MGM and Netflix already developing movies based on GameStop stock situation, which is still ongoing
Aux Features Social Issues
Resistance to capitalist gainz is futile. The moment this whole GameStop-Wall Street thing became something middle-aged parents started asking their kids about, you should’ve seen this coming: Oh yes, there will movies about it, plural. Adam McKay or someone similar (white, man) will direct them. For now, Deadline reports that MGM was the thirstiest of all studios, winning the film rights to—and this is where it gets real fun—a book proposal. Not an actual, complete text, which is impossible because this moment in time is still very much unfolding, the full extent of its impact remains unknown, and a concluding event has yet to occur—this thing could drag on for months. Author Ben Mezrich (whose book about Facebook was adapted into The Social Network) has proposed a book about the ongoing GameStop-Wall Street situation. There are some really good TL;DR/Stocks For Dummies takes on it, including this one from The Daily Show’s Trevor Noah and this simple text version. Basically, a bunch of average people are screwing over some hedge funds and making money, and the millionaires don’t like it because it proves that the market is not actually free and fair and should be regulated.
Mezrich’s eventual book will be titled The Antisocial Network, and is expected to go up for auction to publishing houses sometime this month. Another fun ingredient: Cameron and Tyler Winklevoss, aka the Winklevoss twins of Facebook fame, are set to executive produce the inevitable film. Meanwhile, Deadline also reports that Netflix is moving quickly to put together its own take on the stocks chaos, with The Hurt Locker’s Mark Boal in talks to script and Noah Centineo (To All The Boys I’ve Loved Before) attached to star, and journalist/tech expert Scott Galloway in talks to consult.
As of now, GameStop stock is sitting at $253.05 per share, down $72.56 from yesterday. Over on the WallStreetBets subreddit—which contributed significantly to GameStop’s stock increase—some users have insisted that these dips are to be expected and have instructed fellow stockholders to “hold the line” and not sell their shares. Some have suggested/speculated that the stock could increase 10-fold in the coming weeks. The truth is that no one actually knows what will happen because no one knows how the economy works, really, which is another thing you should probably learn now while you’re realizing that money isn’t really real.
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So…. a nerd version of Hustlers?
The Sabrewulf of Wall Street
…just throw money at Adam McKay until he agrees to do it and call it “The Big Short Squeeze”.Hell, maybe he could even get Christian Bale to come back to do Michael Burry again, since Burry’s one of the people winning big on this, having bought up 3% of Gamestop’s stock back in August 2019. What whoever does this needs to keep in mind is that there is nothing abnormal or crazy about the short squeeze. There is some peripheral weirdness about it all with Reddit culture being what it is, but the investment strategy was simple: Gamestop was massively over-shorted, the shorts in question got way too greedy, left themselves over-exposed, a bit of good news turned their already tenuous position into a terrible one, and then Reddit pounced to widen the gap.It’d be so, so easy to tell this story as “internet investors take down evil greedy hedge funds with their wacky schemes!” or “anarchist idiots destroy billions of dollars through their reckless treatment of the financial market as just some game”, or countless other hot takes we’ve seen over the last week.You really do need to tell all the angle of it. Explain why Short Sellers aren’t monsters as a whole, just the ones that got involved here got greedy and stupid. Go into the investment strategy that made sense. And yeah, dive into the internet weirdness that allowed Redditors to turn a big problem for the Shorts into a gaping wound. But you’ve got to tell all parts of the story, because the simple versions I’ve seen people bandy about so much this last week miss so much.
It’s Gamestonk you {insert standard Reddit stream of slurs}! Now I’m off to YOLO {insert 10,000 rocket ship emojis} my entire portfolio!
Mezrich actually does have some experience in this kind of writing. Aaron Sorkin was writing The Social Network at the same time that he was writing its ostensible source material, with Mezrich sending him each chapter as it was completed.
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Just…just make a documentary!!
I’ll bet an indeterminate amount of money these movies are going to fail.