Feb 01, 2021 03:00 AM EST
People should have bet this would happen. After all the GameStop trending frenzy, wherein some Wall Street giants are reduced to sobbing investors and Reddit amateurs to gloating ones, there might be a movie about it all.
Hollywood already has its sights set on last week's GameStop trading frenzy, knowing how interested investors and non-investors alike will be.
After all, a bunch of so-called amateur investors were able to cause experienced investors and hedge fund companies lose billions. This is likely to have caught the attention of many, especially with how they used the social media platform, Reddit to their advantage.
MGM recently won the rights to a book proposal about the WallStreetBets Reddit forum, which has the tentative title of "The Antisocial Network," as reported by Deadline on Sunday.
The planned tome, by Ben Mezrich, will look at how this group of so-called rogue day traders shook Wall Street. Through their strategies and discussions, they were able to boost shares in GameStop and other companies that arge hedge funds have been betting against. They plan to do more down the road, so there is quite a colorful material to cover.
While the saga is still very recent, Deadline reported that Mezrich took the proposal on the market by the end of last week, and a competitive bidding war ensued. MGM quickly won the bid.
Mezrich, the author of the bestselling book, "The Accidental Billionaires: The Founding Of Facebook, a Tale Of Sex, Money, Genius and Betrayal," saw his work quickly adapted into Oscar-winner "The Social Network" in 2010. He can certainly do the same for the latest business drama, still unfolding.
Since the frenzy has not even ebbed yet, and the Reddit investors can do so much more to shock, it is presently unclear where Mezrich's story will start and stop, but its certainly a story as timely. One can be sure to see some message about the small taking on the big being sent out by the movie. Some GameStop memes today already have this narrative.
According to NME, the movie will be produced by Academy Award-nominee Aaron Ryder with Cameron and Tyler Winklevoss as executive producers.
At present, GameStop's stock price has risen by 228 per cent in the past five days. It's not only financial experts staying tuned to what is happening.
The attention of US regulators have already been caught by the controversy and they are looking into the matter and Robinhood, a popular stock trading app, temporarily suspended users from trading GameStop shares. The latter activities just served to fuel the members of the subreddit group to employ their methods on raising the stock prices of other companies normally not viewed as lucrative.
Some of the members have taken to accuse the government and big hedge fund giants of working together to maintain their wealth and stop ordinary people from playing the investing game.
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