Gabe Plotkin’s Melvin Capital Management, a hedge fund that lost billions after its bearish wagers were caught up in a Reddit-fueled rally of buying stocks including GameStop (NYSE:), announced its plans to wind down funds and return cash to investors, Bloomberg News reported.

Plotkin wrote investors to inform them of his decision to leave managing external capital. It noted that the company has not delivered what investors expected.

Plotkin addressed investors, “The last 17 months have been an extremely trying time for our firm and you as our investors.” Although I have done everything possible, it hasn’t been sufficient to bring you the expected returns. Now I realize that managing capital externally is not something I want to do.

By Davit Kirakosyan