Melvin Capital founder Gabe Plotkin told investors he was delaying a surprise plan to return their money he revealed last week, The Post has learned.
Instead, Plotkin said he planned to take the next few weeks to decide on next steps before closing his hedge fund.
“I am sorry. I got this one wrong. I made a mistake. I apologize,” wrote the hedge-fund mogul — who famously got slammed by “meme stock” investors on Reddit last year who had targeted his fund for being a prominent short seller. On Wednesday, Plotkin angered investors when he suggested a plan that would return investors their capital at the end of June — and then allow investors to reinvest in the beginning of July. Melvin,Instead he’d demand performance fees of potential clients, including those who previously lost money with him. According to reports Plotkin said he would keep the fund small — under $5 billion and focus on shorting stocks.
Plotkin added in the Sunday email that after speaking with investors he realized his suggestion to shut down Melvin was “tone deaf.” “Some of you feel that we were not being a good partner. Upon reflection, you are right,” Plotkin wrote. Investors were left scratching their heads after the initial note. But now they’re more confused than ever, sources told The Post. One investor told The Post the email was “f***ing wacky.” This investor added he had “no clue” what the email actually meant.”While the mea culpa Plotkin sent Sunday may have struck a more deferential tone than his note Wednesday, investors still don’t appear to be assuaged.
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