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upstart writes:

Melvin Capital, the hedge fund hurt by GameStop, said to wind down:

Melvin Capital, the hedge fund that was pummeled by the GameStop (GME) short squeeze last year, is said to plan to wind down.

Melvin, run by Gabe Plotkin, plans to shut down and return cash to investors, according to media reports from Bloomberg and CNBC. Melvin's assets were $7.8 billion as of the end of last month with the majority in the hedge funds.

The news comes after reports last month that Melvin was going to try to salvage the fund by starting a new fund with the money his investors decided to reinvest, though the plan was nixed after getting negative feedback from investors, according to media reports.

"The past 17 months has been an incredibly trying time for the firm and you, our investors," Plotkin wrote in a letter seen by Bloomberg. "I 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."

Original Submission

1. "upstart" - https://soylentnews.org/~upstart/
2. "Melvin Capital, the hedge fund hurt by GameStop, said to wind down" - https://seekingalpha.com/news/3840707-melvin-capital-the-hedge-fund-hurt-by-gamestop-said-to-wind-down-return-cash-to-investors
3. "GME" - https://seekingalpha.com/symbol/GME
4. "Bloomberg" - https://www.bloomberg.com/news/articles/2022-05-18/gabe-plotkin-s-melvin-capital-to-wind-down-funds-after-losses
5. "media reports." - https://nypost.com/2022/04/24/melvin-capitals-gabe-plotkin-apologizes-for-losses-to-investors-who-want-their-money-back/
6. "Original Submission" - https://soylentnews.org/submit.pl?op=viewsub&subid=55297

printed from SoylentNews, Melvin Capital, the Hedge Fund Hurt by GameStop, Said to Wind Down on 2024-04-19 23:58:42