Entertainment General News

Michael Jordan had million dollar losses after the recent crisis on Wall Street by GameStop

Michael Jordan is one of the richest people in the world (cigarafic / catch)
Michael Jordan is one of the richest people in the world (cigarafic / catch)

Michael Jordan He is not only considered one of the greatest athletes of all time. In addition to having marked an era in NBA, the most important basketball league in the world, with the Chicago Bulls, the historical number 23 became a machine to generate money thanks to the contracts he signed in his time as a player. And after his retirement, Your Majesty he knew how to continue nurturing an economic empire that established him among the richest people in the world.

With a fortune amounting to more than 1.6 billion dollars, the current president of Charlotte Hornets, one of the franchises of the highest basketball competition in the United States, suffered millions in losses in 2020 and also had a severe blow to its economy related to the last crisis that hit Wall Street.

As indicated by the site Basketball Forever, Jordan comes from losing an estimated sum of 230 million dollars during the last 12 months due to the coronavirus pandemic, which crippled NBA earnings for the second season in a row.

It is valid to remember that despite the fact that his team had no chance of returning to activity due to its poor record, MJ was one of the main interlocutors between the franchise owners and the players that promoted the return of last season that was played in the health bubble that was built in the Disney complex in Orlando, Florida.

Jordan suffered millions in losses in 2020 (EFE)
Jordan suffered millions in losses in 2020 (EFE)

Beyond what happened in the field of sports, the NBA legend was the protagonist with the situation that the most famous stock market on the planet experienced a few days ago when saw a 2% loss in investments in a day marked by volatility as a result of the confrontation between retail investors who have put large investment funds on the ropes through the negotiation of company shares Gamestop. On January 28, users of the Internet forum Reddit forged a plan and generated a shock on Wall Street by raising the shares of the US retailer of video game products and consumer electronics.

What does Jordan have to do with this conflict of interest? As indicated by the site specialized in NBA basketball and its protagonists, this campaign caused great losses and one of the most affected was the investment fund Melvin Capital, managed by Gabe Plotkin and Daniel Sundheim, two financial giants that in 2019 they teamed up with Jordan as partners on the Hornets.

Faced with this complicated scenario for the economy of their fund, it is possible that Plotkin and Sundheim seek to stop participating as shareholders of the North Carolina franchise, a situation that would force the one chosen five times as the NBA’s most valuable player to look for new personalities to add as investors in Charlotte.

A few days after turning 58, Jordan comes from starring in a year in which he was very active with actions related to the struggles for racial equality in the territory of the United States. In July 2020, Michael announced a plan in which he will invest $ 100 million over the next 10 years with the mission of supporting institutions that help achieve social justice and gain greater access to education for the African American community.


The tense crossing of LeBron James with two fans in the middle of an NBA game: the judges expelled the fans

The acrobatic dunk of Scotty Pippen Jr, the son of the legendary Bulls player who dazzles in college basketball and dreams of the NBA

About the author

Kim Diaz

Kim recently joined the team, and she writes for the Headline column of the website. She has done major in English, and a having a diploma in Journalism.

Add Comment

Click here to post a comment