This organization has not yet reported any program information. Help us get you more of the nonprofit information you need, including: An email has been sent to the address you provided. 5 min read. According to federal prosecutors, at some point during his time at SAC Capital Gabriel was the recipient of insider information. * Officer compensation may be included in charitable disbursements, so values may add up to greater than 100%. Why is it so difficult to predict events and consequences too far into the future? His compensation after that year's performance was $300 million. $1,513,822. The Internal Revenue Service is substantially delayed in processing and releasing nonprofit filings, so documents available here may not be the most recent an organization has filed. 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. 3 0 obj The couple was living a happy married life till 2018. In 2019, Gabe and another hedge fund manager bought a portion of Michael Jordan's ownership stake in the NBA's Charlotte Hornets. Published. The Foundation is supported by Plotkin Family 2016 Grantor Clat. 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. Fast-track your prospect research with a Professional plan subscription. <>/Metadata 97 0 R/ViewerPreferences 98 0 R>> The mission of Children of Fallen Patriots. Melvin Capital reportedly lost 30% of its fund value very quickly thanks to its massive short position in GameStop. Access lists of funders based on detailed search criteria and other features such as: Copyright 2023 Candid. If it is your nonprofit, add geographic service areas to create a map on your profile. Our projects result in quantifiable . [1] It was founded in 2014 by Gabriel Plotkin, who named the firm after his late grandfather. Nonprofit Explorer has organizations claiming tax exemption in each of the 27 subsections of the 501(c) section of the tax code, and which have filed a Form 990, Form 990EZ or Form 990PF. The losses were so large that Melvin reportedly had to request a $2.75 billion capital injection from Point72 and Citadel in exchange for the rights to a portion of the fund's future revenues. If it is your nonprofit, add a problem overview. The most well-known incident involving Gabe was the founding of Melvin Capital Management, which engaged in a public argument with a group of Reddit users in 2021 over the firm GameStop. He began his profession as a portfolio administrator at SAC Capital and worked at North Sound Capital.. Gabe is a minority owner and alternative governor of the Charlotte Hornets. Gabriel and Yaara got married in the year 2006. Gabe and Yaara also have two beautiful kids, a son, and a daughter. Gabriel Plotkin has a rich personal life as well as a busy career. 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. Offers may be subject to change without notice. Taxable trusts and private foundations that are required to file a form 990PF are also included. In 1920 there were 60 Plotkin families living in New York. Two bright young jazz singers, Gabrielle Cavassa and Sage Bava, meet to discuss being a jazz singer in 2023 and what the music means to them. All net worths are calculated using data drawn from public sources. Privacy |Financials |Contact Us| Careers| Accessibility Statement, MissionHistoryBoardStaffFinancialsAnnual ReportFAQ, Family SupportPartner SchoolsSuccess StoriesFAQs for FamiliesEnroll a StudentScholar Resources. The common stock of Ligand Pharmaceuticals, Melvins second-largest put position among this new group, nearly doubled for the month through January 28. According to federal prosecutors, at some point during his time at SAC Capital Gabriel was the recipient of insider information. March 2023. This data release includes only a subset of what can be found in the full Form 990s. There were bits of gossip about Yaara Bank-Plotkin and Gabe Plotkin getting separation on January 31, 2021. It is now our job to earn it back, he said. Gabeis best-known for being the founder of Melvin Capital Management which had a public spat with a community of redditers in 2021 over the company GameStop. 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. Prior to Melvin Capital, Plotkin was a prominent trader at SAC Capital. Rating histories are available for a growing number of rated organizations. In 2013 SAC pleaded guilty and agreed to pay $1.2 billion in penalties plus $616 million paid to the SEC. On January 27 Bloomberg News reported that losses had continued past the 30% reported on January 24 by the WSJ although their sources would not give a specific number as to not upset CIO Gabe Plotkin. The company's current valuation is $8 billion, reports Daily Mail . EIN 46-4942784 . Want to see how you can enhance your nonprofit research and unlock more insights? 2023 Forbes Media LLC. According to Wikipedia, Gabriel Plotkin is a college graduate. By 2018 the funds assets under management had ballooned to $3.5 billion. Gabriel Plotkin runs Melvin Capital Management, a hedge fund firm with $3.5 billion under management. 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. 5. They gained considerably due to the problems faced during the launch of Cyberpunk 2077. Melvin Capital CEO Gabriel Plotkin delivers his opening statement. Subscribe Unlock nonprofit financial insights that will help you make more informed decisions. SAC Capital: At SAC Capital he managed a fund of consumer stocks worth $1.3 billion. He started his career under Ken . For those interested in acquiring the original data from the source, heres where our data comes from: Enter a nonprofit's name, a keyword, or city, https://projects.propublica.org/nonprofits. Social Entrepreneur Spotlight: Gabrielle Wyatt Of The Highland Project, Increase Website Performance With Three Metrics, First Look: Jeff Lemire & Gabriel Waltas New Comic Phantom Road Is Stephen King Meets John Carpenter, Artist To Artist Q&A: Gabrielle Cavassa And Sage Bava Riff On The State Of Singing Jazz In 2023, Gabriel Martinelli Becoming The Face Of Arsenals Premier League Title Challenge. spent with my family and on Melvin Capital, which I founded six years ago. While Reddit users encouraged each other to negotiate in the opposite direction of Melvins investments, they also took personal attacks on Plotkin, he said. Melvin Capital lost 53% on its investments in January 2021 alone. In its initial 13F filing covering the fourth quarter and publicly disclosed in mid-February, Melvin had listed eight stocks for which it held put options.Gabriel Plotkin. According to the Wall Street Journal, Melvin Capital lost 53% on its investments in January 2021 alone. 09/07/2021 * Officer compensation may be included in charitable disbursements, so values may add up to greater than 100%. In addition to the raw summary data, we link to PDFs and digital copies of full Form 990 documents wherever possible. Sage Bava and I spoke with them about their new album, favorite L.A. spots and more. Extracted financial data is not available for this tax period, but Form 990 documents are available for download. The losses were so large that Melvin reportedly had to request a $2.75 billion capital injection from Point72 and Citadel in exchange for the rights to a portion of the funds future revenues. The Giving Basket is having some issues. Tradewater creates, develops, and implements high value projects that reduce greenhouse gas emissions. This was about 32% of all the recorded Plotkin's in USA. Similar to the push to fund GameStop's stock, the divorce rumor also originated from the internet. ET The net worth of Gabriel Plotkin reportedly took a. about GuideStar Pro. Total revenues. [30] Plotkin purchased a minority interest in the Charlotte Hornets in 2019 from Michael Jordan. The firm, which is named after Gabe's grandfather, quickly raised $1 billion in capital. We learned from WikiProject Topics some facts about Gabriel Plotkins early years. Bank-Plotkin carries on with a private life as she has not unveiled any insights regarding her family, guardians, kin, and foundation. He was called Portfolio Manager B in the scandal. Plotkin was allegedly forwarded several emails by Steinberg and others that contained insider information. 2023 Celebrity Net Worth / All Rights Reserved. Melvin became a prime target for newbie traders on Reddits WallStreetBets forum because he had taken a short position on GameStop, meaning he was betting the struggling video game retailers share price was going to lower. Plotkin made his first splash when he acquired the Choeff Levy Fischman-designed 6360 North Bay Road and 6342 North Bay Road on Miami Beach in November 2020 for $44 million. In court filings, Plotkin was the so-called Portfolio Manager B and reportedly was forwarded a number of emails from a fellow portfolio manager that the SEC considered inside information. . Galleon shut down in 2009, following Rajaratnam's arrest, and a year later Shaulov founded . But on Wednesday, Melvin filed an amended version of the document disclosing that as of December 31 it held put positions in an additional eight companies not previously known. On top of that, he holds shares in Amazon of an undisclosed amount and about $20 million in Bath and Body Works. And how will we know when we see it? Two other firms invested . During his time at SAC Capital, Plotkin was the recipient of illegal insider information according to federal prosecutors. His compensation after that years performance was $300 million. If you try to look him up on Twitter or Instagram, you might find people with the same name, but it wont be him. WallStreetBets has a reputation for being rude and rude. 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. Its users frequently refer to themselves as latecomers an offensive insult to people with intellectual disabilities and Keith Gill, the Redditor credited with leading the GameStop rally, goes by DeepF-value on the forum. The rumors of bankruptcy were found to be untrue. Previously, Plotkin was the CIO and founder of Melvin Capital, an investment management firm that focused on consumer and technology stocks. This data is only available if this charity has at least one year of electronically-filed Form 990 data filed within the last six years. Scientists and philosophers have studied the process of how knowledge is expanded. . The organizations present valuation is $8 billion, reports Daily Mail. This organization has not provided GuideStar with a mission statement. Copyright 2021 Pro Publica Inc. by Bana Miller. He also said that the fund has an intense focus on the short side (i.e. Total assets. Many of these posts were laced with antisemitic slurs directed at me and others, he said. You will not find Mr. Plotkin on social media. They participate in annual support drives for this purpose. Duplicated download links may be due to resubmissions or amendments to an organization's original return. Gabe Plotkin Net Worth:GabrielGabePlotkinis an American hedge fund manager who has anet worthof $400 million. In any case, shares of ViacomCBS, Melvins largest put position among the newly revealed eight, rose roughly 50 percent for the month through January 27. The short position adopted by Melvin Capital and others resulted in more than 139% percent of existing shares of GME being shorted, making GameStop stock the most shorted equity in the world. Ratings are calculated from one or more beacon scores. Be that as it may, her significant other, Gabriel Plotkins total assets is $300 million, reports Forbes. Key Persons data is currently unavailable for this organization. $2800/month total (Arielle Oct Update) | DS408 | Doug.Show, Keep your friends close and your enemies closer, How to make great makeup for the first date in 2022, Umbrella Wholesale Business Start-Up Advice, The Top 10 Garden Accessories to Wholesale, The Art of Electric Shaving: 5 Tips and Tricks for a Smooth Shave, 3 Ways Bad Weather Can Affect Package Shipping & Delivery. Gabe Plotkin is the CIO of Melvin Capital. Gabriel Plotkin is an American businessman and entrepreneur who founded Melvin Capital Management LP. 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. That's a big number, but it is still the lowest such combined earnings figure since the financial crisis. One can peruse Yaara Bank-Plotkins profile in two or three Wiki-bio pages. He currently serves as the Chief Investment Officer of the hedge fund that he established. From https://projects.propublica.org/nonprofits. (Melvin's Gabriel Plotkin had come out of SAC Capital, which pled guilty to insider trading in 2013.) SAC was fully shuttered in 2016. Plotkin founded Melvin Capital in 2014. 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. See rating report below to learn why this organization is not currently eligible. The firm ended 2020 with $12.5 billion under management. Gabes organization was valued at $12.5 billion preceding enduring a tremendous misfortune. 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. CIO Gabe Plotkin described the fund to Bloomberg as a very human-intensive place. 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. The couple married in 2006 and are still together. Click here to search for this organization's Forms 990 on the IRS website (if any are available). Melvin Capital Founder Gabriel Plotkin Reportedly Lost $460 Million in Short Squeeze By Dan Clarendon Feb. 23 2021, Published 10:59 a.m. Chanel has created a fragrance that imbibes and represents the houses founder Gabrielle Chanel. Melvin Capital reportedly lost 30% of its fund value very quickly thanks to its massive short position in GameStop. New York had the highest population of Plotkin families in 1920. He also owns property in New York City. In 2017, the fund finished up 41%. 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. July 28, 2021 When provided, we also incorporate private tips and feedback received from the celebrities or their representatives. Prior to starting Melvin Capital, Plotkin was a trader at Steve Cohens SAC Capital, where he managed a portfolio of mostly consumer stocks valued at about $1.3 billion. The IRS Form 990 is an annual information return that most organizations claiming federal tax-exempt status must file yearly. He also told the committee that he named Melvin Capital after his grandfather, the owner of a convenience store. SAC's founder, Steven A. Cohen, proceeded to return all outside capital and established a family office instead, which he called Point72 Asset Management. He also worked for a Connecticut-based hedge fund called North Sound Capital and SAC Capital. Gabe Plotkin got married in 2006 to a lady named Yaara Bank. 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. Current notable investments include Chewy.com, Amazon.com, Las Vegas Sands, Alibaba, and shorting GameStop. Nonprofit Explorer has organizations claiming tax exemption in each of the 27 subsections of the 501(c) section of the tax code, and which have filed a Form 990, Form 990EZ or Form 990PF. Granted, Melvin went through a rough patch, but weve always had an excess margin, and we werent looking for an injection of cash, he said. The acquisition valued the Hornets at $1.5 billion. 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. Yaaras identity and foundation are kept hidden. <>/ExtGState<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI]>>/MediaBox[0 0 612 792]/Contents 4 0 R/Group<>/Tabs/S/StructParents 0>> He was in charge of managing a portfolio of consumer stocks. 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. He has a generous heart when it comes to helping those who are in need. If the problem persists contact us. Nonprofit Explorer includes summary data for nonprofit tax returns and full Form 990 documents, in both PDF and digital formats. It is known for its short-selling strategies. Your email address will not be published. He also owns property in New York City. GABRIEL AND YAARA PLOTKIN FAMILY FOUNDATION NEW YORK, NY 10019 EIN: 46-4942784 This organization is not listed in the IRS's most recent list of tax exempt organizations, but we have data. 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. Yaara doesnt have a Wikipedia page devoted to her yet. 02/11/2022. According to Chabdic, Mr. Plotfin and his wife both Yaara are both passionate about the land of Israel. Federal prosecutors alleged that he was the recipient of illegal insider information. Your donation attempt encountered a problem. After he graduated from Northwestern, Gabriel accepted a job at SAC Capital. Market Realist is a registered trademark. 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. The steep decline had largely been attributed to a Reddit-fueled assault on heavily shorted stocks including GameStop, which bludgeoned short-sellers like Melvin and other hedge fund firms. GameStop was just one of the shorts that went south on the company. 2020. These audits are copied from the Federal Audit Clearinghouse. [18] Users of the subreddit r/WallStreetBets made widespread bets that GameStops stock would increase in value. Try our monthly plan today. A lot of these messages were full of anti-Semitic slurs directed at me and others, Plotkin said in his testimony. Family foundations . He had previously been one of the most prominent. 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. Last Update. Want to see how you can enhance your nonprofit research and unlock more insights? Melvin dropped the bet not because our investment thesis had changed, but because something unprecedented was happening, Plotkin said.