Jason Mudrick
Jason Mudrick | |
|---|---|
| Born | February 23, 1975 |
| Nationality | American |
| Occupation(s) | Investment manager, founder and chief investment officer of Mudrick Capital Management |
| Known for | Founder of Mudrick Capital Management; notable investment in AMC Entertainment and GameStop |
Jason Mudrick (born February 23, 1975) is a prominent American investment manager and the founder as well as chief investment officer of Mudrick Capital Management, a firm that focuses on special situations investing, including distressed securities and deep value event-driven strategies.
Mudrick rose to significant recognition in 2021 when his firm generated $200 million, largely from positions involving debt and equity options tied to AMC Entertainment and out-of-the-money options related to GameStop.
By June 2022, Mudrick Capital was responsible for managing assets totaling $3.3 billion.
Early life and education
Born in 1975, Mudrick completed his undergraduate studies at the University of Chicago in 1997, earning a Bachelor of Arts degree in political science. He then obtained a Juris Doctor degree from Harvard Law School in 2000.
Career
Following his graduation from Harvard Law, Mudrick began his professional journey at Merrill Lynch & Co. within the Mergers & Acquisitions division. In 2001, he moved to Contrarian Capital Management as managing director and portfolio manager, where he managed the Contrarian Equity Fund with a focus on distressed debt and post-bankruptcy equity investments, growing its assets to approximately $400 million. In 2008, he departed to establish Mudrick Capital in 2009, initially managing $5 million.
Mudrick Capital’s assets expanded to $1.3 billion by 2016 and further increased to $2.7 billion by 2019. Over its first ten years, the firm achieved an average annual return of 12.3%. In 2019, it ranked among the highest-performing hedge funds, delivering a 28.8% return compared to the industry average of 11.4%, largely driven by its 51% ownership in NJOY. This investment was made near NJOY's bankruptcy in 2017 and saw sales grow by over 1,100% year-over-year.
Throughout the COVID-19 pandemic, Mudrick ensured continued operations in New York with implemented safety measures to seize market opportunities. In 2020, he introduced two Special Purpose Acquisition Companies (SPACs) aimed at investing in businesses impacted by the economic downturn.
In January 2021, Mudrick Capital realized $200 million in profits from tactical holdings in AMC Entertainment Holdings and GameStop amid their widely publicized stock surges supported by retail investors. On June 1, 2021, Mudrick agreed to acquire AMC shares valued at $230.5 million but divested the entire position later that day due to concerns about overvaluation.
Mudrick has participated on numerous creditors' committees and served on boards of both public and private entities such as Safety-Kleen Holdings, Integrated Alarm Services Group, Salton, Rotech Healthcare, NJOY Holdings, Corporate Risk Holdings, Mudrick Capital Acquisition Corporation, Fieldwood Energy, Proenza Schouler, cxLoyalty. He currently chairs the board of Dex Media.