No one ever thought GameStop stock would surge in value the way it has in the last few weeks. In a world where you can buy anything online, investors couldn’t see the brick-and-mortar video game retailer lasting. Now, GameStop has become one of the hottest stocks on Wall Street.
Hollywood has plans to turn the story of the Reddit users who pushed up the value of GameStop stock into a movie. Now, all many movie-goers can think about is who will work on the film.
How GameStop became a money-maker on Wall Street
Due to GameStop’s business model, investors on Wall Street were betting against the retailer in the stock market. In other words, Wall Street was assuming GameStop’s stocks would fail. With the coronavirus (COVID-19) pandemic at play, the odds seemed to be in Wall Street’s favor. That was until a Reddit forum made GameStop’s stock a hot commodity.
Keith Patrick Gill, a financial advisor, is a Reddit user in the r/WallStreetBets thread. CNBC Gill is responsible for encouraging users that the company was making smart moves. Per Gill, GameStop has acted accordingly in the midst of a pandemic. They shut down stores that weren’t profitable. GameStop boosted online sales, and they were expecting to benefit from the release of new gaming systems.
In Gill’s opinion, GameStop was undervalued in the stock market, so Reddit users started buying up shares. As the value of GameStop’s stock soared, many Wall Street investors started losing billions of dollars.
Ben Mezrich is working on a book about Reddit investors that will be turned into a movie
According to Deadline, Hollywood is turning GameStop’s Wall Street saga into a major motion picture. MGM acquired the book proposal for The Antisocial Network from New York Times best-selling author Ben Mezrich. In 2010, his book The Accidental Billionaires: The Founding Of Facebook, a Tale Of Sex, Money, Genius and Betrayal became the award-winning film The Social Network. Mezrich’s latest project will tell the story of the amateur investors on Reddit who shook up Wall Street.
The book is still in its infancy, but Mezrich brought it to market and MGM made moves to acquire the rights. MGM is expected turn it into a story similar to The Social Network or The Wolf of Wall Street.
Mezrich’s book should feature some investors who pressured the hedge funds betting against GameStop and shorted their shares by buying up shares and stock options. The book will also likely highlight Robinhood, the investor app that is in hot water for limiting the purchase of stock in the wake of the GameStop surge.
Who will work on ‘The Antisocial Network’ movie?
Mezrich’s book should reach publishers for auction sometime in February. Academy Award-nominee Aaron Ryder will produce The Antisocial Network film with Cameron and Tyler Winklevoss, who will executive produce (via Deadline).
At this time, the desired cast for the GameStop Wall Street saga remains unknown. But if the film is anything like The Social Network or The Wolf of Wall Street, movie lovers can expect to see some big names star in The Antisocial Network.