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Michael Jordan had millions in losses after recent crisis on Wall Street

Michael Jordan had millions in losses after recent crisis on Wall Street

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

With a fortune amounting to more than 1,600 million dollars, the current president of Charlotte Hornets, one of the franchises of the top basketball competition in the United States, suffered millionaire losses in 2020 and also had a severe blow to its related economy with the last crisis that hit Wall Street.

According to 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 paralyzed the profits of the NBA for the second consecutive season.

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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 drove the return of last season that was played in the health bubble that was built in the Disney complex in Orlando, Florida.

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 it 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 shares of the company 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.

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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 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 most valuable player in the NBA to look for new personalities to add as investors in Charlotte.

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A few days after his 58th birthday, Jordan has been the protagonist of a year in which he was very active with actions related to the struggles for racial equality in 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. (GG) (Infobae)

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