Register now. Save my name, email, and website in this browser for the next time I comment. He was involved as a person of interest in the case that was investigated by the Securities and Exchange Commission. Federal prosecutors alleged that he was the recipient of illegal insider information. His compensation after that year's performance was $300 million. In early 2021 the fund lost over 30% due to numerous short bets that went awry, including GameStop. Be that as it may, her significant other, Gabriel Plotkins total assets is $300 million, reports Forbes. 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.". Small organizations filing a Form 990N "e-Postcard" are not included in this data. He was raised in a Jewish household, but not much more about his personal beliefs are known. Issue #1 of 'Phantom Raoad' goes on sale Wednesday, March 1. Personal Life and Real Estate:In November 2020, Gabe paid a total of $44 million for two adjacent homes in North Bay Road in Miami, Florida. Gabe has been married to Yara Bank-Plotkin since 2006. Profile Last Updated: Sign in or create an account to view Form(s) 990 for 2019 and 2018. According to Wikipedia, Gabriel Plotkin is a college graduate. The most well-known incident involving Gabe was the founding of Melvin Capital Management, which engaged in a public argument with a group of Reddit users in 2021 over the firm GameStop. 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. What exactly is (natural or artificial) intelligence? According to the Wall Street Journal, Melvin Capital lost 53% on its investments in January 2021 alone. Melvin Capital: In the wake of the implosion of SAC, in 2014 Gabe Plotkin founded Melvin Capital Management. 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. The people, governance practices, and partners that make the organization tick. Gabriel and Yaara Plotkin Family Foundation cannot currently be evaluated by our Leadership & Adaptability methodology because we have not received data from the charity regarding its leadership capacity, strategic thinking and planning, and ability to innovate or respond to changes.Note: The absence of a score does not indicate a positive or negative assessment, it only indicates that we have not yet evaluated the organization. Public, Society Benefit - Multipurpose and Other N.E.C. Mr. Plotkin is married to Yaara Bank-Plotkin. SAC Capital: At SAC Capital he managed a fund of consumer stocks worth $1.3 billion. (Melvin's Gabriel Plotkin had come out of SAC Capital, which pled guilty to insider trading in 2013.) The subreddit users of WallStreetBets took the long position on the stock and rumors of bankruptcy began to circulate. Three of them surged in price through late January. All Rights Reserved. He graduated from Northwestern University with an Economics degree in 2001. }p . 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. Mr. Plotkin is married to Yaara Bank-Plotkin. Privacy |Financials |Contact Us| Careers| Accessibility Statement, MissionHistoryBoardStaffFinancialsAnnual ReportFAQ, Family SupportPartner SchoolsSuccess StoriesFAQs for FamiliesEnroll a StudentScholar Resources. Submit a correction suggestion and help us fix it! Cart ID: Not Assigned, Copyright 2023 | EIN 13-4148824 | Bridge ID 3108588923, Total Revenue and Expenses - No Data Available, Salary of Key Persons - No Data Available, IRS Published Data (Business Master File) - Data Available, Data Sources (IRS Forms 990) - Data Available, How to Donate Food and Prevent Food Waste. They are associated with the Chabad Israel Center. Service. Reuters identified Plotkin as the so-called Portfolio Manager B in the Securities and Exchange Commissions civil complaint against Michael Steinberg, a fellow SAC PM who was arrested on charges he traded Dells earnings based on insider information. Melvin Capital CEO Gabriel Plotkin said hes gotten racist and profane texts from Redditors. He had previously been one of the most prominent traders at Steve Cohens SAC Capital hedge fund. $1,513,822. Gabriel married Yaara Bank in 2006 and the couple has two kids, a son, and a daughter. We have a lot of analysts, we require a lot out of them. ET The net worth of Gabriel Plotkin reportedly took a. 9. On January 27 Bloomberg News reported that losses had continued past the 30% reported on January 24 by the WSJ although their sources would not give a specific number as to not upset CIO Gabe Plotkin. 02/11/2022. Gabe received his bachelor's degree in economics from Northwestern University. Sign up to get ProPublicas biggest stories delivered straight to your inbox. Testimony of Gabriel Plotkin, Founder and Chief Investment Officer, Melvin Capital Management Chairwoman Waters, Ranking Member McHenry, and Members of the Committee, I would like . Gabe Plotkin is the CIO of Melvin Capital. The Internal Revenue Service is substantially delayed in processing and releasing nonprofit filings, so documents available here may not be the most recent an organization has filed. They participate in annual support drives for this purpose. The Foundation supports Chabad Israel Center and made 11 grants last year. He currently serves as the Chief Investment Officer of the hedge fund that he established. In 2013 SAC pleaded guilty and agreed to pay $1.2 billion in penalties plus $616 million paid to the SEC. In any case, shares of ViacomCBS, Melvins largest put position among the newly revealed eight, rose roughly 50 percent for the month through January 27. to get more GuideStar Nonprofit Profile data today! Please share any feedback you have about Foundation Directory Online. And what they have learned has lessons for understanding where generative AI models may go. Melvin did not return a call seeking comment. Gabriel Plotkin has a rich personal life as well as a busy career. Gabe Plotkins Melvin Capital Management late Wednesday provided new insight into negative positions the firm held at year-end that may have contributed to its stunning 53 percent loss in January. The messages said things like its very clear that we need a second holocaust, the Jews cant continue to get away with this. 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. He is Jewish. Melvin Capital which Plotkin named after his grandfather closed its short position on GameStop at a loss in the last week of January as its stock price climbed to a high of $ 483 per share. <> Fast-track your prospect research with a Professional plan subscription. He has a generous heart when it comes to helping those who are in need. Galleon shut down in 2009, following Rajaratnam's arrest, and a year later Shaulov founded . They have a son named Eytan Shmerel. The short position adopted by Melvin Capital and others resulted in more than 139% percent of existing shares of GME being shorted, making GameStop stock the most shorted equity in the world. Prior to Melvin Capital, Plotkin was a prominent trader at SAC Capital. 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. Read the IRS instructions for 990 forms. Gabriel And Yaara Plotkin Family Foundation - Nonprofit Explorer - ProPublica Research Tax-Exempt Organizations GABRIEL AND YAARA PLOTKIN FAMILY FOUNDATION NEW YORK, NY 10017-0000 |. Melvin started 2021 with $12.5 billion in assets and ended January with $8 billion which includes the $2.75 billion in capital injected. Melvin Capital Management LP is an American investment management firm based in New York City. He has literally no presence on social media on any of the platforms. Similar to the push to fund GameStop's stock, the divorce rumor also originated from the internet. The IRS Form 990 is an annual information return that most organizations claiming federal tax-exempt status must file yearly. Ratings are calculated from one or more beacon scores. He is survived by his children Danny (Gretchen), Gary (Helene) and Nancy (Bob) and his beloved. A lot of these messages were full of anti-Semitic slurs directed at me and others, Plotkin said in his testimony. The losses were so large that Melvin reportedly had to request a $2.75 billion capital injection from Point72 and Citadel in exchange for the rights to a portion of the funds future revenues. There were bits of gossip about Yaara Bank-Plotkin and Gabe Plotkin getting separation on January 31, 2021. One can peruse Yaara Bank-Plotkins profile in two or three Wiki-bio pages. 2020. Gabriel and Yaara got hitched in the year 2006. All rights reserved.Combined Federal Campaign (CFC) #69859 | Fallen Patriots is a 501(c)(3) non-profit organization. It is known for its short-selling strategies. The hedge fund is getting a boost from Citadel LLC and Point72 Asset Management, however. 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. It covered its short position on the stock, but the precise amount that Melvin Capital lost in the deal has not fully been disclosed. about GuideStar Pro. We welcome all corrections and feedback using the button below. She is a native New Yorker. Copyright 2021 Pro Publica Inc. <>/Metadata 97 0 R/ViewerPreferences 98 0 R>> Gabriel and Yaara Plotkin Family Foundation cannot currently be evaluated by our Culture & Community methodology because we have not received data from the charity regarding its Constituent Feedback or Equity Practices strategies.Note: The absence of a score does not indicate a positive or negative assessment, it only indicates that we have not yet evaluated the organization. Yaara Bank-Plotkin is the wife of Gabriel or Gabe Plotkin. The IRS Form 990 is an annual information return that most organizations claiming federal tax-exempt status must file yearly. Published. He had previously been one of the most prominent traders at Steve Cohen's SAC Capital hedge fund. 5. By Svea Herbst-Bayliss. Gabriel Plotkin, CEO of Melvin Capital Management, testifies before Congress (YouTube snapshot) Melvin Capital, the hedge fund belonging to Gabe Plotkin, is shutting down . 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. Gabriel Plotkin runs Melvin Capital Management, a hedge fund firm with $3.5 billion under management. a fashion brand that offers the best styling experience of the latest fashion trends, Shop Fashion Clothing For Women's. 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. Use the tool below to select different beacons to see how the weighting shifts when only one, two, or three beacons are earned. 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.. In September 2020 the name of the company showed up in the Polish Short Sale Registry (Rejestr Krtkiej Sprzeday) because of a short position in-game developers CD Projekt, a net position of 0.55 percent through the Polish stock exchange (GPW). Why is it so hard to define, let alone understand. Why is it so difficult to predict events and consequences too far into the future? [1] It was founded in 2014 by Gabriel Plotkin, who named the firm after his late grandfather. Melvin Capital Management founder Gabe Plotkin, a major short-seller of GameStop, is proposing to knock down one of the Miami Beach homes he purchased last year and expand his waterfront. All Rights Reserved. Toward the end of 2014, Plotkin left SAC to establish his own company. She is a native New Yorker. ynfx9/EYQ 7dM2gcAs~/cojcbD? By 2018 the fund's assets under management had ballooned to $3.5 billion. Through the end of January 2021, the fund was down 53%, according to The Wall Street Journal. His official title was a trader. Meanwhile, shares of Ollies Bargain Outlet Holdings, another negative bet, rose about 30 percent through January 27. The couple married in 2006 and are still together. At SAC Capital he managed a fund of consumer stocks worth $1.3 billion. From January 2 to January 28, one of the eight stocks Melvin had betted against nearly doubled in price. 2023 Celebrity Net Worth / All Rights Reserved. Need the ability to download nonprofit data and more advanced search options? SAC was fully shuttered in 2016. This was a job with a lot of responsibility as he handled the stocks that were valued at approximately $1.3 billion. Privacy Policy Join Facebook to connect with Gabriel Plotkin and others you may know. endobj Cabe Plotkin raised almost a billion dollars for the fund. 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. In 2019, Gabe and another hedge fund manager bought a portion of Michael Jordan's ownership stake in the NBA's Charlotte Hornets. Learn More The acquisition valued the Hornets at $1.5 billion. [1] On May 18, 2022 Plotkin announced that the fund would close and return any remaining customer funds by June 2022. Total revenues. Analyze a variety of pre-calculated financial metrics Access beautifully interactive analysis and comparison tools According to Chabdic, Mr. Plotfin and his wife both Yaara are both passionate about the land of Israel. Copyright 2021 Pro Publica Inc. This data release includes only a subset of what can be found in the full Form 990s. The stock would rise another 13 percent before peaking on February 9. This consists of separate releases by the IRS of Form 990 documents processed by the agency, which we update regularly. After college he went to work at the hedge fund Citadel LLC. * Officer compensation may be included in charitable disbursements, so values may add up to greater than 100%. If this organization has filed an amended return, it may not be reflected in the data below. There he earned his bachelors degree in Economics, graduating in 2001. Plotkin was allegedly forwarded several emails by Steinberg and others that contained insider information. Updated Feb 18, 2021 at 5:13 PM. . We learned from WikiProject Topics some facts about Gabriel Plotkins early years. Its users frequently refer to themselves as latecomers an offensive insult to people with intellectual disabilities and Keith Gill, the Redditor credited with leading the GameStop rally, goes by DeepF-value on the forum. He had previously been one of the most prominent. Tallwoods Capital is a Miami Beach-based family office that focuses on long-term investments. BOSTON (Reuters) - Gabriel Plotkin will on Thursday explain his hedge fund's massive losses in the GameStop trading frenzy, and he plans to tell U.S. lawmakers that Melvin Capital Management follows securities laws, does not manipulate stocks and conducts extensive research before making bets. 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. 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. These audits are copied from the Federal Audit Clearinghouse. spent with my family and on Melvin Capital, which I founded six years ago. If you try to look him up on Twitter or Instagram, you might find people with the same name, but it wont be him. Read the full story . In the early part of 2021, Melvin Capital experienced a loss of more than 30 percent because of short betting. Yaara had petitioned for the separation, and the explanation was hopeless contrasts between the two. Gabriel Jesus signed for Arsenal from Manchester City this summer and has made an instant impact for his new club. He also worked for a Connecticut-based hedge fund called North Sound Capital and SAC Capital. 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.". He filed plans with the city which showed plans to raze one of the properties and replace with a tennis court and gardens. Give the page a little longer to finish The fund had also repositioned its portfolio according to the source. In his testimonypublished online by The Washington PostPlotkin admitted that he was far removed from his background growing up in a middle-class family in Portland, Maine, and going to public high school. You've probably heard what went. I named Melvin after my grandfather, who ran a convenience store. According to federal prosecutors, at some point during his time at SAC Capital Gabriel was the recipient of insider information. 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. 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. Although Plotkins hedge fund recently took a terrible hit, sources confirm that hes still got his head above water. While we work diligently to ensure that our numbers are as accurate as possible, unless otherwise indicated they are only estimates. endobj Required fields are marked *. Melvin Capital founder, Gabriel Plotkin's, testimony before the House Committee on Financial Services regarding the recent GameStop short sell. about GuideStar Pro. During the testimony, Plotkin explained that Melvin Capital shorted GameStop stock because the firm did and still does believe that the retail chains business model is being overtaken by video game downloads. The posts said things like, Its very clear we need a second Holocaust. Duplicated download links may be due to resubmissions or amendments to an organization's original return. endobj 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. The firm ended 2020 with $12.5 billion under management. Grant Information Last Updated: 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. Your email address will not be published. According to Forbes, Plotkin earned about $300 million in compensation in 2017, making him the 20th highest-paid hedge fund manager that year. Increase Website Performance with Cumulative Layout Shift (CLS), Largest Contentful Paint (LCP) and Total Blocking Time (TBT). Gabriel Plotkin Melvin capital worth, Wife, Age, on Gabriel Plotkin Melvin capital worth, Wife, Age.
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