The GameStop saga gets a movie

As soon as GameStop’s short squeeze rolled around, making millionaires of young hackers raiding Wall Street, a cabal of billionaires and institutions grappled with the most important question, which is: Yeah, but where am I? At least one person asked how long he could write the book that would become a movie, and therefore, deadline reports, MGM signed a Gamestop movie deal.

Or rather: “acquired the book proposal The antisocial network by New York Times bestselling author Ben Mezrich, ”who still shops in the book. Bitcoin billionaires and hedge funds investors, the Winklevoss twins are executive producers and have actually toured as vox populi. (Probably, the part where they get torn on CNBC comparing the Robinhood’s commercial blockade for being forced to dine out in Manhattan will be omitted from this story.) By the way, Mezrich has written a book about the twins and also sold the film rights to this book before it’s finished.

If you didn’t follow along, members of the WallStreetBets subreddit did their homework and realized that hedge funds had bought some big short positions on video game retailer GameStop. The hedge funds had bet stocks would go down; in sufficient numbers, individual investors (small ones) could bet against them and essentially force prices to rise. They make money, hedge funds take a several billion dollars hit. (See a nice preview for Dummies via WSB Here.) Soon, that led to another round of at least a dozen other inflated stocks, although many WallStreetBets users accused Wall Streeters of using these perhaps less short stocks as a distraction. Some also believe that hedge funds could lie about selling short positions in an attempt to scare off Redditors.

We still don’t know how it’s going to turn out, but here’s what we know: someone is going to get stuck holding the bag – tradically it’s us –and hedge funds have a large back-up Resources to shoot.

Usually a successful movie is still made.

In short, Mezrich already exposed his vision in the middle of last week, tweeting “a motley group of redditers[sic] taking on Wall Street is a really good movie pitch, actually. On Friday, according to Deadline, MGM had reclaimed the rights to the film. This morning it is choose tweets it should go in the movie and is also Tweeter at experts asking them to cover the news of the movie that could go in the film.

Are we going watch? Depends if they can get Helen Mirren joined. Willem Dafoe will play Reddit (speculative), Elon Musk will play himself (confirmed, and yes, of course, he’s implicated). I don’t know who is playing the guy losing his savings on this, but it’s an evolving story with lots of moving parts.