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Gabe Plotkin
American businessman From Wikipedia, the free encyclopedia
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Gabe Plotkin (born 1978)[1] is an American businessman, the founder and chief investment officer of former Melvin Capital Management and Tallwoods Capital LLC. He is also a majority owner and co-chairman of the Charlotte Hornets of the NBA.
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Biography
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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.[2]
Early career
After graduating, he worked for Henry Crown and Company before joining North Sound Capital as a consumer stocks analyst.[3] In 2006, he joined S.A.C. Capital Advisors, a hedge fund founded by Steve Cohen, where he was one of its top traders.[4] He managed one of the firm's largest portfolios,[5] valued at over $1 billion.[6]
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.[7][8] It had $3.5 billion under management by 2017.[4] In 2017, with $300 million in earnings, he was one of the highest-earning hedge fund managers.[4] 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.[9] Despite receiving $2 billion from Kenneth C. Griffin and $750 million from Steve Cohen, on May 18, 2021, Bloomberg announced Melvin Capital went defunct shorting GameStop and Gabe Plotkin would be shutting down his firm.[10]
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.[11]
Charlotte Hornets
Plotkin purchased a minority stake in the Charlotte Hornets in 2019,[12] and subsequently served as an alternate governor on the NBA Board of Governors.[13] In June 2023, Plotkin along with Rick Schnall purchased the Charlotte Hornets from majority owner Michael Jordan,[14] who will continue to hold a minority interest. He is currently the team's co-chairman.[14]
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Personal life and philanthropy
He is married to Queens, New York–native Yaara Bank-Plotkin,[2] with whom he has four children.[15] He is of Jewish descent.[2]
Plotkin contributes to philanthropic causes for veterans and the Jewish community.[8] 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.[11] Through the Gabriel and Yaara Plotkin Family Foundation, he and his wife have supported organizations like the Wounded Warrior Project and Chabad of Southampton.[16]
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In popular culture
Plotkin is portrayed by Seth Rogen in the 2023 film Dumb Money, a biographical drama about the GameStop short squeeze.[17]
References
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