GameStop’s meteoric rise to fame and fortune is set to be immortalized on the big screen as Sony announced that its dramatization of the meme stock explosion will hit theaters in October under the title, Dumb Money. The movie will star big names in Hollywood such as Paul Dano, Seth Rogen, and Pete Davidson, with more cast members like Nick Offerman, Vincent D’Onofrio, and Shailene Woodley.
The Antisocial Network
The movie was adapted from Ben Mezrich’s book, The Antisocial Network, which talks about how Robinhood opened the gates to the popularization of day trading and how one stock – GameStop – turned the world of finance on its head. It became the subject of fascination for both Reddit traders and short-squeezed hedge funds that made billions out of the possibility.
The book sold the rights to Dumb Money before Mezrich even wrote it, marking one of his many Hollywood adaptations – his Bringing Down the House became the movie, 21, while The Accidental Billionaires became The Social Network. It’s yet to see where Dumb Money falls between these two blockbusters in quality, but those who’ve been keeping tabs on Mezrich’s work will certainly want to check it out come October.
The Big Short for Reddit?
The idea of GameStop’s Hollywood treatment has been in talks for quite some time, and now that the movie is near completion, many are wondering whether this a fly on the wall movie that delves into the details of the rise of GameStop, or a topical moment that captures the essence of a moment. . It could be The Big Short but for Reddit or Too Big to Fail for HBO.
There have been a lot of documentaries about GameStop’s frenzy, but most stories have already been told, and the narrative around Redditors taking down Wall Street, Is partly overblown. Yes, many did make a windfall from the GameStop lottery, but it’s essential to note that large institutional investors made money from it too. The GameStop rollercoaster was packed with batshit moments, and even now, conspiracy theories continue to tenaciously cling to some of its biggest supporters.
The Movie
The cast list is impressive, with Paul Dano, Vincent D’onfrio, and Seth Rogen playing the leading characters. Pete Davidson seems to have a role too although playing which character is yet to be revealed. Craig Gillespie is directing the movie, with Dumb Money set to be one of the many Hollywood adaptations of Mezrich’s work – a book that was sold to the studio before the author even wrote it.
It’s based on the GameStop saga that gripped the stock market world in January during the height of the pandemic as young, tech-savvy investors who were confined to their homes started playing with their money in new ways. Wall Street pros had been betting against GameStop, but what they didn’t bargain for is how a Gen Z flash mob spread across social media would send the shares climbing.
The plot is somewhat light on details, and since this is a work of fiction based on true events, it’s unclear how much will be factual as far as the plot goes. That said, Robinhood, the trading platform behind much of the story, has been vocal that it aims to make the movie as accurate as possible. The cast also includes well-known actor Shailene Woodley.
The Lessons
The GameStop phenomenon was an incredible event not only for entertainment purposes but also as a learning opportunity for the public. One of the most significant subjects that this event brought up was the precarious situation surrounding the traditional stock market structure. Two things were evident during this entire episode: on one hand, the wealthy institutions used regulatory tools at their disposal against retail investors who stood to gain from an investment, and on the other hand, younger investors, who are equipped with more information than ever before, wanted a less-obscure, more transparent, and democratised version of investing.
The GameStop saga isn’t a story about millions made and lost; it’s about the broader cultural and economic currents that have coalesced to create the perfect storm: young and savvy investors, memes, social media, and markets vulnerable to manipulation. The movie’s release date was moved due to a series of lockdowns, but now, as the dust from the GameStop phenomenon settles, it’s an excellent opportunity for viewers to peek behind the curtain.
A Movie for the Moment
Perhaps Hollywood adaptations of some non-fiction books aren’t everyone’s cup of tea, but Ben Mezrich has a talent for turning a real-life occurrence into a riveting story. Dumb Money may not be the most accurate depiction of the Gamestop phenomenon, but it marks a wild moment in the zeitgeist when retail investors changed the game. That’s what’s exciting about these stories turning into movies; it gives a broader audience the opportunity to learn something new and different from their perspectives.
Dumb Money’s star-studded cast is compelling enough to draw casual movie watchers as well. While it’s based on true events, it promises to entertain in the most tell-tale Mezrich fashion. The movie’s title alone lets us know that it intends to bring a comedic edge to the telling of the story.
Conclusion
The GameStop frenzy was a fascinating moment in the stock market world, bringing to light the precarious situation around the traditional stock market structure. Dumb Money looks to give viewers a peek behind the scenes of this incredible occurrence, where retail investors stood their ground and won while disrupting the established order.
Regardless of how accurate the movie ends up being, it’s a great opportunity to learn more about an unusual moment in the zeitgeist when young investors decided they weren’t going to play by Wall Street’s rules any longer. Dumb Money is a must-watch come October when it hits theaters for people that want to understand what the future of investing might look like.