Reddit is one of the biggest and most active social media platforms. It has over a billion active users per month, making it capable of impacting real-world events. Michael Jordan, the Chicago Bulls legend, experienced this firsthand. He had invested in GameStop, but Redditors buying shares caused the company to suffer a loss of over $500 million in 2020. Jordan’s business partner, Gabriel Plotkin, had concerns about GameStop’s business fundamentals and decided to short the company’s stocks, resulting in the alleged loss. Additionally, a user on the r/NBA subreddit recently revealed a two-year plan to purchase a .5% stake in the Memphis Grizzlies franchise. The ambitious plan requires approximately $6,500,000 from the subreddit’s 8 million followers.
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MJ’s business acumen has been proven over the years, leading to a net worth of over $2 billion. His successful investments, including the Charlotte Hornets, contribute to this wealth. In 2010, Jordan purchased the franchise for $275 million, and now he is expected to make around $3 billion from its sale.
Redditors plan to buy 0.5% of the Memphis Grizzlies
Gabriel Plotkin and other big-time traders faced huge losses when Reddit users collectively purchased GameStop shares, including Plotkin himself. This ironic turn of events resulted in a $500 million loss, impacting the net worth of individuals like MJ, whose worth decreased to $1.6 billion. Nevertheless, MJ’s recent sale of the Charlotte Hornets has helped recover from that loss.
This incident highlights the significant influence Reddit users can wield over large companies. A similar initiative is currently being discussed on the social media platform. A post by user Ancient Gorrila on r/NBA unveils a plan to acquire a significant stake in the Grizzlies franchise.
The Grizzlies franchise has a value of $1.3 billion, and the proposed plan on the subreddit involves purchasing a .5% stake for $6.5 million. Although ambitious, it remains a realistic goal for the subreddit’s current 8 million active users. Each user would only need to make a minimal investment, as the post estimates, for the plan to come to fruition. However, the post acknowledges that not all users may see it, and not all users may have the funds or interest to participate.
According to the plan, if 1 million users contribute $6.5 each, they can collectively own the Grizzlies. The post takes into account the possibility that not all users will be aware of the post or able to contribute financially, acknowledging the potential limitations.
Michael Jordan has made up for his GameStop losses since 2020
Despite his retirement, Michael Jordan remains a global phenomenon, and his various business ventures continue to generate significant income. CAKnowledge reports that Jordan currently earns around $50 million annually.
Jordan’s business portfolio includes ownership of numerous restaurants, a tequila brand, the NASCAR team 23XI, as well as stakes in several prominent companies and sports teams. Additionally, he benefits from the substantial income generated by the Air Jordan brand. While his net worth may have experienced a decline, his current earnings have remained robust.
Moreover, the recent sale of the Hornets for $3 billion has more than compensated for any previous losses. As a result, Michael Jordan’s net worth is once again estimated to exceed $2 billion.
