Michael Jordan once lost $500 million because of Redditors during the GameStop mania
Basketball legend Michael Jordan has plenty of money. The billionaire owns an NBA team, a golf course and many other properties.
However, Jordan lost a huge chunk of that massive fortune during the GameStop stock mania during the pandemic in late 2020 and early 2021. The “G.O.A.T.” reportedly lost $500 million in stock during the GameStop run. Jordan partnered with Gabriel Plotkin shortly before the GameStop stock boomed.
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Plotkin was one of many professional investors who heavily invested in shorting the stock. Jordan’s net worth reportedly fell from $2.1 billion to $1.6 billion.
The stock boomed after a group of redditors on r/WallStreetBets influenced the market with a major investment move. The retail traders executed an unprecdented short squeeze.
The group bought a ton of options forcing the professional investors to sell their shorts at a loss. This inflated the stock price to all time highs for the company.
Michael Jordan’s business ventures
Michael Jordan of course has his own iconic Jordan Brand under Nike. His shoes are significant elements of fashion and culture and continue to be globally popular.
Jordan has made an estimated $1.3 billion from his deal with Nike. He reportedly made $256 million in 2022 alone from his sponsorship. That figure is more than double of Jordan’s entire career earnings. The brand reportedly turned $5.1 billion in revenue in 2022.
He purchased the Charlotte Hornets for $275 million in 2010. He is attempting to sell the team now. They are worth an estimated $1.7 billion. He is no longer the sole owner but still owns the majority of shares.
Jordan’s sports ownership ventures go beyond basketball. He owns a NASCAR racing team, 23XI Racing, with two cars in the top series. He also owns a 0.5% stake in the Miami Marlins baseball franchise.
He opened a golf course in South Florida. It is named after his number “XXIII” and is a state of the art course with extremely limited access.
Michael Jordan also has a minority investment in DraftKings. The company has expanded to become the biggest sports betting company across the United States.
Jordan has a large share of real estate investments as well. He has at least four houses across the country worth north of $60 million. His personalized mansion in Chicago is currently on sale for a cool $14 million.
He also owns a steakhouse with his name. The fine dining restaurant has four locations including one in New York City and one in Chicago.
Michael Jordan also has plenty of endorsements. He has been a main spokesperson for the budget cotton clothing company Hanes for 30 years.