in London, England, founded by Paul Marshall and Ian Wace in 1997. Marshall serves as chairman and chief investment officer, and Wace as a chief executive officer & chief risk officer. The company is recognised as one of the world's largest hedge fund managers.

<span class="mw-page-title-main">Ray Dalio</span> American investor and hedge fund manager (born 1949)

Raymond Thomas Dalio is an American investor and hedge fund manager, who has served as co-chief investment officer of the world's largest hedge fund, Bridgewater Associates, since 1985. He founded Bridgewater in 1975 in New York.

<span class="mw-page-title-main">Sculptor Capital Management</span> American investment management firm

Sculptor Capital Management is an American global diversified alternative asset management firm. They are one of the largest institutional alternative asset managers in the world.

Marc Lasry is a Moroccan American billionaire businessman and private equity manager. He is the co-founder and chief executive officer (CEO) of Avenue Capital Group. He was a co-owner of the NBA's Milwaukee Bucks basketball team from 2014 to 2023.

Jacob Ezra Merkin is an American investor, hedge fund manager and philanthropist. He had been a fund manager and capital raiser until 2008 when one of the funds in Gabriel Capital LP, his $5 billion group of hedge funds became insolvent because a large portion of its assets was invested with the convicted Ponzi scheme operator Bernard Madoff. The fallout from his investment with Madoff has been extensive. He navigated a series of lawsuits without a finding of fraud or knowledge of the scheme, but agreed to repay any fees earned from the investment in Madoff historically. He had to resign a series of positions including his role as non-executive chairman of GMAC.

<span class="mw-page-title-main">Pershing Square Capital Management</span> American hedge fund

Pershing Square Capital Management is an American hedge fund management company founded and run by Bill Ackman, headquartered in New York City.

<span class="mw-page-title-main">Highfields Capital Management</span>

Highfields Capital Management LP is a hedge fund founded in 1998 which had assets of $12.1 billion in 2018. The annualized net returns during the firm's first 20 years were more than 10%.

Pierre Andurand is a French businessman and hedge fund manager. His funds have approximately $2bn in assets under management and have produced cumulative returns of between 900-1300% for investors since 2008. He is also the majority shareholder of the international kickboxing league Glory.

Israel “Izzy” Englander is an American billionaire hedge fund manager. In 1989, he founded his hedge fund, Millennium Management, with Ronald Shear. The fund was started with US$35 million, and as of 2024 had US$61.1 billion in assets under management.

Jeffrey Marc Talpins is the founder and Chief Investment Officer of New York-based hedge fund, Element Capital Management. He is a “macro” trader who uses options to try to capture the upside of — and limit potential losses from — strategies aimed at anticipating global economic shifts.The Wall Street Journal referred to Talpins as “the hedge fund king you’ve never heard of” and “the hottest investor on Wall Street."

<span class="mw-page-title-main">Element Capital Management</span>

Element Capital Management is an American hedge fund using a global macroeconomic investment strategy, founded in 2005 by Jeffrey Talpins.

Rick Schnall is an American businessman, co-president of private equity firm Clayton, Dubilier & Rice, minority owner of the Atlanta Hawks, and among the majority owners of the Charlotte Hornets.

<span class="mw-page-title-main">Melvin Capital</span> American investment management firm

Melvin Capital Management LP was an American investment management firm based in New York City. It was founded in 2014 by Gabriel Plotkin, who named the firm after his late grandfather.

D1 Capital Partners is an American investment firm based in New York City, United States. The firm invests in both public and private markets globally.

References

  1. 1 2 La Roche, Julia (February 23, 2016). "A 37-year-old hedge fund manager had a monster first year running his $1.5 billion fund". Business Insider .
  2. 1 2 3 "Honorees Young Leadership Award - Gabriel Plotkin and Yaara Bank-Plotkin". Chabad Israel Center of the Upper East Side. Retrieved June 18, 2023.
  3. ↑ "Ex-Point72 Manager Plotkin Is Said to Raise $700 Million". Bloomberg.com. 2015-01-06. Retrieved 2023-09-06.
  4. 1 2 3 "2017 The Highest-Earning Hedge Fund Managers Earnings - Gabriel Plotkin". Forbes . April 17, 2018.
  5. ↑ Chung, Juliet (2021-01-22). "WSJ News Exclusive | Short Bets Pummel Hot Hedge Fund Melvin Capital". Wall Street Journal. ISSN   0099-9660 . Retrieved 2023-09-06.
  6. ↑ "Gabe Plotkin's Melvin Capital Reboots After Crushing String of Losses". Bloomberg.com. 2022-04-21. Retrieved 2023-09-06.
  7. ↑ "SAC Capital Alum Gabriel Plotkin Posts Another Strong Gain". Institutional Investor. 2017-01-09. Retrieved 2023-09-06.
  8. 1 2 Lim, Dawn (2022-06-02). "Gabe Plotkin's Wild Ride Reveals the Perils of Betting on a Star Trader - BNN Bloomberg". BNN. Retrieved 2023-09-06.
  9. ↑ "Coleman Leads $23 Billion Payday for 15 Hedge Fund Earners". Bloomberg.com. 2021-02-10. Retrieved 2023-09-06.
  10. ↑ "Plotkin Shuts Melvin Hedge Fund Reeling From Redditor Attack". Bloomberg.com. 2021-06-21. Retrieved 2023-01-17.
  11. ↑ "GABRIEL PLOTKIN". Children of Fallen Patriots. 2023-05-19. Retrieved 2023-08-21.
  12. ↑ "Gabe Plotkin, Jewish millionaire, buys Charlotte Hornets". The Jerusalem Post | JPost.com. Retrieved 2023-08-21.
  13. ↑ "Group Led By Gabe Plotkin and Rick Schnall Finalizes Purchase Of Majority Stake In Charlotte Hornets From Michael Jordan". NBA.com.
  14. 1 2 Moore, Evan (June 16, 2023). "Who are Gabe Plotkin and Rick Schnall? Meet the new Charlotte Hornets owners". The Charlotte Observer .
  15. ↑ "Testimony of Gabriel Plotkin, founder of Melvin Capital Management". Washington Post. Retrieved 2023-08-20.
  16. ↑ "GABRIEL PLOTKIN". Children of Fallen Patriots. 2023-05-19. Retrieved 2023-09-06.
  17. ↑ "Your Daily Phil: The next COVID relief bill and the Jewish community". eJewish Philanthropy. 2021-01-29. Retrieved 2023-09-06.
  18. ↑ "'Dumb Money' First Look: The GameStop Stock Frenzy Is Now a Movie". Vanity Fair. 2023-06-21. Retrieved 2023-08-19.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.