“Greed is a Drug”: Years After $500,000,000 Go Missing, Fans Rampage Billionaire Michael Jordan for Reckless Loss

Michael Jordan has always been immensely successful in all avenues of life. Known for his achievements during his time with the Chicago Bulls in the NBA, MJ is the epitome of success. Despite losing the desire to play the sport at one point Jordan still carries an impressive basketball legacy. The GOAT has also amassed a fortune through the Jordan brand, with an estimated net worth of $10 billion.

With all the success he has amassed throughout his career, there was bound to be a hiccup at some point. The 6x finals MVP has always been surrounded by rumors of his alleged gambling addiction. He was also in hot water for refusing to speak about Nike’s unfair labor practices in 1996. With all of that said, MJ’s biggest loss was undocumented for years until recently. Losing a staggering sum of $500 million, the news was met by rampant fans that were mortified by this reckless loss.

Short Squeeze In GameStop Stocks Causes Michael Jordan to Lose $500 Million

Michael Jordan’s wealth had been steadily growing due to his Jordan brand, especially after 2019. Forbes had initially reported that his net worth in 2015 was $1 billion. This sum was then reported to have risen to $1.8 billion in 2019 before skyrocketing to $2.1 billion in 2020. This gradual increase took a massive dip in 2021 as he was then estimated to have been worth $1.6 Billion. The staggering $500 million loss was reportedly due to his investment in GameStop stocks.

A short squeeze of the stock in January 2021 caused major financial consequences for certain hedge funds?and large losses for?short sellers which included Jordan’s financial partner Gabriel Plotkin.

In simple terms a short squeeze is a stock having higher demand than supply making it harder to sell as the stock price skyrockets. At its peak the short squeeze caused the retailer’s stock price to reach a?pre-market value of over?$500 per?share. This value was considerably higher than the $17.25 valuation it had during the early stages of the month.

Read More: Tossing 16yrs Younger Bikini-Clad Wife Into Water, Billionaire Michael Jordan Turns Childish Only to Be Caught by Paparazzi

Fans Ruthlessly Respond to Jordan?s $500 Million Loss

Although $500 million might seem like a dollar or two to Michael Jordan, the amount is still large to the average population. With it being deemed to have gone missing, many fans took to the rebranded twitter to voice their opinions. One fan in particular reposted this story stating “Greed is a drug. Short Hedge Funds the dealer. The addicted are always the loser.”

https://twitter.com/DaiBhadra/status/1684863976696320000?s=20

Supporters of MJ were also left baffled as one handle commented “He got taken by the Hedge Funds. I have always looked up yo MJ“.

Few fans pointed out Gabriel Plotkin’s involvement as one stated “>Gabriel Plotkin was one of many professional investors who heavily invested in shorting the stock.” While the other wrote “Good for him. Looks like he had a bad financial advisor at the time. $500m to him is like $50 to me“.

There were the usual trollers as well as one individual wrote “Lesson learned? ?Stick to the game you know?.

https://twitter.com/NickZ12199701/status/1684609950209671189?s=20

With a net worth that is still in the billions, this loss isn’t likely to cause ‘His Airness’?much grief, but fans will be keen to see how he reacts to it.