Owners/Investment firms
Gabe Plotkin
Gabe Plotkin, 47 or 48, made his money running Melvin Capital, a hedge fund that peaked near $8B and closed in 2022. He has co-controlled the Charlotte Hornets with Rick Schnall since August 2023; no net worth estimate exists.
The businesses in detail
| Company | What it does | Size | Role and stake |
|---|---|---|---|
| Melvin Capital Management (closed 2022) | Hedge fund that bought and bet against shares, mainly consumer and technology companies | $3.5B managed in 2017; about $8B in January 2021; about $7.8B in April 2022 | Founder and chief investment officer, 2014 to 2022; ownership share not published |
| Tallwoods Capital LLC | Family office in Miami Beach for long-term investments | Publishes no assets or holdings | Founder and chief investment officer since 2022 |
| Hornets Sports & Entertainment | Runs the Hornets, the Greensboro Swarm and Spectrum Center | Forbes team value $4.4B (Oct 2026); revenue $367M, operating income $90M (2025-26) | Co-chairman since 3 August 2023; stake not published |
How the main business makes money. A hedge fund invests money for outside clients. Melvin bought shares it expected to rise and sold short others, meaning it bet they would fall. It kept a yearly fee on assets plus a share of profits. Returns averaged about 30% a year from 2014 to 2020. Plotkin reportedly earned about $300M in 2017 and more than $800M in 2020.
Biggest deals.
- 2014: launched Melvin with $200M from Steve Cohen; the fund raised close to $1B at the start.
- 2017: Melvin returned 41% after fees.
- January 2021: Melvin lost 53%, about $6.8B, when GameStop shares it had bet against surged.
- After that loss, Citadel and Point72 put $2.75B into the fund.
- 2021: Melvin finished the year down more than 39%.
- 18 May 2022: Plotkin announced the fund would close and return cash to investors.
Career path
- Early career
Works at Henry Crown and Company, then North Sound Capital
- 2006
Joins S.A.C. Capital and runs a portfolio of over $1B
- 2014
Founds Melvin Capital
- 2019
Buys a Hornets minority stake with Daniel Sundheim at a $1.5B valuation; becomes alternate governor
- January 2021
Melvin peaks near $8B, then loses 53% in the GameStop squeeze
- May 2022
Announces the closure of Melvin
- 2022
Founds Tallwoods Capital
- 3 August 2023
Takes control of the Hornets with Schnall at about a $3B valuation
- 26 March 2025
Breaks ground on a new Hornets practice centre
Teams and sports assets
Owns now 4
- teamCharlotte HornetsNBA · Basketball · USSince 2019 · minority from 2019; co-controlling with Rick Schnall since August 2023; size not published · 2019 stake at a $1.5B valuation; control at about $3B
- teamGreensboro SwarmNBA G League · Basketball · USSince 2023 · through Hornets Sports & Entertainment · came with the Hornets
- teamHornets Venom GTNBA 2K League · Esports · USSince 2023 · through Hornets Sports & Entertainment · came with the Hornets
- arenaSpectrum Center operating rightsNBA · Basketball · USSince 2023 · operator; arena owned by the City of Charlotte · came with the Hornets
Other investments and assets
- Companies and funds: Tallwoods publishes no holdings. Known Melvin positions included Amazon, Chewy, Las Vegas Sands and Alibaba. Its known bets against shares included J.C. Penney, SunEdison and GameStop.
- Property: No personal property holdings were found.
- Family in the business: His wife, Yaara Bank-Plotkin, shares the name of the family foundation. No relatives with Hornets roles were found.
Giving and politics
- He sits on the board of advisors of the Children of Fallen Patriots Foundation.
- The Gabriel and Yaara Plotkin Family Foundation has supported the Wounded Warrior Project and Chabad of Southampton.
- The Chabad Israel Center of the Upper East Side honoured him for supporting wounded Israeli soldiers and terror victims.
How they run their teams
- He and Schnall share control. Plotkin is due to take the NBA governor's seat after Schnall's five years.
- Hoops Rumors reported before the 2023 draft that the incoming owners would have a say in the No. 2 pick.
- They kept the coach and general manager at first, then reshaped the front office.
- Sports Illustrated notes he is widely known as the manager on the losing side of the GameStop squeeze.
What they have said
- He rated the roster he inherited as having many strong pieces.
- He described himself and Schnall as patient owners.
- He argued that Charlotte is underrated as a place for players to come.
- With Schnall, he committed to keeping the Hornets profitable and rooted in the community while chasing wins.
- He called their approach long-term and methodical, with facilities, draft picks and players as parts of one plan.
Little-known facts
- Seth Rogen played Plotkin in the 2023 film Dumb Money.
- Melvin Capital was named after his late grandfather.
- Daniel Sundheim, his partner in the 2019 stake, is still an investor in the Hornets.
- NBA owners approved the Hornets sale 29-1.
Quick answers
What is Gabe Plotkin's net worth?
There is no published Forbes or Bloomberg estimate of Gabe Plotkin's net worth.
What NBA team does Gabe Plotkin own?
He has co-controlled the Charlotte Hornets with Rick Schnall since August 2023. Forbes values the Charlotte Hornets at $4.4B (October 2026).
Where does Gabe Plotkin's money come from?
Gabe Plotkin, 47 or 48, made his money running Melvin Capital, a hedge fund that peaked near $8B and closed in 2022.
How old is Gabe Plotkin?
Gabe Plotkin is 47.
Open questions
- His net worth, his Hornets stake and his share of Melvin were not found.
- His first Hornets stake is dated September 2019 by Forbes and 2020 by Sportico.
- The size and price of that first stake are undisclosed.
- Tallwoods assets, staff and holdings were not found.
- His political donations and any interview since 2023 were not found.