The R / Wallstreetbets saga, in which a group of Redditors join forces to raise billions from a Wall Street hedge fund, is about to turn into a movie.
According to January 31 deadline reports, the recently proposed book by social media author Ben Mezrich was the subject of a compromising war between major Hollywood studios, which Metro-Goldwyn-Mayer won.
The project would reunite Mezrich with MGM producer Michael DeLuca, who also produced the Oscar-winning film Social Network, which tells the story of the appearance of Facebook founder Mark Zuckerberg.
No details have been revealed about what the film will take, but it is expected to focus on a recent “short clip” hosted by r / Wallstreetbet’s subreddit members.
The movie may benefit from the presence of major cryptocurrency figures, Cameron and Tyler Winklevus, the founders and operators of the Gemini Stock Exchange. The Winklevoss brothers join the project as executive producers for production company Winklevoss Pictures.
Redditors noted that large hedge funds were slashing their GameStop (GME) stakes, and saw a great opportunity to make money by investing in the opposite direction.
As a result, GME’s share price rose by more than 2,600% in January alone, resulting in tens of billions of dollars in losses to Wall Street players. Citadel’s hedge fund Melvin Capital reported a 53% loss in January and has since been forced to restructure its investment portfolio to provide faster exit strategies in the future.
GameStop’s sudden stock outage was even more surprising, as most people thought it was a dead tick; A victim of the live broadcast market, which has effectively switched media consumption from television to the Internet.
More seemingly dead companies have been revived by retailers on Reddit, including AMC (up 905% in January), Nokia, Blackberry and Bed, and Bath and Beyond.
After a short period of pressure, several trading apps prevented users from purchasing additional shares. The Robinhood app came under fire after observers noted that 35% of the revenue came from Citadel Securities, a subsidiary of the same hedge fund that lost billions of dollars.
This has caused a stir in every corner of the Internet and beyond. Since then, politicians on both sides have raised concerns about Robin Hood’s actions, and hundreds of thousands of viewers have watched Alexandra Ocasio-Cortez discuss the company’s potential illegality. The US Securities and Exchange Commission has since said it will study Robinhood’s actions in the GameStop drama, fearing that such a measure could undermine market confidence.