>Melvin Capital plans to close its funds and return the cash to its investors, capping a stunning reversal for a firm [that lost big]( https://www.wsj.com/articles/melvin-capital-lost-53-in-january-hurt-by-gamestop-and-other-bets-11612103117?mod=article_inline) on [the surge in meme stocks]( https://www.wsj.com/articles/the-rise-and-fall-of-the-gamestop-frenzy-11613083164?mod=article_inline) in the early days of the pandemic.
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>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.”