Gabriel Plotkin – Melvin capital worth – Wife – Age
Friends, Gabriel Plotkin is an American businessman and entrepreneur who founded Melvin Capital Management LP. He currently serves as the Chief Investment Officer of the hedge fund that he established.
Gabriel Plotkin is an American businessman and entrepreneur who founded Melvin Capital Management LP. He currently serves as the Chief Investment Officer of the hedge fund that he established.
He has received a great deal of attention in the recent wake of the GameStop investment debacle that resulted in billions of dollars in debt for hedgers shorting the stock. If you’re hearing his name for the first time, here are 10 things you didn’t know about Gabe Plotkin to bring you up to speed.
- Gabriel Plotkin runs Melvin Capital Management, a hedge fund firm with $3.5 billion under management.
- Plotkin founded Melvin Capital in 2014. He had previously been one of the most prominent traders at Steve Cohen’s SAC Capital hedge fund.
- Plotkin mostly trades consumer stocks and in 2017 Melvin Capital posted returns of 41% net of fees.
In any case, shares of ViacomCBS, Melvin’s largest put position among the newly revealed eight, rose roughly 50 percent for the month through January 27.
The common stock of Ligand Pharmaceuticals, Melvin’s second-largest put position among this new group, nearly doubled for the month through January 28. The stock would rise another 13 percent before peaking on February 9.
Meanwhile, shares of Ollie’s Bargain Outlet Holdings, another negative bet, rose about 30 percent through January 27. Melvin’s put positions in the other stocks were much smaller in market price value. Three of them surged in price through late January.
They included ADT, Kroger, and Tabula Rasa Healthcare.
The two stocks for which Melvin held puts that didn’t move much at price during January were Trinity Industries and WW International. Melvin did not return a call seeking comment.
Plotkin, the founder, and CIO of Melvin is a former trader and consumer stock specialist at Sigma Capital Management, then a division of SAC Capital, where he spent eight years. Melvin, launched in 2014, surged by more than 46 percent in 2019 and 52 percent in 2020.
Where did Gabe Plotkin go to college?
Northwestern UniversityAfter graduating from Northwestern University with a degree in Economics in 2001, Gabriel Plotkin joined Ken Griffin’s hedge fund Citadel LLC, and later Connecticut-based hedge fund North Sound Capital.
Prior to starting Melvin Capital, Plotkin was a trader at Steve Cohen’s SAC Capital, where he managed a portfolio of mostly consumer stocks valued at about $1.3 billion. During his time at SAC Capital, Plotkin was the recipient of illegal insider information according to federal prosecutors.
Reuters identified Plotkin as the so-called “Portfolio Manager B” in the Securities and Exchange Commission’s civil complaint against Michael Steinberg, a fellow SAC PM who was arrested on charges he traded Dell’s earnings based on insider information.
Plotkin was allegedly forwarded several emails by Steinberg and others that contained insider information.
Plotkin founded Melvin Capital, after leaving SAC during the insider trading blowup, in late 2014, naming the fund after his late grandfather who was a small-business owner.
He raised nearly $1 billion. CIO Gabe Plotkin described the fund to Bloomberg as “a very human-intensive place. We have a lot of analysts, we require a lot out of them”. He also said that the fund has an “intense focus” on the short side (i.e. short selling).
In its first full year in operation, Melvin Capital had returns of 47%, ranking it 2nd in Bloomberg’s 2015 list of top-performing funds with $1 billion or more in assets under management
According to The Wall Street Journal, about one-third of the gains in 2019 from Steve Cohen’s current hedge fund, Point72, came from Melvin Capital Management LP.
In September 2020 the name of the company showed up in the Polish Short Sale Registry (Rejestr Krótkiej Sprzedaży) because of a short position in-game developers CD Projekt, a net position of 0.55 percent through the Polish stock exchange (GPW).
They gained considerably due to the problems faced during the launch of Cyberpunk 2077.
In early 2021 the fund lost over 30% due to numerous short bets that went awry, including GameStop. Users of the subreddit r/WallStreetBets made widespread bets that GameStop’s stock would increase in value.
In January, Ken Griffin’s Citadel and Steve Cohen’s Point72 invested $2.75 billion in Melvin in exchange for non-controlling revenue shares of the fund.
CNBC’s Andrew Ross Sorkin reported that fund manager Gabriel Plotkin advised Melvin Capital had closed (i.e. covered) its short position in GameStop on January 26 in the afternoon, although CNBC could not confirm the amount that Melvin Capital lost.
Melvin Capital also contended that rumors of the fund intending to file for bankruptcy are false. On January 27 Bloomberg News reported that losses had continued past the 30% reported on January 24 by the WSJ although their sources would not give a specific number as to not upset CIO Gabe Plotkin. The fund had also repositioned its portfolio according to the source.
The short position adopted by Melvin Capital and others resulted in more than 139% percent of existing shares of GME being shorted, making GameStop stock the most shorted equity in the world.
Through the end of January 2021, the fund was down 53%, according to The Wall Street Journal. In February, Melvin posted a 22% gain; even with this addition, Melvin will need to produce an additional 75% gain for earlier clients before they break even. At the end of Q1 2021, Melvin reported losses of 49%.
1. Plotkin is a college graduate
According to Wikipedia, Gabriel Plotkin is a college graduate. He enrolled in courses at Northwestern University. There he earned his bachelor’s degree in Economics, graduating in 2001.
2. He worked as a trader out of college
After he graduated from Northwestern, Gabriel accepted a job at SAC Capital. His official title was a trader. He was in charge of managing a portfolio of consumer stocks.
This was a job with a lot of responsibility as he handled the stocks that were valued at approximately $1.3 billion.
3. Gabriel had legal issues at SAC
When Plotkin was still employed at SAC Capital a scandal broke out. Federal prosecutors alleged that he was the recipient of illegal insider information. This was a serious crime.
He was involved as a person of interest in the case that was investigated by the Securities and Exchange Commission. He was called Portfolio Manager B in the scandal.
While his coworker was arrested and charged with the crime, Plotkin was not, however, it was alleged that he forwarded multiple emails that contained the illegal information.
4. He left SAC and started his own company
Toward the end of 2014, Plotkin left SAC to establish his own company. This was not long after the legal trouble and allegations of wrongdoing by the SEC. He established Melvin Capital, a fund that was named in honor of his late grandfather.
Cabe Plotkin raised almost a billion dollars for the fund. It is known for its short-selling strategies. It wasn’t’ long before the fun operated with over a billion in assets under its management.
5. Gabriel’s company suffered a big loss in 2021
In the early part of 2021, Melvin Capital experienced a loss of more than 30 percent because of short betting. GameStop was just one of the shorts that went south on the company.
The subreddit users of WallStreetBets took the long position on the stock and rumors of bankruptcy began to circulate. It covered its short position on the stock, but the precise amount that Melvin Capital lost in the deal has not fully been disclosed. At the last update at the end of January, Plotkin’s hedge fund was down by 53 percent.
6. Gabe grew up in a Jewish home
We learned from WikiProject Topics some facts about Gabriel Plotkin’s early years. He is Jewish. He was raised in a Jewish household, but not much more about his personal beliefs are known.
7. You won’t find him on social media
You will not find Mr. Plotkin on social media. Numerous searches have not turned up any official social media accounts that are accessible by the public.
He has literally no presence on social media on any of the platforms. If you try to look him up on Twitter or Instagram, you might find people with the same name, but it won’t be him.
8. He is a family man
Gabriel Plotkin has a rich personal life as well as a busy career. Mr. Plotkin is married to Yaara Bank-Plotkin. She is a native New Yorker. The couple married in 2006 and are still together.
They have a son named Eytan Shmerel. Both are natives of the East Coast. Gabriel was on in Portland, Maine and this is where he grew up.
9. Gabriel Plotkin is still okay financially
Although Plotkin’s hedge fund recently took a terrible hit, sources confirm that he’s still got his head above water. The rumors of bankruptcy were found to be untrue. He covered the shorts and is continuing to move forward in his business despite the loss.
This is a calculated risk that can happen at any time, and all hedge betters realize that there is no such thing as a sure deal, so they have contingency plans. Plotkin is still reported to have a net worth of about $300 million, which qualifies him as a very rich man.
In the hedging end of the financial industry, fortunes are made and lost with frequency. He still manages assets of around $12.5 billion through Melvin Capital. On top of that, he holds shares in Amazon of an undisclosed amount and about $20 million in Bath and Body Works. He’s still in business and going strong.
10. Gabriel Plotkin is passionate about Israel
According to Chabdic, Mr. Plotfin and his wife both Yaara are both passionate about the land of Israel. They are associated with the Chabad Israel Center.
The couple engages in some of their favorite activities with their son including sporting events and petting zoos, like any other family, but they feel a strong sense of community and they are dedicated to doing what they can to support the Jewish Community through their efforts in a partnership with Chabad.
They seek to provide assistance to improve the lives of Israel’s terror victims and wounded soldiers. They participate in annual support drives for this purpose.
This shows that Mr. Plotkin has a strong sense of his Jewish roots and loyalty to the people who live in his local community as well as for his ancestral ties to Israel.
He has a generous heart when it comes to helping those who are in need. It is its type of kindness that makes the world a better place to live.
Subsequent to the GameStop short squeeze event, Melvin Capital disclosed that it is the target of at least nine lawsuits relating to its behavior during that period. Allegations include Melvin’s participation in a “conspiracy” against retail investors, and also that Melvin “made misstatements about their role in the conspiracy to the public.” Melvin contends that these lawsuits are “without merit.”
Yaara Bank-Plotkin is the spouse of Melvin Capital, originator, and Chief Investment Officer, Gabriel Plotkin. Gabriel started the venture the board firm in 2014 in New York. He began his profession as a portfolio administrator at “SAC Capital” and worked at “North Sound Capital.”
There were two or three gossipy tidbits about Yaara and Gabriel petitioning for a separation. Notwithstanding, neither Yaara Bank-Plotkin nor Gabriel Plotkin has affirmed or denied the gossip about their separation.
How old is Yaara Bank-Plotkin? The specific age, date of birth, and zodiac indication of Yaara are absent to people in general yet. By the vibes of her photos, Bank-Plotkin is by all accounts in her late 30s.
Bank was brought up in New York, USA, and her ethnicity is American. Yaara’s identity and foundation are kept hidden. The total assets subtleties and the subtleties of Yaara Bank-Plotkin’s compensation and profit are kept hidden.
Be that as it may, her significant other, Gabriel Plotkin’s total assets is $300 million, reports Forbes. Yaara Bank-Plotkin is the spouse of Gabriel or Gabe Plotkin. Gabriel and Yaara got hitched in the year 2006.
Gabe Plotkin is the CIO of Melvin Capital. Gabe’s organization was valued at $12.5 billion preceding enduring a tremendous misfortune. The organization’s present valuation is $8 billion, reports Daily Mail.
There were bits of gossip about Yaara Bank-Plotkin and Gabe Plotkin getting separation on January 31, 2021. Yaara had petitioned for the separation, and the explanation was hopeless contrasts between the two.
Yaara doesn’t have a Wikipedia page devoted to her yet. One can peruse Yaara Bank-Plotkin’s profile in two or three Wiki-bio pages. Yaara’s Twitter bio isn’t accessible as she isn’t dynamic on any online media stages, for example, Instagram, Twitter, Facebook, and TikTok.
There are no subtleties present about Yaara Bank-Plotkin’s youngsters. Bank-Plotkin carries on with a private life as she has not unveiled any insights regarding her family, guardians, kin, and foundation.
The fund is led by Founder & CIO Gabriel “Gabe” Plotkin. According to Forbes, Plotkin earned about $300 million in compensation in 2017, making him the 20th highest-paid hedge fund manager that year.
In December 2020 Plotkin purchased 2 adjacent houses in Florida for $44 million. Plotkin purchased a minority interest in the Charlotte Hornets in 2019 from Michael Jordan.
According to Bloomberg, during 2020 Plotkin earned over $800 million in compensation. However, during January 2021, he reportedly lost $460 million due to his funds collapsing. David F. Kurd is the firm’s COO.
What is Gabe Plotkin’s net worth?
Gabe Plotkin Net Worth: Gabriel “Gabe” Plotkin is an American hedge fund manager who has a net worth of $400 million. Gabe is best-known for being the founder of Melvin Capital Management which had a public spat with a community of redditers in 2021 over the company GameStop.
He graduated from Northwestern University with an Economics degree in 2001. After college he went to work at the hedge fund Citadel LLC. He also worked for a Connecticut-based hedge fund called North Sound Capital and SAC Capital.
SAC Capital: At SAC Capital he managed a fund of consumer stocks worth $1.3 billion. According to federal prosecutors, at some point during his time at SAC Capital Gabriel was the recipient of insider information. In court filings, Plotkin was the so-called “Portfolio Manager B” and reportedly was forwarded a number of emails from a fellow portfolio manager that the SEC considered inside information.
In 2013 SAC pleaded guilty and agreed to pay $1.2 billion in penalties plus $616 million paid to the SEC. SAC’s founder, Steven A. Cohen, proceeded to return all outside capital and established a family office instead, which he called Point72 Asset Management. SAC was fully shuttered in 2016.
Melvin Capital: In the wake of the implosion of SAC, in 2014 Gabe Plotkin founded Melvin Capital Management. The firm, which is named after Gabe’s grandfather, quickly raised $1 billion in capital.
In 2017, it’s first full year in operation, Melvin generated a 47% return on assets, which made it the second-best performing hedge fund in the world (among hedge funds with more than $1 billion in assets under management). His compensation after that year’s performance was $300 million.
By 2018 the fund’s assets under management had ballooned to $3.5 billion.
The firm ended 2020 with $12.5 billion under management.
GameStop: In early 2021, members of the subreddit r/wallstreetbets built a groundswell of criticism aimed at fund managers like Plotkin who aggressively “shorted” the stock of struggling companies. The redditers paid particular attention to the short sales of video game rental company GameStop, which was the most-shorted stock on American exchanges.
The redditers banded together to perform a “short squeeze”, where the price of the stock is sent rocketing upward, causing the short sellers to lose massive amounts of money very quickly.
Melvin Capital reportedly lost 30% of its fund value very quickly thanks to its massive short position in GameStop. The losses were so large that Melvin reportedly had to request a $2.75 billion capital injection from Point72 and Citadel in exchange for the rights to a portion of the fund’s future revenues.
According to the Wall Street Journal, Melvin Capital lost 53% on its investments in January 2021 alone. According to the same WSJ article, Melvin started 2021 with $12.5 billion in assets and ended January with $8 billion – which includes the $2.75 billion in capital injected.
Michael Jordan/Hornets Investment: In 2019, Gabe and another hedge fund manager bought a portion of Michael Jordan’s ownership stake in the NBA’s Charlotte Hornets. The acquisition valued the Hornets at $1.5 billion.
Personal Life and Real Estate: In November 2020, Gabe paid a total of $44 million for two adjacent homes in North Bay Road in Miami, Florida. He filed plans with the city which showed plans to raze one of the properties and replace with a tennis court and gardens. He also owns property in New York City.
Gabe has been married to Yara Bank-Plotkin since 2006.
Gabe Plotkin’s Melvin Capital Management late Wednesday provided new insight into negative positions the firm held at year-end that may have contributed to its stunning 53 percent loss in January.
The steep decline had largely been attributed to a Reddit-fueled assault on heavily shorted stocks including GameStop, which bludgeoned short-sellers like Melvin and other hedge fund firms.
The blow-up resulted in Point72 Asset Management and Citadel pumping $2.75 billion into Melvin’s hedge fund to shore up its finances. In its initial 13F filing covering the fourth quarter and publicly disclosed in mid-February, Melvin had listed eight stocks for which it held put options.
These included GameStop, AMC Networks, Cryoport, First Majestic Silver, GSX Techedu, and Simon Property Group. But on Wednesday, Melvin filed an amended version of the document disclosing that as of December 31 it held put positions in an additional eight companies not previously known.
Six of those eight companies’ common stocks surged in price in January. From January 2 to January 28, one of the eight stocks Melvin had betted against nearly doubled in price. Two surged around 50 percent through January 27, while three others rose at least 20 percent over the same period.
Just two of the stocks’ prices did not move in a meaningful manner. There is no way of knowing from public documents how long Melvin held these options positions, whether Melvin increased or decreased its bets throughout the month, or if it also had outright short positions on any of the stocks.
Gabriel Plotkin – Melvin capital worth – Wife – Age