{"id":450010,"date":"2022-05-19T20:58:15","date_gmt":"2022-05-19T17:58:15","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/melvin-capital-clients-fume-at-founder-gabe-plotkin\/"},"modified":"2022-05-19T20:58:15","modified_gmt":"2022-05-19T17:58:15","slug":"melvin-capital-clients-fume-at-founder-gabe-plotkin","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/melvin-capital-clients-fume-at-founder-gabe-plotkin\/","title":{"rendered":"#Melvin Capital clients fume at founder Gabe Plotkin"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a26e939b4761\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a26e939b4761\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/melvin-capital-clients-fume-at-founder-gabe-plotkin\/#%E2%80%9CMelvin_Capital_clients_fume_at_founder_Gabe_Plotkin%E2%80%9D\" >&#8220;Melvin Capital clients fume at founder Gabe Plotkin&#8221;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9CMelvin_Capital_clients_fume_at_founder_Gabe_Plotkin%E2%80%9D\"><\/span>&#8220;Melvin Capital clients fume at founder Gabe Plotkin&#8221;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div>\n<aside class=\"single__inline-module alignleft\">\n<\/aside>\n<p>Melvin Capital said it is finally shutting down after getting clobbered by <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Reddit<\/a> investors last year \u2014 and now clients are doubly angry because its founder Gabe Plotkin is still charging them fees, The Post has learned.<\/p>\n<p>Plotkin \u2014 whose massive short positions in \u201cmeme stocks\u201d like <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/game\/\" data-internallinksmanager029f6b8e52c=\"7\" title=\"Game\" target=\"_blank\" rel=\"noopener\">Game<\/a>Stop made him a surprise punching bag for day traders during the throes of the pandemic \u2014 told investors in a Wednesday letter obtained by The Post that he will continue to charge fees to clients through June 1. <\/p>\n<p>One angry client speculated that Plotkin has spent most of April and May considering whether or not to keep the fund open instead of making investors money, adding that the continued fees were \u201cbeyond greedy.\u201d<\/p>\n<p>\u201cI\u2019m sure he spent the last two weeks on lawyers and paperwork and not on the fund or making us money,\u201d the source fumed. \u201cMeanwhile he\u2019s charging us fees for the entire month?\u201d <\/p>\n<p>The source adds that Plotkin can afford to reimburse the management fees for May.  \u201cThe guy has made billions over the last many years \u2014 he\u2019s not pinched for cash.\u201d<\/p>\n<p>Investors will begin getting some money back as soon as May 31 and will receive the rest of their funds the first three weeks of July, according to Plotkin\u2019s letter.<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"682\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/05\/melvin-capital-unwinds-hedge-fund-07.jpg?w=1024\" alt=\"Melvin Capital has been struggling to recover after a massive short squeeze by day traders on GameStop crushed the fund in January 2021.\" class=\"wp-image-22334028\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/05\/melvin-capital-unwinds-hedge-fund-07.jpg?quality=75&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/05\/melvin-capital-unwinds-hedge-fund-07.jpg?quality=75&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/05\/melvin-capital-unwinds-hedge-fund-07.jpg?quality=75&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>Melvin Capital has been struggling to recover after a massive short squeeze by day traders on GameStop crushed the fund in January 2021.<\/figcaption><figcaption><span class=\"credit\">REUTERS<\/span><\/figcaption><\/figure>\n<p>\u201cThe past 17 months has been an incredibly trying time for the firm and you, our investors,\u201d Plotkin wrote. \u201cI have given everything I could, but more recently that has not been enough to deliver the returns you should expect. I now recognize that I need to step away from managing external capital.\u201d<\/p>\n<p>A spokesperson for Melvin declined further comment.<\/p>\n<p>Melvin has been struggling to recover\u00a0after a massive short squeeze by day traders on GameStop\u00a0crushed the fund\u00a0in January 2021. Days later, Melvin got a bailout from hedge-fund titans including Mets owner Steve Cohen and Citadel boss Ken Griffin. In April, the fund was down 23.3% year to date, according to a letter to investors reviewed by The Post.<\/p>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"683\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/05\/melvin-capital-unwinds-hedge-fund-03.jpg?w=1024\" alt=\"Gabe Plotkin\" class=\"wp-image-22334031\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/05\/melvin-capital-unwinds-hedge-fund-03.jpg?quality=75&amp;strip=all&amp;w=1536 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/05\/melvin-capital-unwinds-hedge-fund-03.jpg?quality=75&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/05\/melvin-capital-unwinds-hedge-fund-03.jpg?quality=75&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>\u201cThe past 17 months has been an incredibly trying time for the firm and you, our investors,\u201d Plotkin wrote.<\/figcaption><figcaption><span class=\"credit\">Bloomberg via Getty Images<\/span><\/figcaption><\/figure>\n<p>During the past few months, Plotkin has gone back and forth on whether to return capital to investors. In April, he suggested he would return investors their capital at the end of June and then allow them to reinvest in the beginning of July.<\/p>\n<p>At the time, Plotkin said he wouldn\u2019t try and make investors whole. Instead, he\u2019d demand performance fees of potential clients, including those who previously lost money with him. According to reports, Plotkin said he would keep the new fund small \u2014 under $5 billion and focus on shorting stocks.<\/p>\n<p>After facing backlash, Plotkin told investors in a dramatic about face that he would delay his decision to shut down the fund, as first reported by The Post.<\/p>\n<p>Despite the imminent shutdown, Plotkin\u2019s lifestyle thus far <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ears to be unaffected by his recent losses. <\/p>\n<p>\u201cPlotkin should sell his $44 million Miami Beach home after losing all of us so much money\u2026 rather than charging us more fees,\u201d the investor fumed.\n                        <\/p><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/news\/\" target=\"_blank\" rel=\"noopener\">News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/nypost.com\/2022\/05\/19\/melvin-capital-clients-fume-at-founder-gabe-plotkin\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;Melvin Capital clients fume at founder Gabe Plotkin&#8221; Melvin Capital said it is finally shutting down after getting clobbered by Reddit investors last year \u2014 and now clients are doubly angry because its founder Gabe Plotkin is still charging them fees, The Post has learned. Plotkin \u2014 whose massive short positions in \u201cmeme stocks\u201d like&#8230;<\/p>\n","protected":false},"author":1,"featured_media":450011,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/05\/melvin-capital-unwinds-hedge-fund-comp-1.jpg?quality=75&strip=all&w=1024","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[129426,72128,5005,70463,70359],"class_list":["post-450010","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-5-19-22","tag-gamestop","tag-reddit","tag-short-seller","tag-stocks"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/450010","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=450010"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/450010\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/450011"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=450010"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=450010"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=450010"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}