Taxable trusts and private foundations that are required to file a form 990PF are also included. They are associated with the Chabad Israel Center. . Gabriel started the venture the board firm in 2014 in New York. Mr. Plotkin is married to Yaara Bank-Plotkin. Yaaras identity and foundation are kept hidden. I named Melvin after my grandfather, who ran a convenience store. to try again. Grant Information Last Updated: Save my name, email, and website in this browser for the next time I comment. March 2023. Nonprofit Explorer includes summary data for nonprofit tax returns and full Form 990 documents, in both PDF and digital formats. Yaara had petitioned for the separation, and the explanation was hopeless contrasts between the two. People may receive compensation for some links to products and services on this website. In the wake of the implosion of SAC, in 2014 Gabe Plotkin founded Melvin Capital Management. Public, Society Benefit - Multipurpose and Other N.E.C. Learn more CNBCs Andrew Ross Sorkin reported that fund manager Gabriel Plotkin advised Melvin Capital had closed (i.e. May 2016 - Jan 20192 years 9 months. This shows that Mr. Plotkin has a strong sense of his Jewish roots and loyalty to the people who live in his local community as well as for his ancestral ties to Israel. Melvin Capital's Gabriel Plotkin has been in the news quite a bit recently after his hedge fund may have posted a loss in the billions in the stock market shorting GameStop. Melvin Capital founder, Gabriel Plotkin's, testimony before the House Committee on Financial Services regarding the recent GameStop short sell. Please check your inbox in order to proceed. Both are natives of the East Coast. [1] It was founded in 2014 by Gabriel Plotkin, who named the firm after his late grandfather. SAC was fully shuttered in 2016. In addition to the raw summary data, we link to PDFs and digital copies of full Form 990 documents wherever possible. 2023 Children of Fallen Patriots Foundation. }p . about GuideStar Pro. The summary data contains information processed by the IRS during the 2012-2019 calendar years; this generally consists of filings for the 2011-2018 fiscal years, but may include older records. The messages said things like its very clear that we need a second holocaust, the Jews cant continue to get away with this. Note: The absence of a rating does not indicate a positive or negative assessment; it only indicates that we have not yet evaluated this organization. In 1920 there were 60 Plotkin families living in New York. He also owns property in New York City. We also reduced many other Melvin positions with significant losses both long and short which have been the subject of similar publications.. He currently serves as the Chief Investment Officer of the hedge fund that he established. Sign in or create an account to view Form(s) 990 for 2019 and 2018. 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. Extracted financial data is not available for this tax period, but Form 990 documents are available for download. Melvin, launched in 2014, surged by more than 46 percent in 2019 and 52 percent in 2020. Plotkins testimony also detailed how the unprecedented surge in the GameStop share price affected him professionally and personally. The firm, which is named after Gabe's grandfather, quickly raised $1 billion in capital. He established Melvin Capital, a fund that was named in honor of his late grandfather. The subreddit users of WallStreetBets took the long position on the stock and rumors of bankruptcy began to circulate. He raised nearly $1 billion. 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. A verification email has been sent to you. May 19, 2022. Since its inception six years ago, Melvin had held the position because the fund believed GameStops business model of selling video games in physical stores was overtaken by digital downloads via the Internet, Plotkin said. Plotkin mostly trades consumer stocks and in 2017 Melvin Capital posted returns of 41% net of fees. 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. We also link to copies of audits nonprofit organizations that spent $750,000 or more in Federal grant money in a single fiscal year since 2016. There are 27 nonprofit designations based on the numbered subsections of section 501(c) of the tax code. A former SAC Capital star trader, Gabriel Plotkin started his own fund at the end of 2014, called Melvin Capital Management, named after Plotkin's late grandfather. Your email address will not be published. Copyright 2021 Pro Publica Inc. His compensation after that year's performance was $300 million. He also worked for a Connecticut-based hedge fund called North Sound Capital and SAC Capital. (Don't see an email in your inbox? This organization has not yet reported any program information. Nonprofit Explorer includes summary data for nonprofit tax returns and full Form 990 documents, in both PDF and digital formats. Gabriel was on in Portland, Maine and this is where he grew up. Gabes organization was valued at $12.5 billion preceding enduring a tremendous misfortune. SAC Capital: At SAC Capital he managed a fund of consumer stocks worth $1.3 billion. At the center of last months GameStop frenzy, the head of the hedge fund said Redditors targeted him with anti-Semitic slurs and text messages. Gabriel and YAARA Plotkin Family Foundation. Numerous searches have not turned up any official social media accounts that are accessible by the public. The common stock of Ligand Pharmaceuticals, Melvins second-largest put position among this new group, nearly doubled for the month through January 28. He started his career under Ken . According to Chabdic, Mr. Plotfin and his wife both Yaara are both passionate about the land of Israel. He has literally no presence on social media on any of the platforms. When Plotkin was still employed at SAC Capital a scandal broke out. Bank-Plotkin carries on with a private life as she has not unveiled any insights regarding her family, guardians, kin, and foundation. 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. According to The Wall Street Journal, about one-third of the gains in 2019 from Steve Cohens current hedge fund, Point72, came from Melvin Capital Management LP. If you wish to donate, please refresh the page. A Sony Pictures exibiu no seu painel na CinemaCon na Segunda (24) as primeiras cenas de "Dumb Money", do diretor de "Eu, Tonya" e "Cruella", Craig Gillespie, uma comdia biogrfica baseada no livro 'The Antisocial Network: The GameStop Short Squeeze and the Ragtag Group of Amateur Traders That Brought Wall Street to Its Knees', de Ben Mezrich. Gabriel married Yaara Bank in 2006 and the couple has two kids, a son, and a daughter. Gabriel Plotkin has a rich personal life as well as a busy career. The Foundation is supported by Plotkin Family 2016 Grantor Clat. Fast-track your prospect research with a Professional plan subscription. 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. He has received a great deal of attention in the recent wake of the GameStop investment debacle that resulted in billions of dollars in debt for hedgers shorting the stock. Want to see how you can enhance your nonprofit research and unlock more insights? 2020. Profile Last Updated: From https://projects.propublica.org/nonprofits. Plotkin is still reported to have a net worth of about $300 million, which qualifies him as a very rich man. We have great confidence in Gabe and his team," Ken Griffin, founder and CEO of Citadel, said in a statement. $400 Million. The acquisition valued the Hornets at $1.5 billion. The Plotkin family name was found in the USA, and Canada between 1911 and 1920. ProPublica posts new tax forms as they are released by the IRS. Your donation attempt encountered a problem. Scientists and philosophers have studied the process of how knowledge is expanded. Melvin Capital CEO Gabriel Plotkin delivers his opening statement. Gabe Plotkin is the CIO of Melvin Capital. Copyright. July 28, 2021 Just two of the stocks prices did not move in a meaningful manner. These times of financial uncertainty require soccer agents to have a clear picture of each club's spending power. Both are natives of the East Coast. Plotkin founded Melvin Capital, after leaving SAC during the insider trading blowup, in late 2014, naming the fund after his late grandfather who was a small-business owner. Published. You're faster than our page! (BMF affiliation code: 3). Privacy |Financials |Contact Us| Careers| Accessibility Statement, MissionHistoryBoardStaffFinancialsAnnual ReportFAQ, Family SupportPartner SchoolsSuccess StoriesFAQs for FamiliesEnroll a StudentScholar Resources. According to the same WSJ article, Melvin started 2021 with $12.5 billion in assets and ended January with $8 billion which includes the $2.75 billion in capital injected. We learned from WikiProject Topics some facts about Gabriel Plotkins early years. Federal prosecutors alleged that he was the recipient of illegal insider information. By Svea Herbst-Bayliss. Who Paid The Largest Individual Tax Bill Of All Time? He was involved as a person of interest in the case that was investigated by the Securities and Exchange Commission. 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. Total assets. How Gabe Plotkin (Gamestop & Melvin Capital) Lost Billions - YouTube Thanks for watching "How Gabriel Plotkin (Gamestop & Melvin Capital) Lost Billions"! Why Aren't Donated Clothes Always Given Away for Free? Duplicated download links may be due to resubmissions or amendments to an organization's original return. 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. While his coworker was arrested and charged with the crime, Plotkin was not, however, it was alleged that he forwarded multiple emails that contained the illegal information. The couple married in 2006 and are still together. The redditers paid particular attention to the short sales of video game rental company GameStop, which was the most-shorted stock on American exchanges. 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 total assets subtleties and the subtleties of Yaara Bank-Plotkins compensation and profit are kept hidden. Melvin Capital also contended that rumors of the fund intending to file for bankruptcy are false. BERDON LLP 360 MADISON AVENUEMiami Beach FL 10017-0000, Miami BeachFL | IRS ruling year: 2014 | EIN: 46-4294852. EIN 46-4942784 . Despite the turmoil, Plotkin insisted that the $ 2.75 billion investment Melvin secured from Ken Griffins Citadel and Steve Cohens Point72 in late January was not intended to bail out the fund because it was grappling with heavy casualties. 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. If you have used our data or site in your research or reporting, add credit and a link to Nonprofit Explorer in your story or publication and let us know. Michael Jordan's ownership stake in the NBA's Charlotte Hornets. Why is it so hard to define, let alone understand. The percentage each beacon contributes to the organizations overall rating depends on the number of beacons an organization has earned. Gabriel was on in Portland, Maine and this is where he grew up. 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. American hedge fund manager Gabriel "Gabe" Plotkin has a $400 million fortune. 2023 Forbes Media LLC. Please refresh the page He enrolled in courses at Northwestern University. These audits are copied from the Federal Audit Clearinghouse. We also link to copies of audits nonprofit organizations that spent $750,000 or more in Federal grant money in a single fiscal year since 2016. The Highland Project, one of eight organizations in New Profits first Economic Mobility Cohort, is building and co-powering a coalition of Black women leaders focused on addressing the racial wealth gap by driving bold, structural change for Black communities. He filed plans with the city which showed plans to raze one of the properties and replace with a tennis court and gardens. The two firms are investing a combined $2.75 billion in Melvin Capital, as The Wall Street Journal reported in January. According to Bloomberg, during 2020 Plotkin earned over $800 million in compensation. The couple married in 2006 and are still together. 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.. The two stocks for which Melvin held puts that didnt move much at price during January were Trinity Industries and WW International. Terms of In 2019, Gabe and another hedge fund manager bought a portion of Michael Jordan's ownership stake in the NBA's Charlotte Hornets. Yaara Bank-Plotkin is the wife of Gabriel or Gabe Plotkin. By 2018 the funds assets under management had ballooned to $3.5 billion. Northwestern UniversityAfter graduating from Northwestern University with a degree in Economics in 2001,Gabriel Plotkinjoined Ken Griffins hedge fund Citadel LLC, and later Connecticut-based hedge fund North Sound Capital. to get more GuideStar Nonprofit Profile data today! The couple was living a happy married life till 2018. Two surged around 50 percent through January 27, while three others rose at least 20 percent over the same period. A GuideStar Pro report containing the following information is available for this organization: This information is only available for subscribers and in Premium reports. It covered its short position on the stock, but the precise amount that Melvin Capital lost in the deal has not fully been disclosed. If this organization has filed an amended return, it may not be reflected in the data below. Read the IRS instructions for 990 forms. Melvin dropped the bet not because our investment thesis had changed, but because something unprecedented was happening, Plotkin said. f K6(@?rnPqi=+U$f%rlb9rX?Na_]}Yxi[#5NYc6yEXs[v#8%(D>H1-&-3up4V}K!J%n Yaara doesnt have a Wikipedia page devoted to her yet. Gabriel and Yaara Plotkin Family Foundation cannot currently be evaluated by our Impact & Results methodology because either (A) it is eligible, but we have not yet received data; (B) we have not yet developed an algorithm to estimate its programmatic impact; (C) its programs are not direct services; or (D) it is not heavily reliant on Melvin Capital lost 53% on its investments in January 2021 alone. Current notable investments include Chewy.com, Amazon.com, Las Vegas Sands, Alibaba, and shorting GameStop. Key Persons data is currently unavailable for this organization. He had previously been one of the most prominent traders at Steve Cohen's SAC Capital hedge fund. Sign in. %PDF-1.7 % 1 0 obj Officers, directors, trustees, and key employees, Analyze a variety of pre-calculated financial metrics, Access beautifully interactive analysis and comparison tools, Compare nonprofit financials to similar organizations, Revenue and expense data for the current fiscal year, CEO, Board Chair, and Board of Directors information, *with the ability to download the data for 2019, 2018. The Giving Basket is having some issues. Gabriel Plotkin has a rich personal life as well as a busy career. Meanwhile, shares of Ollies Bargain Outlet Holdings, another negative bet, rose about 30 percent through January 27. Similar to the push to fund GameStop's stock, the divorce rumor also originated from the internet. 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.". However, during January 2021, he reportedly lost $460 million due to his funds collapsing. The organizations present valuation is $8 billion, reports Daily Mail. Melvin Capital: In the wake of the implosion of SAC, in 2014 Gabe Plotkin founded Melvin Capital Management. He also said that the fund has an intense focus on the short side (i.e. These included GameStop, AMC Networks, Cryoport, First Majestic Silver, GSX Techedu, and Simon Property Group. 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. GameStop was just one of the shorts that went south on the company. 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. Revenue and expense data is not available for this organization. Celebrity Net Worth reports Plotkins net worth is $400 million, suggesting a change in fortune for a man who enjoyed $850 million in earnings last year. 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.

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