Melvin Capital

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Melvin Capital Management was an American investment management firm based in New York City. It was founded in 2014 by Gabriel Plotkin, who named the firm after his late grandfather. On May 18, 2022, Plotkin announced that the fund would close and return any remaining customer funds by June 2022. Its assets under management in April 2022 were about $7.8 billion. Melvin Capital invested primarily in technology and consumer stocks and was noted for its high annual returns in comparison to other hedge funds. It was reported to have $8 billion in AUM as of January 2021. During the GameStop short squeeze of 2021, it sustained losses of 53% or $6.8 billion, at one point losing more than a billion dollars a day; in Q1 2021, the firm's assets declined 49%, and it finished 2021 down more than 39% on the year, during which the S&P 500 rose 28.7%. Melvin Capital began January 2022 down 17%.