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Wallstreetbets and GameStop saga set for Hollywood therapy in new movie

02/01/2021

A significant Hollywood studio has received the rights to show the r/Wallstreetbets saga right into a film — lower than every week after the GameStop brief squeeze.

The r/Wallstreetbets saga which noticed a gaggle of Redditors be a part of forces to extract billions from Wall Road hedge funds is about to be became a film.

As reported by Deadline on Jan. 31, a newly proposed e book by The Social Community creator, Ben Mezrich, was topic to a bidding battle between main Hollywood studios, with Metro-Goldwyn-Mayer profitable out in the long run.

The undertaking will reunite Mezrich with MGM producer Michael DeLuca, who additionally produced the Academy-Award profitable movie The Social Community, which informed the story of the rise of Fb founder Mark Zuckerberg.

No particulars have but been launched relating to the form the movie will take, however it’s anticipated to give attention to the latest “brief squeeze” orchestrated by members of the r/Wallstreetbets subreddit.

The movie will maybe profit from the presence of main cryptocurrency figures, Cameron and Tyler Winklevoss — founders and operators of the Gemini change. The Winklevoss brothers will be a part of the undertaking as government producers beneath their Winklevoss Photos manufacturing firm.

After noticing that main hedge funds had been shorting GameStop (GME) shares, the Redditors noticed a major alternative to make income by collectively betting the opposite manner.

This resulted within the worth of GME shares skyrocketing over 2,600% in January alone, with the knock-on impact of inflicting Wall Road shorters to lose tens of billions of {dollars}. One hedge fund, Citadel’s Melvin Capital, reported 53% losses in January and has since been pressured to restructure its funding portfolio to make sure faster exit methods sooner or later.

The sudden explosion of GameStop inventory was all of the extra shocking on condition that most individuals thought of it to be a useless model; a sufferer of the streaming market which has successfully transferred media consumption from the TV to the web.

Much more seemingly useless firms had been resurrected by Reddit’s merry band of merchants, together with AMC (up 905% in January), in addition to Nokia, Blackberry, and Mattress, Tub and Past.

Within the aftermath of the brief squeeze, many buying and selling apps suspended customers from shopping for any extra of the shares in query. The Robinhood app got here beneath notably heavy fireplace after observers seen that 35% of its income got here from Citadel Securities — a sister firm of the identical hedge fund which misplaced billions of {dollars}.

This prompted outrage from all corners of the web and past. Politicians from each side of the spectrum have since voiced their issues in regards to the actions of RobinHood, with lots of of hundreds of viewers tuning in to observe Alexandra Ocasio-Cortez talk about the attainable illegality of the agency’s actions. America Securities and Trade Fee has since acknowledged that it is going to be wanting into Robinhood’s dealing with of the GameStop drama, fearing that such actions will undermine market confidence.