Michael Jordan has become one of the richest athletes in the world, although not all of his income dates back to his days with shorts. His Majesty has become a great businessman and, in addition to his own Nike brand, he has known over the years how to work with the right people to make a fortune of more than a billion dollars. However, there is always a risk.
Jordan is said to have recently partnered with venture capitalists Gabe Plotkin and Daniel Sundheim, who have joined as investors with the Charlotte Hornets, an NBA franchise that MJ owns. Nevertheless, Both millionaires got a big financial shock in recent days from a social campaign.
The thing is, a group of people from the popular internet forum Reddit shook Wall Street on January 28 when they agreed to buy stock in the company GameStop. What’s the problem? The video game chain was following a marked downward trend, so they tried to increase their price in the stock market due to the growing demand.
Michael Jordan lost tens of millions of dollars
Michael Jordan could not have chosen a worse time to welcome hedge fund giants Gabe Plotkin and Daniel Sundheim as investors in the Hornets. Both men are said to have suffered ‘catastrophic’ losses from the war between hedge fund managers and amateur investors. Eliminating Over $ 5 Billion of Established Hedge Funds “Basketball Forever reported.
Reports show that the Melvin Capital investment fund, precisely controlled by Plotkin and Sundheim, even had to ask for a $ 2.75 billion bailout to avoid bankruptcy. For this reasonThey would plan to sell their shares in Charlotte Hornets to recoup the loss, which would prompt Michael Jordan to look for new investors.