Michael Jordan has become one of the richest athletes in the world, although not all of his income dates back to his time with shorts. His Majesty has become a great businessman and, in addition to having his own Nike brand, he has been able to partner with the right people over the years to graze a fortune in excess of a billion dollars. However, there is always a risk.
According to reports, Jordan recently partnered with 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 impact in recent days due to a social campaign.
The point is that a group of people on the popular Reddit internet forum shook Wall Street on January 28 when they agreed to buy shares in the company. GameStop. What’s the problem? The video game chain was following a clear downward trend, so they sought to raise the price of them on 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. The two men are reported to have suffered ‘catastrophic’ losses, with the war ongoing between hedge fund managers and amateur investors. Removing more than $ 5 billion from established hedge funds “, Reported Basketball Forever.
Reports indicate that the Melvin Capital investment fund, controlled precisely by Plotkin and Sundheim, would even have to ask for a $ 2.75 billion ransom so as not to end up in bankruptcy. For this reason, They would be planning to sell their Charlotte Hornets shares in order to recoup the lost, which would lead Michael Jordan to look for new investors.