Tootsie Roll’s Sweet 83-Year-Old CEO, Ellen Gordon, Made Over $2 Billion In The Wild Reddit Vs. Hedge Fund Trading Saga

Here’s a sweet, heartwarming story coming out of the wild and crazy Reddit day traders vs. short-selling hedge fund saga.

The headlines focused on the stocks, like GameStop and AMC Entertainment. An overlooked company that was caught up in the buying frenzy was Tootsie Roll Industries. Yes, that Tootsie Roll—the candy we all enjoyed as kids.

During the frenzied trading activities, Tootsie Roll’s stock price skyrocketed. Can you guess who made a fortune on this? If you thought it was a Gen-Z trader or big-shot hedge fund honcho, you’d be wrong. Ellen Gordon, the 83-year-old CEO of the candy company saw her holdings in the company jump to a value of over $2 billion!

This sudden explosion in wealth is a far cry from the early days. The company was founded by Leo Hirschfield in 1896 after he immigrated to the United States after leaving Europe. The company was named after Hirschield’s daughter’s nickname. From humble beginnings, the company has been trading on the New York Stock Exchange (NYSE) since 1932.  

Gordon and her husband Melvin (no relation to the Melvin Capital hedge fund embroiled in the alleged market manipulation scandal) mutually ran the company. Gordon graduated from Harvard University and started working at Tootsie Roll in 1968. By 1978, Gordon was president and chief operating officer, while her husband was the CEO. When he died in 2015 at the age of 95, he was the oldest CEO of any company listed on either the NYSE or Nasdaq. Upon her husband’s death, Gordon became CEO and continues to run the company.

You gotta love this unique, “only-in-America” success story!