Michael Jordan once lost $500 million shorting GameStop

The “G.O.A.T.” reportedly lost $500 million in stock during the GameStop (NYSE: GME) run. Jordan partnered with Gabriel Plotkin shortly before the GameStop stock boomed.

Gabriel Plotkin was one of many professional investors who heavily invested in shorting the stock. Jordan’s net worth reportedly fell from $2.1 billion to $1.6 billion.

The stock experienced a significant surge when a group of Redditors on the r/WallStreetBets subreddit made a major investment move that had a big impact on the market. These retail traders executed an unprecedented short squeeze

Basketball legend Michael Jordan may have lost half a billion dollars in the great GameStop saga.

It seems the Bulls legend didn't do so well financially. While Forbes, at one point, reported his net worth at $1.6 billion, this means there was a $500 million drop since it last reported it in April 2020.

The former Chicago Bulls player may have a lucrative brand partnership, an impressive basketball career, and more, losing $500 million to GameStop isn't something that will be easily forgotten.

Two investors bought a minority share of the Hornets from Jordan, the majority owner of the team since 2010.

As per Chicago Sun Times he sold a minority share to Gabe Plotkin, founder of Melvin capital management hedge fund, which shorted GameStop and was severely hurt, requiring billions of cash.

While it has not been confirmed that this led to Jordan's net worth dropping, it is widely believed to be a contributing factor. While details of Jordan's current business relationship with Plotkin are not publicly available.

Forbes reports that Jordan had a net worth of $1 billion in March 2015, which had increased to $1.8 billion by March 2019. He continued to rise to a high of $2.1 billion in April 2020 before taking losses in the past year.

Michael Jordan’s business ventures.

The success of the Jordan Brand has been nothing short of astonishing. Over the years, Michael Jordan's partnership with Nike has proved to be incredibly lucrative. Reports suggest that Jordan has made an estimated $1.3 billion from his deal with Nike, a testament to the enduring appeal of Air Jordans.

In 2022, the Jordan Brand achieved remarkable financial milestones. Michael Jordan reportedly earned a staggering $256 million in that year alone from his Nike sponsorship. This remarkable figure is more than double his entire career earnings as a professional basketball player, underlining the incredible financial success of the Jordan Brand.