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Reddit’s GameStop short squeeze becomes ‘Dumb Money’ movie

Led by day traders on Reddit, shorting video game retailer GameStop stock has come to the fore again in 2021, and has become a central element of the plot of a new movie.

The film, which tells the story of the January 2021 short squeeze, is called “Dumb Money,” and its website describes it as “the ultimate David vs. Goliath story.” Craig Gillespie directed the film.

Select screenings of “Dumb Money” will begin in mid-September, with a nationwide release scheduled for Sept. 29, according to the film’s website. As of Wednesday, the film had a Tomatometer critic score of 87% on Rotten Tomatoes.

Entrance to the GameStop video game store in a strip mall in San Jose, California. (image/image)

The film used author Ben Mezrich’s Antisocial Network as the basis for its plot.

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MezrichIn an interview with Fox Business, the executive producer of “Damn Money” said he saw GameStop stock “go crazy” in January 2021.

“I knew it wasn’t just a flash in the pan,” he said. “That was kind of a seminal moment. And in all of my books and movies, I’m trying to explain the origins of something that would become culturally important years later, something that would change everything after that. I’m trying to find a story, and I found it in this GameStop article.”

ticker safety last change change %
GME GameStop Co., Ltd. February 17th -0.50 -2.85%

The price of GameStop stock rose significantly in late January, reaching $438 at one point on January 28th. As FOX Business reported, it came as retailers and Reddit traders were at odds with short sellers and hedge funds, leaving some traders with significant losses. Previously reported.

“Almost everyone I talked to said that the system is rigged, that something very unfair has been going on for a long time, and that the little guy can’t win. We shared the same emotions as the species,” Mezrich said. He said. “So I think this bubbling anger is what drove it.”

“For the most part, it wasn’t to make a little money. People held it because they wanted to be part of the movement,” he continued. “And I think this movie captures that very well. It’s really a movement, it’s revolutionary, people are actually trying to accept what was seen as a corrupt system. is.”

The author told FOX Business that the film is a “great” adaptation of his book, adding, “In some parts it’s close to the book, but in other parts I think it goes much further.” Ta.

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Mr Mezrich said it followed the “anti-social network” pattern in many places, including the plotline involving Keith Gill. The investor, played by Paul Dano in the film, shared his positive thoughts about GameStop on Reddit and other social media platforms with others who later placed bets on the company.

Paul Dano

Paul Dano of “Damn Money” attends a Sony Pictures Entertainment presentation during CinemaCon, the National Association of Theater Owners’ official convention, at the Colosseum at Caesars Palace in Las Vegas on April 24, 2023. (Photo by Gabe Ginsberg/WireImages/Getty Images)

On the other hand, the author stated that the film “strongly attacked the Wall Street titans featured in the story in a way that perhaps the book could not.”

The film stars actors Nick Offerman, Vincent D’Onofrio, and Seth Rogen as members of Wall Street. Mr. Offerman was represented by Citadel CEO Ken Griffin, and the others were represented by Stephen Cohen and Gabe Plotkin. Sebastian Stan has also been cast as Robin Hood’s Vlad Tenev.

In this illustration taken on February 8, 2021, 3D printed Robinhood and Reddit logos are seen near a $1 bill in front of a visible GameStop logo. (Reuters/Dado Ruvic/Illustration//File Photo/Reuters Photo)

The actual GameStop short squeeze eventually caught the attention of federal lawmakers, who held hearings on the circumstances surrounding it.

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GameStop stock traded at TK by the close of trading on Thursday, marking TK% MOVEMENT year-to-date and TK% MOVEMENT over a 12-month span.

In addition to GameStop, retail traders also bought up other so-called “meme stocks” in early 2021. Those included AMC Entertainment and Bed Bath & Beyond.

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