(Bloomberg) -- Gabe Plotkin’s Melvin Capital Management, the hedge fund that lost billions of dollars in part by shorting GameStop Corp. shares, ended the first quarter down 49%.

Melvin slid 7% last month, according to people with knowledge of the matter, after gaining almost 22% in February. In January, the fund dropped 53% on GameStop and other short bets.

A spokesman for the firm declined to comment.

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