We all know by now; the business acumen of Michael Jordan is second to none. It wasn’t just the Nike deal that changed the game for all the athletes. But investment and other deals since his retirement have been talked about a lot. Another decision that helped Jordan improve his worth was the sale of the majority stake in Charlotte Hornets.
The Chicago Bulls legend sold his stake worth $3 billion valuation to a group led by Gabe Plotkin and Rick Schnall. MJ still holds a minority stake in the team. The 2023-24 season ended in disappointment as the Hornets finished 13th in the Eastern Conference with a 21-61 record. However, things might change as they have earned the overall 6th pick in the 2024 draft lottery. They have also hired Shelly Cayette-Weston as the organization’s President of Business Operations.
But keeping all these good decisions aside, there was one major news that caught fire in the entire country. Once again Gamestop stocks created an uproar in the stock market. According to The Kobeissi Letter, ” BREAKING: Gamestop, $GME, short sellers have lost $1 billion in the first hour of trading today.“
Gabe Plotkin might remember the time when his company Melvin Capital lost 53% in January 2021. According to reports “Gabe Plotkin, started the year with $12.5 billion in assets and ended the month with more than $8 billion in assets under management after current investors committed additional capital…”
Kieth Gill on X posted a meme that once again turned the attention of the world toward GameStop. The user did the same thing in 2021, he grew a large following by shilling GME stock and posting gains that turned about $57,000 into tens of millions by buying options. But what was Jordan’s gain after selling his share, why did he sell it?
Michael Jordan’s heartfelt note to the Hornets
“Although my love for the game of basketball and the NBA remains strong, now is the right time for me to hand over the reins and focus on my family, my personal interests, and some new challenges,” said Jordan. “I’m excited to see what the future holds, and I look forward to supporting the team and the community in my new role for many years to come. This is a Thank You, not a goodbye, because the state of North Carolina, the city of Charlotte and the Hornets will always have a special place in my heart.”
What do you think? Was selling the Hornets’ majority stake the right decision or Michael Jordan should have continued to steady the ship?