The impact of the meme stock phenomenon that led to GameStop’s soaring share prices earlier this year is set to be featured in the forthcoming Hollywood movie “Dumb Money”. Set to launch on September 22, the film’s trailer was released by Sony Pictures last week. The movie dramatizes the story of overnight fortunes lost and won “in the David-vs.-Goliath short squeeze that might have ended up changing Wall Street forever”, according to Black Bear Pictures website, the film’s creator.
Deadline revealed that “Dumb Money” is set to be a dramedy, and Sony Pictures has acquired distribution rights for the film for the USA and other international markets.
“You can’t make this $hit up,” said the film’s Twitter account last Thursday. “Get invested in the insane true story that shocked the world.”
Star-Studded Cast Brings GameStop Saga to the Big Screen
The upcoming movie about the GameStop saga has a star-studded cast that includes Nick Offerman as Citadel CEO Ken Griffin and Seth Rogen as Melvin Capital Founder Gabe Plotkin. Vincent D’Onofrio plays Mets owner and CEO of Point72 Asset Management Steve Cohen, while Paul Dano takes on the role of meme-stock guru Keith Gill, aka Roaring Kitty. Shailene Woodley, America Ferrera, and Pete Davidson also join the cast.
Directed by Craig Gillespie, who was behind “I, Tonya” and “Cruella,” the movie promises to be a hit with viewers eager to see the real-life events of January 2021 play out on the big screen.
GameStop, like other meme stocks such as AMC Entertainment Holdings Inc., became a major sensation during the buying frenzy in early 2021. Thanks to support from the WallStreetBets Reddit community, GameStop experienced a surge in stock prices, rising over 1,200% between January and March 2021. At its peak, the company’s market cap reached $17 billion, which has now dropped to $7.41 billion.
GameStop stock sees a small dip
GameStop’s stock saw a slight decrease on Friday. The company’s shares fell by 1.1%, while the S&P 500 index’s decline was only 0.5%.
Despite this slight setback, GameStop has been doing well overall. In fact, its stock has risen by an impressive 30.2% in 2023 alone, outpacing the S&P 500 index’s gain of 13.6%.
This is a promising trend for the video game retailer, indicating that it is on the right track for continued success in the industry.
