Melvin Capital will close its doors.

Melvin Capital’s assets stood at $7.8 billion at the end of April. According to a person familiar with the fund’s finances, the fund lost 23% in the first four months of 2022. 

Melvin Capital, once one of Wall Street’s most successful hedge funds before losing billions in the meme stock saga, will close after being hit again by this year’s market downturn. 

Gabe Plotkin, widely regarded as one of the industry’s best traders after years of double-digit returns, told investors that the previous 17 months had been “an incredibly trying time.”

Plotkin had been attempting to turn around the company after being caught off guard in early 2021 betting against retail favourite GameStop (GME.N) and being caught off guard again this year by tumbling markets. 

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