What is Gabe Plotkin’s net worth in 2023? Fortune of next possible Charlotte Hornets owner explored

Gabe Plotkin is set to purchase the Charlotte Hornets from Michael Jordan. Plotkin’s net worth is reportedly more than $400 million.

Plotkin is leading a group to purchase the majority stake from Jordan. He is joined by Rick Schnall and others to put up the successful $3 billion bid.

Michael Jordan is selling his majority stake in the team after 13 years of ownership. Jordan will maintain a minority stake in the Charlotte Hornets after the purchase and remain a presence with the team. Jordan was the league’s only African American majority owner. He paid $275 million for the majority stake in 2010.

BREAKING: Michael Jordan is finalizing a sale of the Charlotte Hornets to a group led by Gabe Plotkin and Rick Schnall, ending his 13-year run as majority owner, league sources told ESPN on Friday. https://t.co/5TonSrIQhF

How did Jordan perform as an owner?

Although Jordan is considered the greatest player of all time, he struggled as an owner. The Hornets only made the playoffs twice during Jordan’s ownership. They lost to the Miami Heat in the first round both times. Charlotte has not made the playoffs since 2016.

Plotkin was previously a minority owner of the Hornets. He will be the team’s governor alongside Schnall once approved by the other league owners. Schnall was a minority stakeholder in the Atlanta Hawks.

Plotkin is the chief investment officer at Melvin Capital. He purchased the minority stake in the Hornets in 2020. Schnall is the co-president of the private equity firm Clayton, Dubilier & Rice in New York.

Melvin Capital is an investment management firm based in New York. It was founded in 2014 by Plotkin.

Plotkin announced that the firm managed $7.8 billion in assets as of April 2022. He has since announced plans to close the firm and return funds to his customers.

Plotkin has been a financial business partner with Jordan before. His company, Melvin Capital, has managed parts of Jordan’s wealth.

Read the full release on hornets.com.

🔗 on.nba.com/3PmBnhv https://t.co/N17fYc0HBp

Jordan reportedly lost reportedly $500 million in stock during the Gamestop stock run. Public traders executed a once-in-a-lifetime short squeeze on the stock, causing many professional investors to lose millions. Jordan was part of that group.

Plotkin was Jordan’s partner in the investment and was one of the many investors heavily invested in shorting the stock. His net worth dropped alongside Jordan’s after the stock market event. Jordan’s net worth reportedly went from $2.1 billion to $1.6 billion after the loss.

Plotkin’s firm Melvin Capital reportedly lost one billion a day during the short squeeze. According to some reports, the firm lost $6.8 billion during the Gamestop mania.