The GameStop meme stock and r/WallStreetBets saga will have a movie adaptation titled “Dumb Money.”
In January 2021, the stock market saw an increase in the activity of retail traders trying to act in what they call a modern day protest.
This is the widespread news on television and social media encouraging retail traders and ordinary people to invest in GameStop shares.
The events that unfolded that month resembled a real-life, modern-day David and Goliath story as retail traders bought to hurt the big hedge fund firms on Wall Street.
The series of events will now be chronicled in a film called “Dumb Money”, which will feature actors such as Pete Davidson, Paul Dano, Sebastian Stan and Seth Rogen.
GameStop and the r/WallStreetBets film adaptation
The GameStop movie will be heavily based on the non-fiction book “The Antisocial Network”, written by Ben Mezrich, which was released in September 2021.
Mezrich is well known for writing books based on real events that have also been adapted into movies. He wrote the book “The Accidental Billionaires”, which was a story about the Facebook startup that was adopted in the movie called “The Social Network”.
Furthermore, the author also wrote the book “Bringing Down the House”, inspired by the true story of the six students behind the famous MIT blackjack team. This book was also adapted into a movie called “21”.
This comprehensive work of non-fiction is written in a way that tells the fascinating true story of what happened after the GameStop meme stock phenomenon.
This month will mark the start of production on the film “Dumb Money”, which will be directed by Craig Gillespie.
According to Variety, “Black Bear Pictures will fully finance the film, with Black Bear International handling the overseas distribution rights.”
Casting for the feature will kick off with a bang at this year’s upcoming Toronto Film Festival in September. The film rights in the United States will be represented by UTA Independent Film Group.
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GameStop and the r/WallStreetBets saga
“Dumb Money” will focus on GameStop’s massive rise in the stock market. According to CNBC, it all started with a group of retail traders and investors from the Reddit group r/WallStreetBets in which they collectively agreed, after months of planning, to buy shares of the gaming retail company. GameStop video.
They chose GameStop because it was believed to be a company whose stock price had been heavily undervalued for years.
After betting against the company’s bankruptcy, large hedge funds and independent short sellers have both suffered significant financial losses as a direct result of the situation.
Wall Street fund managers then called for more regulation as many companies lost billions in the process. After that, it quickly became a topic of conversation across the country, to the point that it is now visible and audible on social media posts, influencer content, billboards, news and even social media posts. memes.
The move was then slowed after online trading platforms were forced to stop buying undervalued stocks. At the height of the move, GameStop’s stock price rose from $4.42 to $81.25, according to Yahoo Finance.
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