Fun

Wall Street Bets and Gamestop Saga to Be Made Into a Movie

News Feed - 2021-02-02 04:02:25

Wall Street Bets and Gamestop Saga to Be Made Into a Movie


The Wall Street Bets saga, an incredibly ridiculous story about a group of amateur Reddit investors who beat career Wall Street hedge funds at their own game, is to be made into a movie.


According to a report by online news site Deadline on Jan. 31, Metro Goldwyn-Mayer (MGM) won the rights to produce the film in a bidding war involving major Hollywood movie houses.


The movie is to be based on a book proposed by author Ben Mezrich. Mezrich’s previous work, “The Accidental Billionaires: The Founding Of Facebook, a Tale Of Sex, Money, Genius and Betrayal,” was adapted into the motion picture “The Social Network.”


The title to his planned latest book offering is called “The Antisocial Network,” said the report, quoting sources familiar with the development. The book is expected to go out to publishers later this February, it said.


However, it is not yet clear what shape or structure the movie will take. MGM’s Michael DeLuca will produce the film. DeLuca also produced the Academy-Award winning The Social Network. Cameron and Tyler Winklevoss will executive produce via their Winklevoss Pictures production company.


The Wall Street Bets group noticed that major hedge funds on Wall Street had been placing short bets against companies they considered to be dying. The funds particularly targeted Gamestop, the world’s largest video game retailer, continually shorting the company’s shares.


But the Redditors saw an opportunity to make profit and collectively bet the other way, buying shares and stock options. This resulted in the value of the Gamestop shares soaring by more than 2,600% in January.



Hedge funds that had shorted the stock incurred losses running into several billions of dollars. One fund, Melvin Capital, reportedly lost up to $7 billion to the “short squeeze” in January, forcing it to restructure its investment portfolio to ensure a faster escape in future “squeezes.”


The Reddit traders also extended the pump to a few other stocks considered to be dying, including AMC (which climbed over 900% in January), as well as Nokia and Blackberry. This surge of activity resulted in a major controversy when the trading app Robinhood began restricting trade on certain stocks.


What do you think about the Wall Street Bets saga being turned into a film? Let us know in the comments section below. Elon Musk Supports Bitcoin, Says BTC on the Verge of Broad Acceptance FEATURED | 17 hours ago NFL Player Gets a Myriad of Celebrities to Add the Bitcoin Hashtag to Their Twitter Profiles FEATURED | 1 day ago Tags in this story AMC, Ben Mezrich, Blackberry, GameStop, Hedge Funds, Melvin Capital, Metro Goldwyn-Mayer (MGM), Nokia, Reddit traders, Robinhood, Short Squeeze, The Antisocial Network, Wall Street Bets movie


Image Credits: Shutterstock, Pixabay, Wiki Commons Purchase Bitcoin without visiting a cryptocurrency exchange. Buy BTC and BCH here. Show comments

News Feed

Robert Kiyosaki Says ‘We Are in Global Recession’ — Warns of Soaring Bankruptcies, Unemployment, Homelessness
Robert Kiyosaki Says "We Are in Global Recession" — Warns of Soaring Bankruptcies, Unemployment, Homelessness The famous author of the best-selling book Rich Dad Poor Dad, Robert
Defi Educator Says $22 Billion in ETH 2.0 Funds Won’t Be Liquid Immediately After PoS Transition
Defi Educator Says $22 Billion in ETH 2.0 Funds Won"t Be Liquid Immediately After PoS Transition As Ethereum’s transition to proof-of-stake (PoS) gets closer and the network
Derek Andersen6 hours agoSafeMoon executive team charged with multiple fraud counts, arrests madeAccording to charges, the men misappropriated $200 million in investor funds to spend on a luxurious lifestyle.3385 Total v
Nigerian crypto community split over govt’s bid for Binance user data
Amaka Nwaokocha13 hours agoNigerian crypto community split over govt’s bid for Binance user dataChukwumaeze Dike, a crypto enthusiast and cybersecurity specialist, said he finds the request for the top 100 users surpri
Introducing Next Earth: The User-Governed Metaverse
Introducing Next Earth: The User-Governed Metaverse sponsored 2022 is ramping up to a buzzing year for the metaverse. Upcoming projects like Next Earth aim to usher in a new era of
Brayden Lindrea5 hours ago‘He broke his word’ — Ex-Consensys staff sue founder over employee equity dealConsensys founder Joseph Lubin has been named in a new lawsuit filed in New York by over two dozen former Cons
Bitcoin Price Touches $10K Amid 2020’s Macroeconomic Storm and Covid-19 Fears
Bitcoin Price Touches $10K Amid 2020"s Macroeconomic Storm and Covid-19 FearsOn May 7, 2020, the price of a single bitcoin crossed $10,000 per unit in USD value as the network only
Liquidator of Defunct South African Crypto Exchange Says He Found a 54 BTC Discrepancy in Ice3’s Accounts
Liquidator of Defunct South African Crypto Exchange Says He Found a 54 BTC Discrepancy in Ice3"s Accounts A court-appointed liquidator, Dewald Breytenbach of National Liquidators,
Reserve Bank of New Zealand Seeks Public Opinion on Central Bank Digital Currency
Reserve Bank of New Zealand Seeks Public Opinion on Central Bank Digital Currency The central bank of New Zealand has lined up among monetary authorities exploring the question of
Ethereum’s supply has been inflating for 73 days straight
Tom Mitchelhill5 hours agoEthereum’s supply has been inflating for 73 days straightThe supply of ETH has gradually increased since mid-April, with the Dencun upgrade decreasing competition for block space on the mainne
The NBA’s Cleveland Cavaliers to Collaborate With Blockchain Firm Socios.com
The NBA"s Cleveland Cavaliers to Collaborate With Blockchain Firm Socios.com Following the announcement from the National Basketball Association’s (NBA) Bo
Uniswap Censors 253 Crypto Addresses Blacklisted for Crime, Sanction Associations
Uniswap Censors 253 Crypto Addresses Blacklisted for Crime, Sanction Associations According to a recently published report, the decentralized exchange (dex) Uniswap has blocked rou