After Melvin Capital wound down in 2022, Gabe Plotkin founded Tallwoods Capital, a family office where he serves as chief investment officer. In 2023, he and Rick Schnall completed the purchase of a majority stake in the Charlotte Hornets from Michael Jordan. The team currently lists Plotkin as co-chairman and alternate governor.
What happened to Melvin Capital?
Plotkin founded Melvin Capital in 2014 and led the hedge fund through the GameStop episode dramatized in Dumb Money. He testified at a congressional hearing in February 2021; the hearing record documents his testimony.
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In May 2022, Melvin told investors it would wind down its funds, liquidate their assets and accounts, and return cash. Reuters reported at the time that the fund had lost 39% in calendar year 2021. That is a figure reported by Reuters, not a claim of independent audit verification. The report also reproduced Plotkin’s explanation: “The appropriate next step is to wind down the Funds by fully liquidating the Funds’ assets and accounts and returning cash to all investors.” Reuters’ May 2022 report
The wind-down ended Melvin Capital as an investment fund. It did not mark the end of Plotkin’s career in investing.
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- Dumb Money is the ultimate modern David vs. Goliath story, based on the insane true story of everyday people who flipped the script on Wall Street. Regular guy Keith Gill invested his life savings in GameStop and posted about it, sparking a social media wildfire that forever changed lives and Wall Street along the way.
What is Plotkin doing at Tallwoods Capital?
Plotkin founded Tallwoods Capital in 2022 and is its chief investment officer. The firm’s profile describes it as a Miami Beach-based family office that makes long-term investments, primarily in public equities, and also invests privately in the consumer sector. Tallwoods Capital
A family office is an investment organization that manages capital for a family or related interests. Tallwoods’ public description identifies its investment focus, but it does not establish Plotkin’s personal investment returns or the firm’s current performance.
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How did Plotkin become a Hornets owner?
Plotkin had acquired a minority stake in the Charlotte Hornets in 2019. In 2023, he and Rick Schnall co-led a group that bought a majority stake in the team from Michael Jordan. The NBA Board of Governors approved the deal, which closed on August 3, 2023. The Hornets’ announcement named Plotkin “Co-Chairman & Alternate Governor”; Schnall initially served as governor. Charlotte Hornets’ announcement of the sale
The Hornets’ current front-office page lists Plotkin as Co-Chairman and Alternate Governor. Charlotte Hornets front office
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What is known—and not known—about his finances?
The verified career milestones are the end of Melvin Capital, the founding of Tallwoods, and the Hornets ownership change. The cited sources do not establish Plotkin’s current personal net worth, Tallwoods’ present-day investment returns, or the price paid for the Hornets stake. Melvin’s historical fund performance is not a measure of Plotkin’s personal wealth or Tallwoods’ results. The film’s dramatization likewise should not be treated as evidence about his private finances.
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