Earlier this week, Hollywood studio MGM bought the rights to a book proposal about the recent (and somehow still ongoing) saga from GameStop and Reddit. I thought it was a pretty thin foundation for a movie when I first heard it (especially since it’s based on a proposed book, rather than one that actually, you know, exists), but it wasn’t the only movie project reported in The Works – Netflix was also rumored to be working on a GameStop / Reddit movie of its own.
Now there are three: Variety reported today that US network HBO is working on a GameStop movie of its own that will explore “how a populist uprising of social media merchants beat Wall Street at its own game.” The show’s executive producers will include Andrew Ross Sorkin, co-creator of the Showtime Billions hedge fund drama and author of Too Big to Fail, a book about the 2008 financial crisis that apparently taught us nothing, as well as the former director from HBO Films. Len Amato and Blumhouse Television founder Jason Blum.
I have no idea if there really is an appetite for one of these movies, much less three, but there is definitely an audience for financial crisis dramas on the big screen in general – the 2015 movie The Big Short, for example, earned more. of $ 133 million on a budget of $ 50 million, and also garnered multiple nominations for the Academy Awards, Golden Globes, BAFTAs and more. Sorkin’s book Too Big to Fail also became a star-studded HBO movie in 2011 and garnered multiple Emmy, Golden Globe, and Screen Actors Guild Award nominations.
I think it will be more interesting to see how each of these movies concludes, as the GameStop and Reddit story is still ongoing. The wild ride that took GameStop’s stock price to a staggering high of $ 483 (remember, it started in 2021 below $ 20) appears to be over, as it closed today at $ 63, a solid gain over its price of two weeks ago, but nowhere near dreams. of glory that the Diamond Hands subreddit of the WallStreetBets had for it.
We may learn more about how exactly the WallStreetBets subreddit was able to raise GameStop’s share price so quickly, and what role the Robinhood trading app played in bringing it down – the US rep known to the WallStreetBets community as DeepFuckingValue. , as well as by Robinhood CEO Vladimir Tenev and representatives from various hedge funds and GameStop, to testify on the matter before Congress.