Melvin Capital, once one of Wall Street's most successful hedge funds which then lost billions in the meme stock saga, will shut down after it was hit

Melvin Capital to shut after heavy losses on meme stocks, market slump

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2022-05-20 00:00:08

Melvin Capital, once one of Wall Street's most successful hedge funds which then lost billions in the meme stock saga, will shut down after it was hit again by this year's market slump.

Melvin Capital, once one of Wall Street's most successful hedge funds which then lost billions in the meme stock saga, will shut down after it was hit again by this year's market slump.Gabe Plotkin, widely regarded as one of the industry's best traders after posting years of double digit returns, told investors that the last 17 months have been "an incredibly trying time."Plotkin had been trying to turn around the firm after being caught out in early 2021 betting against retail favorite GameStop (GME ) and after being wrong footed again by tumbling markets this year."The appropriate next step is to wind down the Funds by fully liquidating the Funds' assets and accounts and returning cash to all investors," Plotkin wrote in a letter review

Melvin Capital, once one of Wall Street's most successful hedge funds which then lost billions in the meme stock saga, will shut down after it was hit again by this year's market slump.

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