What is Gabe Plotkin’s net worth? Melvin Capital CEO and new owner of the Charlotte Hornets
With the NBA legend set to sell his majority stake in the Hornets, here’s a look at the minority stakeholder who is going to buy it, Gabe Plotkin.
After 13 tough years without any real success to show for it, the former Chicago Bulls and NBA icon has finally decided to let go of the reins in Charlotte. Often criticized for not spending enough to make the team competitive, the primary questions now are, who is the new owner and can he do any better?
Some context on the Michael Jordan sale of Charlotte Hornets stake
By now you’ve seen the news that Michael Jordan, the current majority owner of the Charlotte Hornets is set to sell his stake in the franchise. You’ve probably also learned just how badly the Hornets have performed during Jordan’s tenure. Yet, what you may not know, is just who is Gabe Plotkin, the minority owner in the franchise to whom Jordan is due to sell his stake, and how much he’s worth. To be clear, Plotkin is also joined in the venture by Atlanta Hawks minority owner, Rick Schnall, as well as a host of other individuals including rapper/recording artist J. Cole, Dan Sundheim, Ian Loring, and country music singer-songwriter Eric Church. Assuming the sale is finalized, Jordan will in fact remain a minority stakeholder in the franchise.
Who is Gabe Plotkin and what’s his net worth?
Having graduated from Northwestern University in 2001, Plotkin has worked in finance ever since and to be quite frank has developed a degree of notoriety during that time. If his name sounds familiar, it’s likely you because you heard it in association with Melvin Capital which is the company he founded, and for whom he currently operates as the Chief Investment Officer. Yet, that’s probably not what you heard. If you recall the controversy involving Gamestop stock and the Robinhood brokerage service, it was Melvin Capital that was on the opposite side of the trades that brought significant financial losses to many.
At any rate, where his present net worth is concerned, Celebrity Net Worth lists it at $400 million as of this very month. Though there has been some debate about the exact figure over the last few years, what we can say is he will likely see a bump in whatever the figure is once this sale is completed. To be clear, Plotkin is already a minority owner with the Hornets, meaning he’s not unfamiliar with the nature of the business. Whether that results in a greater deal of success for the team remains to be seen but at least it’s a start.