Michael Jordan has become one of the richest athletes in the world, although not all of his income dates back to his time in shorts. His Majesty has become a great businessman and, in addition to having his own Nike brand, he has been able to work with the right people over the years to amass a fortune of over a billion dollars. However, there is always a risk.
Jordan is said to have recently joined venture capitalists Gabe Plotkin and Daniel Sundheim, who joined the Charlotte Hornets, an NBA franchise owned by MJ, as investors. However, Both millionaires have suffered a major financial shock in recent days due to a social campaign.
The point is that a group of people on the popular Internet forum Reddit shook Wall Street on January 28, when they agreed to buy shares in the company. GameStop. What is the problem? The video game chain followed a clear downward trend, so they sought to increase their price in the stock market due to 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. It seems that both men suffered “catastrophic” losses, the war between hedge fund managers and amateur investors. Elimination of more than $ 5 billion from established hedge funds “Basketball Forever reported.
Reports indicate that the investment fund Melvin Capital, controlled precisely by Plotkin and Sundheim, even had to ask for a $ 2.75 billion bailout to avoid bankruptcy. For this reasonThey planned to sell their Charlotte Hornets shares to recover what was lost, which would lead Michael Jordan to look for new investors.