Gabe Plotkin is a prominent figure in the world of finance, known primarily for his role as the founder and former chief investment officer of Melvin Capital Management.
Early Career and Education: Before founding Melvin Capital, Plotkin worked at Citadel, where he managed a portfolio focused on consumer stocks. He previously worked at SAC Capital Advisors. Plotkin graduated from Northwestern University.
Melvin Capital: Plotkin founded Melvin Capital in 2014. The hedge fund initially gained significant success but faced immense challenges in early 2021 during the GameStop short squeeze.
GameStop Short Squeeze: Melvin Capital was heavily shorting GameStop (GME) when a surge in buying pressure, fueled by retail investors on platforms like Reddit's r/wallstreetbets, drove the stock price exponentially higher. This caused substantial losses for Melvin Capital, necessitating a significant bailout from Citadel and Point72 Asset Management.
Fund Closure: Following continued underperformance and investor withdrawals after the GameStop event, Plotkin announced in 2022 that Melvin Capital would be closing its doors and returning capital to investors.
New Venture: In late 2023, it was reported that Plotkin was planning a new investment venture called Tallwoods Capital. This new firm is reportedly planning to focus on longer-term investments, as opposed to Melvin Capital's strategy.
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