?Forced? to Sell Hornets Stake, Michael Jordan?s Decades-Old Addiction Brought to Surface Yet Again

Weeks ago, Michael Jordan had reportedly agreed to sell his majority stake in the Charlotte Hornets for $3 billion. Citing the side?s prolonged lackluster campaigns in the league, many fans had opined it is better for Jordan to walk away from Charlotte.

Besides, many analysts have also called out Jordan?s failed stint as the Hornets’ owner. Anyhow, as a recent update suggests, this vehement critique might not have much to do with it. Rather, suggests one of Jordan?s infamous habits has ultimately cost him the Hornets.

Twitter update suggests Michael Jordan’s age-old addiction cost him Charlotte

We all know that Michael Jordan has landed in hot waters because of his excessive gambling many times. Now, word is out that his uncanny tryst with gambling has forced MJ to sell his majority stake in the North Carolina-based franchise. YouTuber, Frank Michael Smith tweeted that Jordan’s stock market involvement may have caused him to lose Charlotte.

Gabe Plotkin, founder, and Chief Investment Officer of Melvin Capital, held a minority stake in the Charlotte Hornets. Melvin Capital lost a staggering $6.8 billion in 2021. The investment management firm incurred this loss after they shorted the video game stock GameStop, which soared to all-time highs back then.

As per Frank Michael Smith?s tweets, Gabe Plotkin had prompted Michael Jordan to invest $500 million in the short-squeeze. Smith, further pointed out, Jordan took a loan to raise the $500 million.

https://twitter.com/frankmikesmith/status/1673435708407660546?t=CFTJNzfW2WwlPq7lO8nDpA&s=19

In the tweet, Smith writes, “Michael Jordan’s gambling obsession FORCED him to sell his most prized possession… The Charlotte Hornets.”

Since his short-selling ended in a severe loss, Michael Jordan and other hedge fund investors were forced to pay monthly debts with high-interest rates.

WATCH THIS STORY: From turning a plane ride to a card game session, to having a special room all the time, Michael Jordan?s gambling went to another level

This has left Jordan with two options; either to continue paying debts or to clear them with a massive amount. According to the tweets, Jordan sold the Hornets to raise this massive amount. Strangely enough, Jordan sold the team to Melvin Capital’s Gabe Plotkin and Rick Schnall. However, not everyone seems to have believed Frank Michael Smith’s story about Jordan’s Hornets sale.

Investor dismisses the recent claim about Michael Jordan’s Hornets sale

Investor and entrepreneur Joe Pompliano noticed Smith’s tweets and has also dismissed them.?“Yeah, Frank is great, but the Gamestop rumor is total BS. The numbers make no sense, and its pure speculation based on Forbes lowering his net worth by $500M during the pandemic. There are no reputable sources, and no one would ever lose that much on a single short position lol,” replied Pompliano to a comment under Smith’s tweet.

Pompliano questioned the credibility of the information. Michael Jordan has been a part of gambling controversies in the past, which made Smith’s tweet believable for many.

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Do you think Smith’s version of the Hornets sale is true? Or do you think like Pompliano? Tell us about your thoughts in the comments below.