A big-screen movie adaptation of the GameStop Corporation (NYSE:GME) short squeeze is happening in 2023. and some big names are attached.
“Dumb Money,” an adaptation of the book “The Antisocial Network: The GameStop Short Squeeze and the Ragtag Group of Amateur Traders That Brought Wall Street to Its Knees” by author Ben Mezrich, will be directed by “I, Tonya” and “Cruella” helmer Craig Gillespie.
Paul Dano, Seth Rogen, Sebastian Stan, Pete Davidson, Shailene Woodley and Nick Offerman are set to star.
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Sony Group Corp (NYSE:SONY) has the rights to the film in the U.S. plus many international markets. MGM, a unit of Amazon.com Inc (NASDAQ:AMZN), was previously attached to the film.
Tyler Winklevoss and Cameron Winklevoss, known for their ties to Facebook and Gemini, are among the producers of the film. Their big-screen counterparts also featured prominently in the film “The Social Network,” which was also based on a book written by Mezrich.
“Dumb Money” will be released in theaters on Oct. 20, 2023, according to Deadline.
The short squeeze story that played out with GameStop carried over to other high short-interest stocks including leading movie theater company AMC Entertainment Holdings (NYSE:AMC).
AMC CEO Adam Aron has played into the battle against the shorts on many occasions. It will be interesting to see if the movie chain does anything specific for the release of the movie that shares similar storylines to its own stock over the last two years.
Perhaps some meet and greets with Aron or exclusive screenings could be in store.
‘David vs. Goliath’
GameStop became the center piece of a David-vs.-Goliath battle between retail investors and hedge funds as an epic short squeeze took place in 2021.
Investors on Reddit’s “Wall Street Bets,” including an investor known as “Roaring Kitty,” invested in GameStop and other highly shorted stocks and battled hedge funds.
Short sellers bet against GameStop, predicting the stock would decline or declare bankruptcy. Instead, shares of the company soared and a battle ensued.
One of the key places for the GameStop short squeeze was featured in Benzinga history. Citron Research short seller Andrew Left joined Benzinga’s “Power Hour” and shared his thesis on why shares of GameStop had further to fall.
GameStop supporters showed up to watch the interview and spammed the chat with positive messages and sent shares higher. Left’s interview with Benzinga remains one of the places considered the “room where it happened” in the GameStop short squeeze history.
Left later declared that he would no longer publish short reports on companies. He eventually backtracked on that.
GameStop shares hit a high of $483 on Jan. 28, 2021 and traded between $17.08 and $483 during the calendar year.
The battle between GameStop and short sellers led to several court cases and legal battles including Congress, stock brokers and hedge funds.
The GameStop story has also been told in several documentaries that included interviews with many of the central figures involved. “Gaming Wall Street” is available on HBO, a unit of Warner Bros. Discovery (NASDAQ:WBD); “Eat the Rich: The GameStop Saga,” is on Netflix Inc (NASDAQ:NFLX); and “GameStop: Rise of the Players” is available via Hulu.
GME Price Action: GameStop shares trade at $17.28 versus a 52-week trading range of $15.41 to $49.76.
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