Gabe Plotkin
Born1978 or 1979 (age 44–45)[1]
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 or 1979)[1] 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.[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 late grandfather Melvin Plotkin.[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] after which he gave up some compensation so that his staff could still receive bonuses.[8]

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.[10]

Charlotte Hornets

Plotkin purchased a minority stake in the Charlotte Hornets in 2019,[11] and subsequently served as an alternate governor on the NBA Board of Governors.[12] In June 2023, Plotkin along with Rick Schnall purchased the Charlotte Hornets from majority owner, Michael Jordan,[13] who will continue to hold a minority interest. He is currently the team's co-chairman.[13]

Personal life and philanthropy

He is married to Queens, New York–native Yaara Bank-Plotkin,[2] with whom he has four children.[14] 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.[15] 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]

Plotkin is portrayed by Seth Rogen in the 2023 film Dumb Money, a biographical drama about the GameStop short squeeze.[17]

References

  1. 1 2 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. 1 2 3 "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. 1 2 3 "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. 1 2 3 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. ↑ "GABRIEL PLOTKIN". Children of Fallen Patriots. 2023-05-19. Retrieved 2023-08-21.
  11. ↑ "Gabe Plotkin, Jewish millionaire, buys Charlotte Hornets". The Jerusalem Post | JPost.com. Retrieved 2023-08-21.
  12. ↑ "Group Led By Gabe Plotkin and Rick Schnall Finalizes Purchase Of Majority Stake In Charlotte Hornets From Michael Jordan". NBA.com.
  13. 1 2 Moore, Evan (June 16, 2023). "Who are Gabe Plotkin and Rick Schnall? Meet the new Charlotte Hornets owners". The Charlotte Observer.
  14. ↑ "Testimony of Gabriel Plotkin, founder of Melvin Capital Management". Washington Post. Retrieved 2023-08-20.
  15. ↑ "GABRIEL PLOTKIN". Children of Fallen Patriots. 2023-05-19. Retrieved 2023-09-06.
  16. ↑ "Your Daily Phil: The next COVID relief bill and the Jewish community". eJewish Philanthropy. 2021-01-29. Retrieved 2023-09-06.
  17. ↑ "'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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