2021-2-1 16:39 |
The recent GameStop short squeeze, during which Redditors stood up against institutional investors by pumping the price of the company whose stock was massively shorted, had a major impact on the financial industry. The event was so massive, that Metro-Goldwyn-Mayer (MGM) decided to make a movie about the event in collaboration with the Winklevoss twins.
MGM and Winklevoss Pictures are making a movieLast week’s GameStop incident has shaken the financial industry to its core after Wall Street Bets, a group of retail investors from Reddit, stood up against the actual Wall Street. These Redditors decided to pump the stock price of GameStop, while institutional investors were shorting it to make money by essentially destroying the firm.
The event was so massive that it already saw the launch of a book proposal, and now a movie. The book in the works is known as “The Antisocial Network,” by Ben Mezrich, the best-selling author from New York Times.
Meanwhile, the Winklevoss twins’ Winklevoss Pictures, in a deal with MGM, aims to deliver the film regarding the event. They have already selected a producer — Aaron Ryder, who created major hits like “Donnie Darko” and “Arrival.”
The aftermath of the short squeezeRedditors’ attempt to protect the company from institutional investors did not stop with GameStop, however. They further blew up the last week’s incident by doing the same with several other companies’ stocks, including AMC Entertainment and Nokia.
Many have supported the initiative, although the situation became even more controversial after stock trading apps like Robinhood and Interactive Brokers decided to delist these firms’ stocks in order to limit retail investors’ reach.
The SEC immediately started the investigation of these platforms’ and Redditors’ actions, while crypto exchange Bittrex decided to tokenize the stocks and list them on its platform, once again making them available to investors, but this time in a decentralized manner.
The post Winklevoss twins will make a movie about GameStop short squeeze appeared first on Invezz.
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