Gabe Plotkin

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Gabe Plotkin
Born1978 or 1979 (age 45–46)
Portland, Maine, US
EducationNorthwestern University (B.A.)
OccupationHedge fund manager
Known forCo-chairman of the Charlotte Hornets
Founder of Melvin Capital
Founder of Tallwoods Capital LLC
SpouseYaara Bank-Plotkin
Children4

Gabe Plotkin (born 1978) is an American businessman, the founder and chief investment officer of former Melvin Capital Management and Tallwoods Capital LLC, and co-chairman of the Charlotte Hornets.

Biography

Early life and education

Gabe Plotkin was born and raised in a wealthy family in Portland, Maine. He graduated magna cum laude from Northwestern University with a bachelor's degree in economics.

Early career

After graduating, he worked for Henry Crown and Company before joining North Sound Capital as a consumer stocks analyst. In 2006, he joined S.A.C. Capital Advisors, a hedge fund founded by Steve Cohen, where he was one of its top traders. He managed one of the firm's largest portfolios, valued at over $1 billion.

Melvin Capital Management

Main article: Melvin Capital Management

In 2014, with a $200 million investment from Cohen, Plotkin founded Melvin Capital Management, a New York-based hedge fund which he named after his grandfather. It had $3.5 billion under management by 2017. In 2017, with $300 million in earnings, he was one of the highest-earning hedge fund managers. This increased to over $850 million in 2020, placing him in the top 15 highest-earning hedge fund managers. However, his compensation decreased in 2021, due to the impact of the GameStop short squeeze on the fund. Despite receiving $2 billion from Kenneth C. Griffin and $750 million from Steve Cohen, on May 18th, 2021, Bloomberg announced Melvin Capital went defunct shorting GameStop and Gabe Plotkin would be shutting down his firm.

Tallwoods Capital LLC

Plotkin founded Tallwoods Capital LLC, a family office focusing on long-term investments, in 2022 and is the firm's chief investment officer. Tallwoods Capital is headquartered in Miami Beach, Florida.

Charlotte Hornets

Plotkin purchased a minority stake in the Charlotte Hornets in 2019, and subsequently served as an alternate governor on the NBA Board of Governors. In June 2023, Plotkin along with Rick Schnall purchased the Charlotte Hornets from majority owner, Michael Jordan, who will continue to hold a minority interest. He is currently the team's co-chairman.

Personal life and philanthropy

He is married to Queens, New York–native Yaara Bank-Plotkin, with whom he has four children. He is of Jewish descent.

Plotkin contributes to philanthropic causes for veterans and the Jewish community. He is on the board of advisors to Children of Fallen Patriots Foundation, an organization which provides scholarships and mentorship to individuals who lost a parent in the line of duty. Through the Gabriel and Yaara Plotkin Family Foundation, he and his wife have supported organizations like the Wounded Warrior Project and Chabad of Southampton.

In popular culture

Plotkin is portrayed by Seth Rogen in the 2023 film Dumb Money, a biographical drama about the GameStop short squeeze.

References

  1. ^ a b La Roche, Julia (February 23, 2016). "A 37-year-old hedge fund manager had a monster first year running his $1.5 billion fund". Business Insider.
  2. ^ a b c "Honorees Young Leadership Award - Gabriel Plotkin and Yaara Bank-Plotkin". Chabad Israel Center of the Upper East Side. Retrieved June 18, 2023.
  3. ^ "Ex-Point72 Manager Plotkin Is Said to Raise $700 Million". Bloomberg.com. 2015-01-06. Retrieved 2023-09-06.
  4. ^ a b c "2017 The Highest-Earning Hedge Fund Managers Earnings - Gabriel Plotkin". Forbes. April 17, 2018.
  5. ^ Chung, Juliet (2021-01-22). "WSJ News Exclusive | Short Bets Pummel Hot Hedge Fund Melvin Capital". Wall Street Journal. ISSN 0099-9660. Retrieved 2023-09-06.
  6. ^ "Gabe Plotkin's Melvin Capital Reboots After Crushing String of Losses". Bloomberg.com. 2022-04-21. Retrieved 2023-09-06.
  7. ^ "SAC Capital Alum Gabriel Plotkin Posts Another Strong Gain". Institutional Investor. 2017-01-09. Retrieved 2023-09-06.
  8. ^ a b Lim, Dawn (2022-06-02). "Gabe Plotkin's Wild Ride Reveals the Perils of Betting on a Star Trader - BNN Bloomberg". BNN. Retrieved 2023-09-06.
  9. ^ "Coleman Leads $23 Billion Payday for 15 Hedge Fund Earners". Bloomberg.com. 2021-02-10. Retrieved 2023-09-06.
  10. ^ "Plotkin Shuts Melvin Hedge Fund Reeling From Redditor Attack". Bloomberg.com. 2021-06-21. Retrieved 2023-01-17.
  11. ^ "GABRIEL PLOTKIN". Children of Fallen Patriots. 2023-05-19. Retrieved 2023-08-21.
  12. ^ "Gabe Plotkin, Jewish millionaire, buys Charlotte Hornets". The Jerusalem Post | JPost.com. Retrieved 2023-08-21.
  13. ^ "Group Led By Gabe Plotkin and Rick Schnall Finalizes Purchase Of Majority Stake In Charlotte Hornets From Michael Jordan". NBA.com.
  14. ^ a b Moore, Evan (June 16, 2023). "Who are Gabe Plotkin and Rick Schnall? Meet the new Charlotte Hornets owners". The Charlotte Observer.
  15. ^ "Testimony of Gabriel Plotkin, founder of Melvin Capital Management". Washington Post. Retrieved 2023-08-20.
  16. ^ "GABRIEL PLOTKIN". Children of Fallen Patriots. 2023-05-19. Retrieved 2023-09-06.
  17. ^ "Your Daily Phil: The next COVID relief bill and the Jewish community". eJewish Philanthropy. 2021-01-29. Retrieved 2023-09-06.
  18. ^ "'Dumb Money' First Look: The GameStop Stock Frenzy Is Now a Movie". Vanity Fair. 2023-06-21. Retrieved 2023-08-19.
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