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Melvin Capital plans to close its funds and return the cash to its investors, capping a stunning reversal for a firm that lost big on the surge in meme stocks in the early days of the pandemic.
In a letter to investors that was reviewed by The Wall Street Journal, Gabe Plotkin, Melvin’s founder, disclosed the winding down of the funds, saying, “The past 17 months has been an incredibly trying time.”
