Gabe Plotkin, a minority owner of the Charlotte Hornets, has gone through a hellish week as a hedge-fund manager, seeing his investment management company fall into financial crisis.
Plotkin’s firm, Melvin Capital, lost roughly 30% of its assets in stock-shorting bets, including video game retailer GameStop, according to the Wall Street Journal. Two other firms invested about $2.75 billion in Melvin Capital to keep it afloat.
Does that have a tangible impact on the Hornets?
Probably not, although the team declined to comment on Plotkin’s situation Friday through a spokesperson.