Gabe Plotkin is an American hedge fund manager and philanthropist. He started his career as a trader at Morgan Stanley after graduating in 1996 from Northwestern University.
Advertisement
In 2001, Plotkin joined Steve Cohen’s hedge fund SAC Capital, where he quickly rose through the ranks to become one of its top traders. He managed the firm’s $1.5 billion “desks” portfolio and was known for his expertise in the technology and consumer sectors.
He left SAC in 2014 and founded his own hedge fund, Melvin Capital Management, with an initial investment of $200 million. Plotkin’s Melvin Capital gained notoriety in early 2021. The firm suffered huge losses after being caught in a short squeeze involving GameStop and other heavily shorted stocks.
Gabe Plotkin bought a minority stake in the Charlotte Hornets from Michael Jordan
In September 2019, Gabe Plotkin acquired a minority stake in the Charlotte Hornets NBA team. The transaction involved Plotkin purchasing an undisclosed stake in the team from Michael Jordan, who remains the majority owner of the franchise.
Plotkin’s investment in the Hornets was seen as a strategic move for the hedge fund manager, who is known for his keen interest in sports. Plotkin has reportedly been a fan of the NBA for many years. He has been known to attend games and follow player movements closely.
With his investment in the Hornets, Plotkin became part of a growing trend of high-profile investors buying stakes in professional sports teams. He is reportedly looking to enhance this investment into buying out a majority stake from MJ.
Michael Jordan spent $275M to buy Charlotte’s NBA franchise in 2010 — the first ex-player to be a majority owner.
Now, he’s in talks to sell the team to Hornets minority owner Gabe Plotkin and Atlanta Hawks minority owner Rick Schnall.
He’d maintain a minority stake, per @ESPN. pic.twitter.com/4H3jHvhDJL
— Front Office Sports (@FOS) March 16, 2023
This trend has been driven by the growing popularity of sports and the potential for teams to generate significant revenue through ticket sales, sponsorships, and media rights.
Gabe Plotkin net worth 2023
Given that Plotkin is not a billionaire and his wealth isn’t officially tracked by any reliable news source, it is hard to supply an accurate figure for the hedge fund owner’s net worth.
However, a few outlets have reported his 2021 net worth to be over $400 million. If he did take over the Hornets, it would definitely only be on a minority role given this figure. He’d be the least wealthy owner if he did manage to lead a consortium.
