In 2021, the financial world watched as Melvin Capital, formerly one of the most successful hedge funds, plunged 55% amid a Reddit-inspired short squeeze.
In one month, the hedge fund lost around $7 billion and was bailed out by Citadel and Point72 Asset Management.
Melvin, which was founded and managed by Gabe Plotkin, made a name for itself for its aggressive long and short equity positions. From 2014 to 2020, the fund boasted average annualized returns of 30%.
Q1 2022 hedge fund letters, conferences and more
While the fund did manage to claw back some losses in 2021, it has continued to struggle. Plotkin announced his intention to shutter the fund several...
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