It’s not a secret to anybody that Michael Jordan is one of the wealthiest athletes in the world. Besides the small fortune he made in the NBA during his playing days with the Chicago Bulls and Washington Wizards, he’s always had a great eye for investments and partnerships.
This time, however, it seems like the six-time NBA champion may be regretting one of his latest financial moves, as not even him was safe from the Game Stop trading frenzy. Reportedly, he could be down several dozen million as we speak.
The thing is that Jordan had recently partneredwith venture capitalists Gabe Plotkin and Daniel Sundheim as investors of the Charlotte Hornets. Both millionaires, however, have taken a massive hit over the past couple of days.
Michael Jordan’s Partners Have Lost Billions Due To The GameStop Scandal
“Jordan could not have picked a worse time to welcome hedge fund giants Gabe Plotkin and Daniel Sundheim as investors in the Hornets. Both men are reported to have taken ‘catastrophic’ losses, with the ongoing war between hedge fund managers and amateur investors reportedly wiping more than $5 billion from established hedge funds,” reported Basketball Forever.
Plotkin and Sudnheim are the guys running Melvin Capital, one of the biggest hedge funds in Wall Street and – as you may know by now – the biggest losers of the trading war declared by Redditors.
Jordan – as most big fish -had already lost a lot of money due to the pandemic and this is another massive financial blow that will certainly drive him nuts. Then again, he’s still got plenty of dough left in the bank.
Venture capitalists, hedge funds, and big-money people always find a way to end up on top of this situation. So, as he did on the court, we can be sure that Jordan will somehow get out of this with a smile on his face.