In an effort to appease the WallStreetBets crowd, Gabe Plotkin of Melvin Capital Management was reported to quit his hedge fund and focus his time fully on day trading Dogecoin.
“After careful consideration I have concluded that shutting down Melvin Capital and focusing full time on day trading Dogecoin is my best alternative to becoming a billionaire again,” Plotkin said.
Melvin Capital Management, a hedge fund founded in 2014 was reported to be down 53% in the month of January from a botched GameStop short. At the beginning of the year Melvin had over $12.75 billion in capital.
“Given the absolute destruction of capital from my hedge fund, I will be using the proceeds from my day job as a GameStop sales associate to day trade this obscure cryptocurrency on my bathroom breaks,” Plotkin stated. Gabe Plotkin estimates it will only take him 69 years to become a billionaire again. “I should be able to retire by the time I am 98,” Gabe said sighing.
