Thursday, July 29, 2021

A GameStop Stock Movie Is Already In The Works


It might not be yesterday’s news just yet, but a GameStop stock movie is already in the works. It’s been just over a week since the users of the r/WallStreetBets subreddit noticed several hedge funds shorting GameStop stock. (Essentially betting money that the stock’s value would fall) and decided to wreck their plans by buying shares en masse.

The GameStop stock price rose significantly and “squeezed” the hedge funds’ short, causing them to lose billions of dollars.

Emboldened by their success, this Reddit investing community turned their attention to other stocks that analysts had predicted to decline. They might have rescued movie theaters in the process.

Thanks to the unexpected boost in the value of American cinema chain AMC, $600 million of their debt basically evaporated overnight. The company now looks primed to survive long beyond the pandemic.

The resulting uproar from Wall Street professionals prompted the trading app RobinHood to put restrictions on certain stocks. Thus, exposing what many see as a hypocritical bias against non-professionals, and the backlash has been swift.

Related: AMD feels supply shortages will affect PS5, Xbox Series X, and PC gaming until at least 2H 2021

RobinHood’s been hit with a class-action lawsuit to accompany their plummeting rating in app stores. There will also be Congressional hearings on the whole GameStop affair.

This has the makings of a great story, and even though it seems far from over, Hollywood has already taken notice. According to Deadline, MGM acquired the film rights for The Antisocial Network, a book proposal from author Ben Mezrich. The bestselling nonfiction writer has over 20 books to his name, including The Accidental Billionaires: The Founding of Facebook, a Tale of Sex, Money, Genius, and Betrayal, which was adapted into The Social Network

People already attached to produce include Academy Award-nominee Aaron Ryder (Arrival, The Prestige.) Also, the real life Winklevoss Twins, whose involvement in the creation of Facebook already made them subjects of Mezrich’s writing.

It remains unknown how either Mezrich or MGM will approach the story. Considering it’s still ongoing, but its appeal to the film industry is pretty obvious. Wall Street bigwigs outwitted by Redditors? Online community exposes bias against non-professional stock traders?

The potential angles here are endless. With prominent public figures like Elon Musk and Alexandria Ocasio-Cortez involved, any casting is sure to generate plenty of buzz. Plus, with r/WallStreetBets saving movie theaters in America for the foreseeable future, this feels like Hollywood’s way of saying thanks.

Movie fans have plenty of time to speculate on what a GameStop stock movie could look like. As everyone continues to follow the story in real time

Bringing in Aaron Sorkin to write the screenplay seems like the obvious move, with title of Mezrich’s proposal already a reference to the last time they joined forces. There is a recent buzz about a potential The Social Network 2. Maybe this could be when Sorkin and David Fincher collaborate again.

That said, director Adam McKay was so successful at turning finance into entertainment. With The Big Short, and the winking tone of his movie might be better suited to something that features Reddit. So heavily, (not to mention they could call it The Big Squeeze). There’s no sense of the timeline for this project yet. But expect r/WallStreetBets users to start talking about who should play them in the movie very soon.

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