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He also worked for a Connecticut-based hedge fund called North Sound Capital and SAC Capital. Gabe is a minority owner and alternative governor of the Charlotte Hornets. a fashion brand that offers the best styling experience of the latest fashion trends, Shop Fashion Clothing For Women's. Family foundations . Copyright 2021 Pro Publica Inc. His official title was a trader. Melvin Capital CEO Gabriel Plotkin delivers his opening statement. Facebook gives people the power. Read the full story . There he earned his bachelors degree in Economics, graduating in 2001. Sage Bava and I spoke with them about their new album, favorite L.A. spots and more. Previously, Plotkin was the CIO and founder of Melvin Capital, an investment management firm that focused on consumer and technology stocks. And he told the committee that when Reddit users targeted Melvins short positions, some shared offensive posts. Our projects result in quantifiable . Gabriel and Yaara Plotkin Family Foundation. While we work diligently to ensure that our numbers are as accurate as possible, unless otherwise indicated they are only estimates. From https://projects.propublica.org/nonprofits. His compensation after that year's performance was $300 million. In fact, Bloomberg reports that Plotkin went from making about $850 million in 2020and ranking among the top 15 hedge fund managersto losing an estimated $460 million as Melvin Capital lost 53 percent in January. Bank-Plotkin carries on with a private life as she has not unveiled any insights regarding her family, guardians, kin, and foundation. (W99). Gabe and Yaara also have two beautiful kids, a son, and a daughter. . ProPublica posts new tax forms as they are released by the IRS. Gabe Plotkin is the CIO of Melvin Capital. All Rights Reserved. We also reduced many other Melvin positions with significant losses both long and short which have been the subject of similar publications.. He has literally no presence on social media on any of the platforms. Read the API documentation . Sign up to get ProPublicas biggest stories delivered straight to your inbox. Tradewater. about GuideStar Pro. SAC Capital: At SAC Capital he managed a fund of consumer stocks worth $1.3 billion. This organization has not yet reported any program information. The IRS Form 990 is an annual information return that most organizations claiming federal tax-exempt status must file yearly. In January, Ken Griffins Citadel and Steve Cohens Point72 invested $2.75 billion in Melvin in exchange for non-controlling revenue shares of the fund. Gabriel Plotkin runs Melvin Capital Management, a hedge fund firm with $3.5 billion under management. Chanel has created a fragrance that imbibes and represents the houses founder Gabrielle Chanel. Scientists and philosophers have studied the process of how knowledge is expanded. All rights reserved.Combined Federal Campaign (CFC) #69859 | Fallen Patriots is a 501(c)(3) non-profit organization. 2023 Children of Fallen Patriots Foundation. Mr. Plotkin is married to Yaara Bank-Plotkin. Click here to resend it.). The posts said things like, Its very clear we need a second Holocaust. Tallwoods Capital is a Miami Beach-based family office that focuses on long-term investments. Below are some key data points from the Exempt Organization IRS Business Master File (BMF) for this organization. She is a native New Yorker. The couple married in 2006 and are still together. A lot of these messages were full of anti-Semitic slurs directed at me and others, Plotkin said in his testimony. Gabe Plotkin Net Worth:GabrielGabePlotkinis an American hedge fund manager who has anet worthof $400 million. Plotkin founded Melvin Capital in 2014. In February, Melvin posted a 22% gain; even with this addition, Melvin will need to produce an additional 75% gain for earlier clients before they break even. He has a generous heart when it comes to helping those who are in need. Total revenues. (Don't see an email in your inbox? Best Items to Donate to an Animal Shelter, Donors Prefer Charities that Earn All Four Beacons, Learn more about the BMF on the IRS website, Click here to search for this organization's Forms 990 on the IRS website. Save my name, email, and website in this browser for the next time I comment. Gabriel Plotkin has a rich personal life as well as a busy career. Plotkin founded Melvin Capital in 2014. From https://projects.propublica.org/nonprofits. Why is it so difficult to predict events and consequences too far into the future? Melvin Capital reportedly lost 30% of its fund value very quickly thanks to its massive short position in GameStop. You're faster than our page! Organizations making less than $50,000 dont have to file either form but do have to let the IRS theyre still in business via a Form 990N "e-Postcard.". No wonder he told a congressional committee the experience humbled him. Need the ability to download nonprofit data and more advanced search options? Total assets. Tradewater creates, develops, and implements high value projects that reduce greenhouse gas emissions. Northwestern UniversityAfter graduating from Northwestern University with a degree in Economics in 2001,Gabriel Plotkinjoined Ken Griffins hedge fund Citadel LLC, and later Connecticut-based hedge fund North Sound Capital. Offers may be subject to change without notice. Extracted financial data is not available for this tax period, but Form 990 documents are available for download. loading and try your donation again. On top of that, he holds shares in Amazon of an undisclosed amount and about $20 million in Bath and Body Works. He was involved as a person of interest in the case that was investigated by the Securities and Exchange Commission. Nonprofit Explorer includes summary data for nonprofit tax returns and full Form 990 documents, in both PDF and digital formats. (Melvin's Gabriel Plotkin had come out of SAC Capital, which pled guilty to insider trading in 2013.) [28]Allegations include Melvins participation in a conspiracy against retail investors, and also that Melvin made misstatements about their role in the conspiracy to the public. Melvin contends that these lawsuits are without merit., Yaara Bank-Plotkin is the spouse of Melvin Capital, originator, and Chief Investment Officer, Gabriel Plotkin. The redditers banded together to perform a "short squeeze", where the price of the stock is sent rocketing upward, causing the short sellers to lose massive amounts of money very quickly. Melvin Capital founder Gabe Plotkin made the disturbing statement in prepared testimony he plans to deliver at Thursdays House Financial Services Committee hearing on the recent populist revolution in the stock market. Gabriel and Yaara got hitched in the year 2006. This organization is required to file an IRS Form 990-PF. The couple married in 2006 and are still together. If you try to look him up on Twitter or Instagram, you might find people with the same name, but it wont be him. The summary data contains information processed by the IRS during the 2012-2019 calendar years; this generally consists of filings for the 2011-2018 fiscal years, but may include older records. ET The net worth of Gabriel Plotkin reportedly took a. 2020. Melvin, launched in 2014, surged by more than 46 percent in 2019 and 52 percent in 2020. Melvin Capital reportedly lost 30% of its fund value very quickly thanks to its massive short position in GameStop. Both are natives of the East Coast. Sign in. proceeded to return all outside capital and established a family office . Notwithstanding, neither Yaara Bank-Plotkin nor Gabriel Plotkin has affirmed or denied the gossip about their separation. If youre hearing his name for the first time, here are 10 things you didnt know about Gabe Plotkin to bring you up to speed. The blow-up resulted in Point72 Asset Management and Citadel pumping $2.75 billion into Melvins hedge fund to shore up its finances. Workwear has been the catalyst for designer Heron Preston, launching his brand in 2016 through an inspired eye that identified blue-collar workers of New York City as "style icons" and "the faces of fashion.". The redditers paid particular attention to the short sales of video game rental company GameStop, which was the most-shorted stock on American exchanges. Revenue and expense data is not available for this organization. Note: The absence of a rating does not indicate a positive or negative assessment; it only indicates that we have not yet evaluated this organization. The two stocks for which Melvin held puts that didnt move much at price during January were Trinity Industries and WW International. We also link to copies of audits nonprofit organizations that spent $750,000 or more in Federal grant money in a single fiscal year since 2016. The total assets subtleties and the subtleties of Yaara Bank-Plotkins compensation and profit are kept hidden. Plotkin made his first splash when he acquired the Choeff Levy Fischman-designed 6360 North Bay Road and 6342 North Bay Road on Miami Beach in November 2020 for $44 million. Gabriel Plotkin runs Melvin Capital Management, a hedge fund firm with $3.5 billion under management. 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. This data release includes only a subset of what can be found in the full Form 990s. Give the page a little longer to finish %PDF-1.7 % 1 0 obj The couple engages in some of their favorite activities with their son including sporting events and petting zoos, like any other family, but they feel a strong sense of community and they are dedicated to doing what they can to support the Jewish Community through their efforts in a partnership with Chabad. It is its type of kindness that makes the world a better place to live. After college he went to work at the hedge fund Citadel LLC. She is a native New Yorker. . Plotkin was allegedly forwarded several emails by Steinberg and others that contained insider information. He covered the shorts and is continuing to move forward in his business despite the loss. If you wish to donate, please refresh the page. It is now our job to earn it back, he said. Updated Feb 18, 2021 at 5:13 PM. We leverage finance and accountability data from it to form Encompass ratings. Gabriel Plotkin has a rich personal life as well as a busy career. The 10 Richest Hedge Fund Managers In The World Today. Gabriel started the venture the board firm in 2014 in New York. Click here to search for this organization's Forms 990 on the IRS website (if any are available). The people, governance practices, and partners that make the organization tick. In 2015, he made his directorial debut with Paranormal Activity: The Ghost Dimension. 02/11/2022. Ratings are calculated from one or more beacon scores. Gabe Plotkin Net Worth: Gabriel "Gabe" Plotkin is an American hedge fund manager who has a net worth of $400 million. Plotkin founded Tallwoods Capital LLC in 2022 and serves as the firms Chief Investment Officer. Melvin Capital also contended that rumors of the fund intending to file for bankruptcy are false. f K6(@?rnPqi=+U$f%rlb9rX?Na_]}Yxi[#5NYc6yEXs[v#8%(D>H1-&-3up4V}K!J%n to get more GuideStar Nonprofit Profile data today! And while I do not think that anyone could have anticipated these events, I have learned much from them, and I am taking steps to protect our investors from anything like this happening in the future.. When Plotkin was still employed at SAC Capital a scandal broke out. In its initial 13F filing covering the fourth quarter and publicly disclosed in mid-February, Melvin had listed eight stocks for which it held put options.Gabriel Plotkin. But Reddit CEO Steve Huffman defended WallStreetBets in his prepared testimony, saying the 9.1 million-member message board is an online community with significant depth.. She is a native New Yorker. In December 2020 Plotkin purchased 2 adjacent houses in Florida for $44 million. Already have a GuideStar Account? Read the IRS instructions for 990 forms. In 2017, the fund finished up 41%. Every organization that has been recognized as tax exempt by the IRS has to file Form 990 every year, unless they make less than $200,000 in revenue and have less than $500,000 in assets, in which case they have to file form 990-EZ. [30] Plotkin purchased a minority interest in the Charlotte Hornets in 2019 from Michael Jordan. WallStreetBets may seem sophisticated or chaotic from the outside, but the fact that were here today means that theyve been successful in raising important questions about fairness and opportunities in our financial system, Huffman said. Melvin Capital lost 53% on its investments in January 2021 alone. Yaara Bank-Plotkin is the wife of Gabriel or Gabe Plotkin. Gabriel Plotkin Melvin capital worth, Wife, Age, on Gabriel Plotkin Melvin capital worth, Wife, Age. Gabriel and Yaara got married in the year 2006. These included GameStop, AMC Networks, Cryoport, First Majestic Silver, GSX Techedu, and Simon Property Group. Others have sent me equally profane and racist texts. Yaaras identity and foundation are kept hidden. Extracted financial data is not available for this tax period, but Form 990 documents are available for download. The messages said things like its very clear that we need a second holocaust, the Jews cant continue to get away with this. In 2019, Gabe and another hedge fund manager bought a portion of Michael Jordan's ownership stake in the NBA's Charlotte Hornets. Tallwoods Capital is a Miami Beach-based family office that focuses on long-term investments. He had previously been one of the most prominent traders at Steve Cohens SAC Capital hedge fund. CNBCs Andrew Ross Sorkin reported that fund manager Gabriel Plotkin advised Melvin Capital had closed (i.e. In 2017, its first full year in operation, Melvin generated a 47% return on assets, which made it the second-best performing hedge fund in the world (among hedge funds with more than $1 billion in assets under management). Please share any feedback you have about Foundation Directory Online. He was married to the love of his life, Polly, for over 60 years, until her death August 2010. By Svea Herbst-Bayliss. This is a calculated risk that can happen at any time, and all hedge betters realize that there is no such thing as a sure deal, so they have contingency plans. The hedge fund is getting a boost from Citadel LLC and Point72 Asset Management, however. Friends, Gabriel Plotkinis an American businessman and entrepreneur who founded Melvin Capital Management LP. It is known for its short-selling strategies. Melvin did not return a call seeking comment. He is Jewish. These audits are copied from the Federal Audit Clearinghouse. According to Chabdic, Mr. Plotfin and his wife both Yaara are both passionate about the land of Israel. GameStop: In early 2021, members of the subreddit r/wallstreetbets built a groundswell of criticism aimed at fund managers like Plotkin who aggressively shorted the stock of struggling companies. Build relationships with key people who manage and lead nonprofit organizations with GuideStar Pro. Help us get you more of the nonprofit information you need, including: An email has been sent to the address you provided. Gabriel Jesus signed for Arsenal from Manchester City this summer and has made an instant impact for his new club. Nonprofit Explorer has organizations claiming tax exemption in each of the 27 subsections of the 501(c) section of the tax code, and which have filed a Form 990, Form 990EZ or Form 990PF. Nonprofit Explorer includes summary data for nonprofit tax returns and full Form 990 documents, in both PDF and digital formats. 9. Sign in or create an account to view Form(s) 990 for 2019 and 2018. Plotkins testimony also detailed how the unprecedented surge in the GameStop share price affected him professionally and personally. Your email address will not be published. This was not long after the legal trouble and allegations of wrongdoing by the SEC. Many of these posts were laced with antisemitic slurs directed at me and others, he said. He began his profession as a portfolio administrator at SAC Capital and worked at North Sound Capital.. Access lists of funders based on detailed search criteria and other features such as: Copyright 2023 Candid. Subscribe Unlock nonprofit financial insights that will help you make more informed decisions. Since its inception six years ago, Melvin had held the position because the fund believed GameStops business model of selling video games in physical stores was overtaken by digital downloads via the Internet, Plotkin said. Prior to Melvin Capital, Plotkin was a prominent trader at SAC Capital. Gabriel and Yaara Plotkin Family Foundation cannot currently be evaluated by our Accountability & Finance methodology because it files Form 990-PF, as required of Private Foundations. The common stock of Ligand Pharmaceuticals, Melvins second-largest put position among this new group, nearly doubled for the month through January 28. SAC's founder, Steven A. Cohen, proceeded to return all outside capital and established a family office instead, which he called Point72 Asset Management. Why is it so hard to define, let alone understand. Just two of the stocks prices did not move in a meaningful manner. In addition to the raw summary data, we link to PDFs and digital copies of full Form 990 documents wherever possible. This data is only available if this charity has at least one year of electronically-filed Form 990 data filed within the last six years. In court filings, Plotkin was the so-called Portfolio Manager B and reportedly was forwarded a number of emails from a fellow portfolio manager that the SEC considered inside information. "Gabe Plotkin and team have delivered exceptional results over the history of Melvin. He had previously been one of the most prominent. He also said that the fund has an intense focus on the short side (i.e. The redditers paid particular attention to the short sales of video game rental company GameStop, which was the most-shorted stock on American exchanges. The couple married in 2006 and are still together. See the list , The data powering this website is available programmatically, via an API. Toward the end of 2014, Plotkin left SAC to establish his own company. He has received a great deal of attention in the recent wake of the GameStop investment debacle that resulted in billions of dollars in debt for hedgers shorting the stock. Gabeis best-known for being the founder of Melvin Capital Management which had a public spat with a community of redditers in 2021 over the company GameStop. Fearless Fund Invests $1.34 Million Into Gabrielle Unionss Bitsys, Heron Preston Taps Gabriel Moses In Defining His Language Of Workwear, The Gabrielle Chanel Parfum Is Newly Unveiled, GameStop Short Seller Says Reddit Trolls Targeted Him With Anti-Semitic Harassment, The Highest-Earning Hedge Fund Managers And Traders, Highest-Earning Hedge Fund Managers & Traders 2019, Do Not Sell or Share My Personal Information, Limit the Use of My Sensitive Personal Information. Two bright young jazz singers, Gabrielle Cavassa and Sage Bava, meet to discuss being a jazz singer in 2023 and what the music means to them. American hedge fund manager Gabriel "Gabe" Plotkin has a $400 million fortune. At the end of Q1 2021, Melvin reported losses of 49%. Plotkin mostly trades consumer stocks and in 2017 Melvin Capital posted returns of 41% net of fees. ynfx9/EYQ 7dM2gcAs~/cojcbD? . We have great confidence in Gabe and his team," Ken Griffin, founder and CEO of Citadel, said in a statement. The net worth of Gabriel Plotkin reportedly took a beating earlier in January as Reddit users took aim as his Melvin Capital Management in a headline-making short squeeze of GameStop stock (NYSE: GME). [18] Users of the subreddit r/WallStreetBets made widespread bets that GameStops stock would increase in value. This data is only available if this charity has at least one year of electronically-filed Form 990 data filed within the last six years. Has Gabriel Jesus Turned Arsenal Into Premier League Title Contenders? Gabriel "Gabe" Plotkin is an American hedge fund manager who has a net worth of $400 million. Federal prosecutors alleged that he was the recipient of illegal insider information. There is no way of knowing from public documents how long Melvin held these options positions, whether Melvin increased or decreased its bets throughout the month, or if it also had outright short positions on any of the stocks. Privacy |Financials |Contact Us| Careers| Accessibility Statement, MissionHistoryBoardStaffFinancialsAnnual ReportFAQ, Family SupportPartner SchoolsSuccess StoriesFAQs for FamiliesEnroll a StudentScholar Resources. Three of them surged in price through late January. We learned from WikiProject Topics some facts about Gabriel Plotkins early years. During his time at SAC Capital, Plotkin was the recipient of illegal insider information according to federal prosecutors. They have a son named Eytan Shmerel. This organization is not listed in the IRS's most recent. You've probably heard what went. That's a big number, but it is still the lowest such combined earnings figure since the financial crisis. And what they have learned has lessons for understanding where generative AI models may go. Check back later to see if this organization has a rating history! Gabriels company suffered a big loss in 2021. SAC was fully shuttered in 2016. Copyright 2021 Pro Publica Inc. 3 0 obj Taxable trusts and private foundations that are required to file a form 990PF are also included. Melvin Capital founder, Gabriel Plotkin's, testimony before the House Committee on Financial Services regarding the recent GameStop short sell. Melvin Capital's Gabriel Plotkin has been in the news quite a bit recently after his hedge fund may have posted a loss in the billions in the stock market shorting GameStop. The summary data contains information processed by the IRS during the 2012-2019 calendar years; this generally consists of filings for the 2011-2018 fiscal years, but may include older records. about GuideStar Pro. By 2018 the funds assets under management had ballooned to $3.5 billion. ProPublica posts new tax forms as they are released by the IRS. Organizations making less than $50,000 dont have to file either form but do have to let the IRS theyre still in business via a Form 990N "e-Postcard.". The Gabriel and Yaara Plotkin Family Foundation is a private foundation located in New York, NY. This consists of separate releases by the IRS of Form 990 documents processed by the agency, which we update regularly. All net worths are calculated using data drawn from public sources. Bank was brought up in New York, USA, and her ethnicity is American. The steep decline had largely been attributed to a Reddit-fueled assault on heavily shorted stocks including GameStop, which bludgeoned short-sellers like Melvin and other hedge fund firms. The Highland Project, one of eight organizations in New Profits first Economic Mobility Cohort, is building and co-powering a coalition of Black women leaders focused on addressing the racial wealth gap by driving bold, structural change for Black communities. Melvin became a prime target for newbie traders on Reddits WallStreetBets forum because he had taken a short position on GameStop, meaning he was betting the struggling video game retailers share price was going to lower. Analyze a variety of pre-calculated financial metrics Access beautifully interactive analysis and comparison tools But The Real Deal reports that Plotkin is forging ahead on the renovation of the two Miami Beach, Fla., properties that he bought in 2020 for $44 million, with his attorney going before the Miami Beach Design Review Board to discuss the Melvin Capital founders plans to demolish one of the two properties to make room for a 1,316-square-foot cabana, a playground, and amenity courts. Gabe Plotkin got married in 2006 to a lady named Yaara Bank. How Gabe Plotkin (Gamestop & Melvin Capital) Lost Billions - YouTube Thanks for watching "How Gabriel Plotkin (Gamestop & Melvin Capital) Lost Billions"! 5. A verification email has been sent to you. They seek to provide assistance to improve the lives of Israels terror victims and wounded soldiers. Currently, we require either an Accountability & Finance beacon or an Impact & Results beacon to be eligible for a Charity Navigator rating. The firm ended 2020 with $12.5 billion under management. Why Aren't Donated Clothes Always Given Away for Free? From January 2 to January 28, one of the eight stocks Melvin had betted against nearly doubled in price. According to the Wall Street Journal, Melvin Capital lost 53% on its investments in January 2021 alone. Similar to the push to fund GameStop's stock, the divorce rumor also originated from the internet. . According to Forbes, Plotkin earned about $300 million in compensation in 2017, making him the 20th highest-paid hedge fund manager that year. Melvin Capital Founder Gabriel Plotkin Reportedly Lost $460 Million in Short Squeeze By Dan Clarendon Feb. 23 2021, Published 10:59 a.m. It was recently reported that Yaara filed for divorce after Gabriel lost a huge chunk of his money due to the rise of GameStop's stock prices. However, during January 2021, he reportedly lost $460 million due to his funds collapsing. Read the IRS instructions for 990 forms. Prior to starting Melvin Capital, Plotkin was a trader at Steve Cohens SAC Capital, where he managed a portfolio of mostly consumer stocks valued at about $1.3 billion.