Millionaire Hedge Funder Affected By GameStop Stock Surge Is Expanding $44 Million Mansion
Gabe Plotkin is a hedge fund manager who lost a significant amount of money after GameStop stocks increased. Nonetheless, he is still planning to expand his mansion.
The GameStop stock increase saw Wall Street lose an estimated $70 billion in a week. Plotkin was one of the investors who was impacted by the event, as well as his firm Melvin Capital Management, which lost $4.5 billion of its value.
Although Melvin Capital Management lost a staggering 53% of its value, Plotkin doesn’t seem to be worried as he continues to invest in his mansion.
It has undoubtedly been an eventful week for those in Wall Street, and the uprising from the public will likely have taken some investors by surprise. Nonetheless, Plotkin, who is worth approximately $300 million, is in the midst of renovating his $44 million mansions in Miami and is planning on knocking down an adjacent property for a sporting area, according to The Real Deal.
Despite the significant fall in the value of his company, the hedge funder intends to proceed with his plans to install tennis courts and a children’s play area. Given that the WallStreetBets group had a rebellious tinge as they damaged the investments of hedge funders in the stock market, some may be disappointed that life is continuing with little interruption for the millionaires who control the free market.
It appears that the likes of Plotkin aren’t too nervous about continuing with personal investments, regardless of the surprising manipulation of the stock market. Furthermore, a similar stunt by WallStreetBets may be hard to recreate as governing bodies discuss ways to restrict groups impacting the market in the same way again.
Plotkin will undoubtedly have to regain trust in Melvin Capital Management, but it appears that traditional institutions will recover from the events of last week, and may even be able to go about business with even more protection in the future.
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