Hedge fund founder who made a $400 Million bet against Nintendo ends up losing out

A couple days ago, we shared a story on U.S. hedge fund manager Gabriel Plotkin and his bet against Nintendo. He was thinking Nintendo would disappoint with their Q1 results, so he made a $400 million 'bet' by short-selling Nintendo stock. Now that we know Nintendo's Q1 results, you can probably guessed how it worked out for Plotkin.

Nintendo showed some very healthy results, so much so that it beat the majority of analyst projections. The figures were good enough to bump up Nintendo's stock by over 7% in just one day. The gamble that Plotkin took ended up not going in his favor, which means Melvin Capital Management is currently down to the tune of $27 million.