Melvin Capital Management, the hedge fund that lost billions of dollars during last year’s meme-stock rally, has told clients it is winding down its funds.
Gabe Plotkin, the New York-based firm’s founder, told clients he plans to return cash to investors after a difficult stretch. “The past 17 months has been an incredibly trying time for the firm and you, our investors,” he said in a letter to investors seen by the Financial Times.
Melvin was hit hard in January 2021 after its short position on GameStop — a bet that the video game retailer’s share price would drop — failed miserably as an army of investors on Reddit started buying GameStop shares, pushing the company’s value up as much as 2,400 per cent.
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