The GameStop meme stock and r/WallStreetBets saga will have a film adaptation titled "Dumb Money."
In January 2021, the stock market witnessed an increase in the number of activities from retail traders trying to take action in what they call a modern-day protest.
This is about the widespread news on television and social media encouraging retail traders and ordinary people to invest in GameStop stocks.
The events that unfolded that month were like a David and Goliath modern real-life story since the retail traders were buying to hurt the big hedge fund companies on Wall Street.
The series of events will now be narrated in a movie titled "Dumb Money," which will feature actors such as Pete Davidson, Paul Dano, Sebastian Stan, and Seth Rogen.
GameStop and r/WallStreetBets' Movie Adaptation
The GameStop movie will be heavily based on the nonfiction book "The Antisocial Network," written by Ben Mezrich, which was published in September 2021.
Mezrich is well known for writing books inspired by real-life events that have also been adapted into films. He wrote the book "The Accidental Billionaires," which was a story about the startup company Facebook that was adopted in the film titled "The Social Network."
In addition, the author also wrote the book "Bringing Down the House," which was inspired by the true story of the six students behind the famous MIT Blackjack Team. This book was also adapted into a movie titled "21."
This all-encompassing work of nonfiction is written in a way that tells the fascinating true story of what occurred after the GameStop meme stock phenomenon.
This month will mark the beginning of production on the movie "Dumb Money," which will be directed by Craig Gillespie.
According to Variety, "Black Bear Pictures will fully finance the film, with Black Bear International handling the foreign distributions rights."
The feature film's distribution will get off to a running start at this year's upcoming Toronto Film Festival in September. The film's rights in the United States will be represented by UTA Independent Film Group.
GameStop and r/WallStreetBets' Saga
"Dumb Money" will focus on GameStop's massive climb in the stock market. According to CNBC, it all started with a group of retail traders and investors from the Reddit group r/WallStreetBets wherein they collectively agreed, after months of planning, to buy stocks from the video game retail company GameStop.
They chose GameStop as it was believed to be a company whose stock prices had been severely undervalued for years.
After being responsible for betting against the bankruptcy of the company, major hedge funds and independent short sellers both suffered significant financial losses as a direct result of the situation.
The Wall Street fund managers then called for more regulations as numerous companies have lost billions in the process. After that, it quickly became a topic of conversation across the country, to the point where it is now visible and audible on social media posts, influencers' content, billboards, the news, and even memes.
The movement was then laid low after online trading platforms were pressured to halt the buying of undervalued stocks. During the height of the movement, GameStop's stock price went from $4.42 to $81.25, according to Yahoo Finance.
