Melvin Capital to shut after heavy losses on meme stocks, market slump
CNN
Melvin Capital, once one of Wall Street's most successful hedge funds which then lost billions in the meme stock saga, will shut down after it was hit again by this year's market slump.
Gabe Plotkin, widely regarded as one of the industry's best traders after posting years of double digit returns, told investors that the last 17 months have been "an incredibly trying time."
Plotkin had been trying to turn around the firm after being caught out in early 2021 betting against retail favorite GameStop (GME) and after being wrong footed again by tumbling markets this year.
The US began pulling military equipment and additional personnel out of Niger on Friday after waiting months for the ruling military junta to approve US military flights into the country, two sources familiar with the matter said Saturday, ahead of a September 15 withdrawal deadline agreed to by the two countries.