Team team team team team team - i have a piece of breaking news for you and this one is absolutely insane. It involves ken griffin, gay, plotkin and melvin capital and basically being dunzo, give this a quick, listen in retrospect. You obviously made a big investment in in melvin in the middle of this melvin capital. Do you think that was a mistake? No, i think gabe plotkin is one of the finest investors of his generation.

Gabe plotkin, one of the best investors of his generation. I mean, if that's true, i guess it's also true - that i'm not dumb money now, folks, folks, folks, folks, folks, i've made dumb dumb decisions in my life, but i've never lost seven billion dollars and being called the best investor one of the best investors of our Generation, in fact, i get called a lot worse for losing a lot less, but here's the awkward and interesting breaking news, especially if you identify as an ape plotkins melvin capital to liquidate funds after losses. Basically, he lost a shitload of money, pissed off his investors and is now done so here's what you need to know. This is breaking news, may 18, 2022, a little after 5 p.m, et gate, plotkin plans to wind down medlin capital management after suffering, billions of dollars of losses and angering investors with a botched plan to reboot the firm.

Now, if you don't know melvin capital, they are the infamous fun that was short on gamestop in january 2021 and blew the f up now. You probably know that story. So what i want to focus on is potentially more interesting is not only did he kind of make himself a laughingstock of the apes, but he pissed off his investors in an absolutely glorious fashion. Here's what he recently said to close up shop.

The past 17 months have been an incredibly trying time for the firm and you our investors. I have given everything i could, but more recently that has not been enough to deliver the returns you should expect. I now recognize that i need to stop away from managing external capital. Just so you know from 2014 to 2020 melbourne capital returned a lot 30 a year, but circa january 2021.

He met a new group, referred to as the apes and his ass was absolutely handed to him and he lost 55. Now, like i said, that's a story, you probably know pretty well stephen cohen and 0.72 ken griffin of citadel. They ended up giving him capital and even now they're taking their money back and he's closing up shop. It's a debacle.

People are losing billions and billions and billions, but what's kind of crazy is how gabe and i guess the leadership team decided to handle this. So more recently he was like hey. I have this crazy, kooky idea. Why don't i just kind of start a new firm and at first you might be like.

Why would you do that? Well, remember? They are collecting management fees and performance fees in the world of hedge funds. It's very common for performance fees only to be paid out. If you hit a new high water mark. Well, basically, it seemed like gabe was saying: we've suffered, suff a loss we have like consumed such a big big massive hit to our overall capital.

We might not get back to that high water mark, so it seemed like he was being a little bit greedy. Instead of kind of, like you know, buckling down and trying to get the firm back to where it should be, he's like i'll just hit the restart button, so i can start getting those performance fees. You know kind of wiping the slate clean and obviously the investors lost their mind for good reason and that's what led to this right here. I am sorry i got this one wrong.

I made a mistake. I apologize in hindsight and despite our intentions, we recognize now that we focus on future returns and team continuity without sufficient consideration of your investment loss dude. What an interesting articulate way like what pr firm spun this from basically saying: hey! I'm sorry that you realized! I'm a greedy lol, my bad, please give us your billions of dollars. Well, obviously, you can't treat your investors like that, and this is now why he is liquidating funds closing up shop and no longer handling external capital.

Melvin capital gabe pot confirm the one who's short gamestop is officially done.