Despite Likely Losing $500,000,000 Because of Gabe Plotkin, Michael Jordan Is Reportedly Selling Hornets To Melvin Capital’s Founder

Michael Jordan is undoubtedly one of the greatest players of all time. However, his time as an owner has not been a reflection of his greatness. After 13 years of having a majority stake in the Charlotte Hornets, Jordan has finally decided to sell the franchise. And, in a shocking turn of events, he stands to gain $3 billion, despite having once probably lost $500,000,000 to the potential buyer, Gabe Plotkin. A man who was at the center of the 2021 GameStop short squeeze.

In 2021, the Chicago Sun-Times reported that Jordan wasn’t doing too well financially. In fact, they claimed that he had lost close to $500,000,000 since his net worth was last recorded. This may have had something to do with Plotkin. The founder and chief investment officer of Melvin Capital was a minority owner of the Hornets at the time. And his GameStop debacle may have influenced MJ’s losses.

Gabe Plotkin’s involvement with GameStop may have cost Michael Jordan $500,000,000

Short selling is a finance practice in which an investor, known as the short-seller, borrows shares and immediately sells them, hoping to buy them back later at a lower price, return the borrowed shares to the lender, and profit off the difference. And, in 2021, that is exactly what Gabe Plotkin and a group of retail investors hoped to do with GameStop stocks.

However, thanks to the work of the subreddit group r/wallstreetbets, things didn’t go as planned. GameStop stocks turned into meme stocks after the subreddit drove up the price to the point where short sellers had to yield and cover their positions at large losses. Essentially, triggering a short squeeze.

This led to billions of dollars in losses for Plotkin and his investment firm Melvin Capital. However, some believe it may have affected billionaire athlete Michael Jordan as well. A then-minority owner of the Charlotte Hornets, he may have had an influence over Michael’s business decisions. And, if reports are to be believed, the GOAT lost $500,000,000 around the same time as the GameStop debacle.

It certainly was a weird coincidence. And, while it is mere speculation, it is safe to say that it is all in the past. After all, His Airness is supposedly on the verge of finalizing a $3 billion deal that will see him transfer majority ownership of the Hornets to Gabe Plotkin.

Adrian Wojnarowski claims Jordan is set to net $3 billion from his sale of the Charlotte Hornets

The rumor mills have been awry with news of the possibility of Michael Jordan selling his majority stake in the Charlotte Hornets. And, over the last few months, those rumors have turned into reality. According to reputed ESPN columnist Adrian Wojnarowski, MJ is set to earn a whopping $3 billion from his sale to Gabe Plotkin and Rick Schnall.

It would be a huge deal. One that would see Jordan gain a $2.8 billion profit. Seeing as he bought the Hornets from Bob Johnson for just $180 million back in 2010.

If the deal goes through, it has been quite the ride for both Jordan and the Hornets. And, while he will only own a minority ownership in the team, his influence and impact will still be felt.